2 of 2 Requirement 1. Without resorting to calculations, determine which inventory method wil result in Hardware Inc paying the lowest income taxes 1 of Incomplete In times of of Requireme Start by end transaction hand at the bol inventory prices, as is the case here, the method will result in Hardware, Inc. paying the lowest income taxes al inventory record using FIFO entory balances Enter the transactions in chronological order, calculating new inventory on hand balances after each constant tons have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased sold, and on cost of goods sold enter the first layer out under FIFO costing first. For inventory on hand enter the oldest inventory layer first) decreasing Cost of goods sold Inventory on hand increasing Total Unit Total Unit Total Cost Oty Cost Cost Oty Cost Cost O of - Date Oof Mar 1 oor 4 O of Mar 12 Oof O of Next Data table Date Item Mar 1 Balance Quantity Unit Cost 20 S 70 45/$ 72 sorting to calculations, determine which inventory method y 4 Purchase 12 Sale 50 entory prices, as is the case here, the met 22Purchase 401S 74 31 Sale 20 perpetual inventory record using FIFO ning inventory balances Enter the trans transactions have been entered into the d. (For cost of goods sold, enter the firs LIFO average cost Print Cost of goods sc hases Done Total Unit TI FIFO st Cost Qty Cost C