ABC Corp. uses the perpetual inventory system and reports the following inventory transactions for June: Date Units Unit Cost Total Cost Explaination Beg. Inv. Jun 1 1500 $5 $7500 Jun 12 Purchases 2300 6 13800 Jun 15 Sale (2500) Jun 16 Purchases 4500 7 31500 Jun 23 Purchases 1500 8 12000 Jun 27 Sales (5700) (a) Determine the COGS and the ending inventory using FIFO. (b) Determine the COGS and the ending inventory using weighted average. (c) Which would result in the higher net income? Why