ACCOUNTING 310 UMBRELLAS AT THE BEACEH Your kid brothe r is quite the little businessman already. He frequently comes up with ys to make money, even though he is only ten years old. His latest idea is to sell big beach umbrellas at the cit umbrellas in hand, he proceeds to the beach. He sets up "shop" near the entrance mbrellas at a specialty store in town, for $14 each. on the lake near your house. He had some cash from his other ideas, hree which he takes to Wal-Mart and purchases three beach umbrellas for $10 each, With the t On the way to the beach, he notices how nice a day it is already. And boy is it eyen to take a break of the beach. Within two hours he has already sold two purchase two more umbrellas. Rather than walk all the way to Wal-Mart he purchases four umbrellal During the afternoon, he sells three additional umbrellas for $20 each. He then only has 2 umbrellas left. Noticing that there is considerable daylight remaining, he runs into town to buy some more umbrellas, but the specialty store is sold out. He tries another store downtown and finds two umbrellas there, at a cost of $16 each. He decided to purchase those and raise his sales price to $22 each. Even with that higher sales price, he sells one more umbrella during the late afternoon In total then, he has sold six umbrellas for a total of $122. He purchased three umbrellas in the morning for a total of $30, and four additional umbrellas in the early afternoon for a total of $56, and two in the late afternoon at a cost of $32. The sequence is as follows: Purchased three umbrellas at $10 each Sold two umbrellas for $20 ) Purchased four umbrellas at 14each d-three umbrellas for $20 each Purchased two umbrellasat $16 each Sold one umbrella for $22 each He has come to you, whom he admires greatly since you are presently a student at that fine university across the state. Being quite dehydrated from the scorching sun, he wants to know how much income he made during the day from selling six umbrellas and what value he should assign to the three umbrellas remaining in inventory. He wants to know if the sunburn was worth it. To really impress him, you decide to give him some alternative amounts of income and ending inventory he could determine, assuming he chose the FIFO, LIFO, or average costs methods, and assuming he used either the periodic or perpetual inventory methods. That is, you are going to give him the net income and ending inventory amounts for FIFO, LIFO and Average Cost under the periodic inventory system and the FIFO, LIFO and Average Cost under the perpetual inventory method