Accounting for Inventory Using Different Cost Methods At the beginning of the curtent period, Hutton Company holds 1,200 umts of its only product with a per-unit cost of $18. A summary of purchases during the current period follows? During the current period, Hutton sells 3,360 units Mequired a. Assume that Hutton uses the first-in, first-out (FIFO) method Compute the cost of goods sold for the currenc period ard the ending inventory balance b. Assume that Hutton uses the last in, first out (LIFO) method compute the cost of goods sold foc the current period and the ending inventory balance. c. Assume that Hutton uses the average cost (AG) meshod Compute the cost of goods sold for the current period and the inding inventory balance. Note Do not use a negative stign with your antwers. Note: Do not use a negative sign with your answers: d. As manager, which one of these three inventory costing methods would you choose: jurchasing lot 83 , the company allows its inventory level to decline and delays purchasing iot 83 unpit the next per bod. Compute (1) total cost of goods sold unowr u in sutnario and (2) the change in gross profit from delaying the inventory purchase. 1. Record the effects of each of the following summary transactions-1 and 2 in the financial statement effects templste: 1. Purchased imentory for 584,540 cash. 2 sold 561,020 of inventory for 3102,000 cash: Note: For esch account category, indicate the appropriate account name. Enter " N/A" for any account category that is not used for a given transaction: Note: indicate a decte ase in an account category by including a negative sige whth the amount. 6. Record the effects of each of the following summary transactions 1 and 2 in the financial statement effects template. 1. Purchased imventory for $84,540 cashi 2. Sold $61,020 of inventory for $102,000 cash. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: indicate a decrease in an account category by including a negative sign with the amount