Comp America Inc. completed the following inventory transactions during the month of March:

Comp America, Inc, completed the following inventory transactions during the month of March (Click the icon to view the transactions) Read the requirements Requirement 1. Without resorting to calculations, determine which inventory method will result in Comp America, ine, paying the lowest incom method will result in Comp America, Inc, paying the lowest income in times of inventory prices, as is the case here, the Requirement 2. Prepare a perpetual inventory record using FIFO Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new invertory on hand balances after each transaction. Once at of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under FPO costing fint For inventory on hand enter the olded invan be first) Date Mar Mar Mar 12 1 4 Mar 22 Mar Total 31 Qty Purchases Unit Cost Total Cost Cost of goods sold Unit Total Cost Cost Qty Inventory on hand Unit Total Cost Cost Qty Requirement 3. Prepare a perpetual inventory record using LIFO Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period (For cost of goods sold, enter the first layer out under LIFO costing first. For invertory on hand, enter the oldest inventory layer first) Date Mar Mar 1 4 Mar 12 Mar 22 Mar 31 Total Qty Purchases Unit Cost Total Cost Cost of goods sold Unit Total Cost Cost F Inventory on hand Unit Total Oty Cost Cost Requirement 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dolar) Inventory on hand Unit Qty Cost Date Qty Mar 1 Mar 4 Mar 12 Mar 22 Mar 31 Total Purchases Unit Cost Total Cost Cost of goods sold Total Cost Unit Qty Cost and all other amounts to the nearest dollar Total Cost Data table Date Mar Item 1 Balance 4 Purchase 12 Sale 22 Purchase 31 Sale Print Quantity Unit Cost 35 $ 40 S 50 54 $ 35 Done 75 79 82 X Requirements 1. Without resorting to calculations, determine which inventory method will result in Comp America, Inc., paying the lowest income taxes. 2. Prepare a perpetual inventory record using FIFO. 3. Prepare a perpetual inventory record using LIFO. 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Print Done - X CC