EXERCISE 4 (25 points) Claudia Corporation uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of April were as follows: Beginning inventory (Apr. 1)..... Purchase (Apr. 15).... Purchase (Apr. 23) Total Quantity Unit Cost Total Cost 60 7 420 40 8 320 40 9 360 140 1,100 On April 28, Claudia sells 70 units of this product. The other 70 units remain in inventory on April 30. Instructions: 4.1 Determine the cost of 70 units sold on April 28 and the cost of 70 units remaining in inventory on April 30, using each of the following cost flow assumptions: FIFO, LIFO, and Average Cost (20 points). 4.2 Describe the rationale for using a cost flow assumption, rather than the specific identification method, to value an inventory. (5 points)