Hardware, Inc, completed the following inventory transactions during the month of March Click the icon to view the transactions) Read the requirements Next question Requirement 1. Without resorting to calculations, determine which inventory method will result in Hardware, Inc., paying the lowest income tax In times of inventory prices, as is the case here, the Requirement 2. Prepare a perpetual inventory record using FIFO method will result in Hardware, Inc, paying the lowest income taxes Start by entering the beginning inventory balances. Enter the transactions in chronological onder, calculating new inventory on hand balances at each transaction. Once all of the transactions have been entered into the perpetual cont 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 FIFO costing first. For inventory on hand, enter the oldest inventory layers Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Mar . Mar 4 Mar 12 Mar 22 Mar 31 Total tory metho n Data table - Date Item Quantity Unit Cost n. Once all of the transa s in chrond hand at th Mar 1 Balance 25 $ 4 Purchase Inv 12 Sale 22 Purchase Qty 31 Sale 8832 80 $ 669 65 costing first. For invent 60 90 33 $ 20 54 54 Print Done Requirements + - X - 1. Without resorting to calculations, determine which inventory method will result in Hardware, 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. e tra or in Print Done 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 Srst layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first) Inventory on hand Purchases Cost of goods sold Unit Total Unit Total Unit Total Qey Cost Cost Qty Cost Cost Qty Cost Cost 1 Cate Mar Mar 4 Mar 12 Mai 22 Ma 31 Total Requirement 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. 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, c 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 dollar) Cost of goods sold Purchases Unit Inventory on hand Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Mar 1 Ma 4 Mar 12 Mar 22 Mar 31 Total