Hardware, Inc., completed the following inventory transactions during the month of March: (Click the icon to view the transactions.) Date Item Mar Read the requirements 1 Balance Quantity Unit Cost 351 S 70 Bols 72 viai ! MI - 35 4 Purchase 12 Sale Mar 80 4 72 57601 70 97 2450 B01 72 5760 74 33 S 22 Purchase 31 Sale Mar 80 ) 12 72 20 5760 17 70 1190 18 701 1260 Mar 22 33 74 2442 181 701 1260 33 741 Print Done Mar 31 33 13 741 74 2442 2442 962 20 74 14801 Total 113 3202 117 3430 31 2222 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, 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 dollar.) Purchases Inventory on hand Cost of goods sold Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Mar 1 35 70 2450 Mar 4 80 72 5760 115 71.39 8210 Mar 12 97 71.39 6925 18 71.39 1285 Mar 22 33 74 2442 51 73.07 3727 Mar 31 20 73.07 1461 31 73.07 2265.17 Total 113 8202 117 8386 31 2265.17 Hardware, 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 Hardware, Inc., paying the lowest income taxes. In times of increasing inventory prices, as is the case here, the LIFO method will result in Hardware, Inc., paying the lowest income taxes. aty Date Requirement 2. Prepare a perpetual Inventory record using FIFO. Start by entering the beginning inventory balances. 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 FIFO costing first. For inventory on hand, enter the oldest inventory layer first.) Purchases Cost of goods sold Inventory on hand 2x Unit Total Unit Total Unit Total Data table Date Cost Cost Qty Cost Cost Qty Cost Cost Mar 1 35 70 2450 Item 4|| 80 Mar 72 5760 35 70 Quantity Unit Cost 2450 Mar 72 1 Balance 5760 35 S 80 70 4 Purchase 72 80 S Mar 35 12 70 24501 12 Sale 97 62 72 4464 18 72 1296 22 Purchase 2211 331 S 74 Mar 74||| 33 2442 721 1296 31 Sale 20 33 74 2442 Mar 31 18 721 1296 2 74 148 31 74 2294 Total 8202 117 8358 31 2294 Print Done 18 FF FF 113 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, calci 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 inventory on hand, enter the oldest inventory layer first.) Hardware, Inc., completed the following Inventory transactions during the month of March: (Click the icon to view the transactions.) Read the requirements 141 1481 31/01 141 2294 2011 1171 Total 113 82021 8358 31 2294 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 inventory on hand, enter the oldest inventory layer first.) Purchases Unit Total Cost of goods sold Unit Total X Inventory on hand Unit Total Qty Cost Cost Data table Date Qty Cost Cost Qty Cost Cost Mar 1 35 70 2450 Date Mar 4 80 72 5760 35 70 2450 Quantity Unit Cost 351 S 70 Mar 80 72 5760 BOS 721 I Mar 12 BO 72 5760 Item 1 Balance 4 4 Purchase 12 Sale 22 Purchase 31 Sale 97 17 70 1190 18 70 1260 SSS 74 I Mar 22 33 74 2442 18 70 1260 20 33 74 2442 I Mar 31 331 74 2442 20 74 1480 13 74 962 Total 113 8202|| 117 8430 31 2222 Print Done 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, 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 dollar.) Purchases Cost of goods sold Inventory on hand