Inventory flow assumptions The perpetual inventory records of Handy Hardware show 150 units of a particular product on hand, acquired at the following dates and costs: Unit Cost 85 100 Total Cost Purchase Date May 10 June 1 Total On Hand Quantity 50 100 150 $4,250 $10,000 $14,250 On June 3, Handy sold 120 units of this product Instructions: Compute the cost of goods sold relating to the sale on June 3, assuming that Handy uses: a) A LIFO flow assumption. (b) A FIFO flow assumption (c) The average cost (or moving average) flow assumption