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: On June 3. Handy sold 120 units of this product. Instructions: Prepare a journal entry to record the cost of goods sold relating to the sale on June 3, assuming that Handy uses: (Show your computations as per below format.) (a) A LIFO flow assumption. (b) A FIFO flow assumption. (c) The average cost (or moving average) flow assumption. General Journal 20_ June 3 (a) (b) (c) 2, Trcs Chic uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: At December 31. the ending inventory of this product consisted of 850 units. Determine the cost of the year - end inventory and the cost of goods sold for this product under each of the following methods of inventory valuation (Rounded)