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Q.1. Saleem Khan Company uses perpetual inventory costing for inventory Item 407, which it purchases for resale. The company began its operations on January 1 and is in the process of preparing its first financial statements. The inventory ledger and other accounting records were examined, and the following information was gathered pertaining to the first four month operations: Purchases Units Cost per Unit January2 2,000 $5 February 2 1,200 6 March 2 1,500 8 April 1,900 7 Sales January 15 500 January 31 700 February 15 600 February 28 900 March 15 600 March 31 800 April 15 700 April 30 700 Management has not decided which of the following three inventory costing methods should be selected: 1. First in, First out Method (5) 2. Last in, , First out Method (5) 3. Average Method