On March 31, 2020, Sole way, Inc. sold 800 computers to Xavier Company. Prior to this sale the Sole way records for these units included the following cost layers:

Purchase Date	Quantity	Unit Cost	Total Cost
Mar. 11, 2019	500	20	10,000
Mar. 19, 2019	1200	23	27,600
Total on hand	1700		37,600

Required:

1. Complete a subsidiary ledger record for the computer using each of the three inventory valuation methods listed below

1. Average cost.
2. FIFO.
3. LIFO.

Your inventory records should show both purchases of this product, the sale on Mar 31, and the balance on hand on Mar 31, 2020.

Which of the three cost flow assumptions will result in reporting the lowest net income for the current year? Explain