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Score: 0 of 1 pt 1 of 4 (0 completo) HW Score: 0%, 0 of 4 pts S5-5 (book/static) Question Help Score More Sports uses the average cost inventory method Score More Sports started December with 10 helmets that cost $S4 och On December 19, Score More Sports bought 15 mesoch On December 28, Score More Sports sold 12 helmets Prepare a perpetual inventory record for the average cost method. Round average cost per unit to the nearest cent and all other amounts to the nearest dolar Start by entoring 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 cant and all other amounts to the nearest dollar) Avg Cost: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Total Date Cost Cost aty Qty Cost Cost Cost Qty Cost Dec 1 Unit Homework: HW MAL: S5-5, 7, 8, & 10 Score: 0 of 1 pt 2 of 4 (0 complete) S5-7 (book/static) Consider the FIFO, LIFO, and average cost inventory costing methods. Answer the following questions, assuming inventory costs are increasing Which method of inventory costing will produce the lowest cost of goods sold? Which method of inventory costing will produce the highest cost of goods sold? 3. If prices had been declining instead of rising, which inventory method will produce the highest cost of goods sold? 1. 2. 1. The method produces the lowest cost of goods in times of increasing prices