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MAC Industries, Inc, completed the following inventory transactions during the month of July Click the icon to view the transactions.) Read the requirements Requirement 1. Without resorting to calculations, determine which inventory method will result in MAC Industries, Inc. paying the lowest income taxes In times of inventory prices, as is the case here, the V method will result in MAC Industries, Ina, paying the lowest income taxes Data Table Date Jul Item Balance 4 Purchase 12 Sale 22 Purchase 31 Sale Quantity Unit Cost 25 5 555 80 66 405 54 46 Print Done Click to select your answer(s) and then click Check Answer i Requirements . 1. Without resorting to calculations, determine which inventory method will result in MAC Industries, Inc., paying the lowest income taxes. 2. Prepare a perpetual inventory record using FIFO. 3. Prepare a perpetual inventory record using LIFO. 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Print Done