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Inland Equipment Sales, inc, sells hand-held engine analyzers to automotive service shope Inland Equipment Sales, Inc started November with an inventory of 55 units that cost a total de $8,470. During the month inland Equipment Sales, Inc. purchased and sold merchandise on account as follows. (Click the icon to view the transactions) Inland Equipment Sales, Inc uses the LIFO method. Cash payments on account totaled $19.900. Operating expenses for the month wore $13,500, of which two-thirds were paid in canh and the rest accrued as Accounts Payable Read the requirements Requirement 1. Which inventory method (excluding specific unit) most ikety mimics the physkal flow of trand Egement Sales, Inc. vectory X Data Table Average cost FIFO LIFO Nov 6 Purchased 13 Sold 19 Purchased 25 Sold 29 Sold 105 units $168 90 units $310 70 units 5172 40 units $310 35 units $310 Print Done 1. Which inventory method (excluding specific unit) most likely mimics the physical flow of Inland Equipment Sales, Inc.'s inventory? 2. Prepare a perpetual inventory record, using LIFO cost, for this merchandise. 3. Journalize all transactions using LIFO. Record the payments on account and the operating expenses on November 30. Print Done