Problem -004: Perpetual Inventory The Browning Company inventory information for 2020: January 1 Inventory on hand 3,000 units @$5.50 each. January 10 Sale 2,000 units @$20.00 each. January 17 Purchase 1,000 units @$6.00 each. March 22 Purchase 3,000 units @$7.00 each. April 15 Sale 1,500 units @ $25.00 each. October 15 Purchase 3,000 units @$7.50 each. November 20 Sale 3,000 units @30.00 each. Required: Determine the inventory balance Smithson would report in its December 31, 2020, balance sheet and the cost of goods sold it would report in its December 31, 2020 income statement using each of the following cost flow methods: 1. Average cost method 2. First-in, first-out (FIFO) 3. Last-in, first-out (LIFO)