Problem #1 (FIFO, LIFO, and Average Cost Dete transactions for the month of June was as follows Company's record of Purchases Sales June 1 (balance on hand 2,000$10.00 ,500 10.05 600 10.50 900 11.00 ,200 11.00 300 11.10 500$21.00 8 1,600 22.00 700 22.00 18 1800 21.00 700 23.00 une 7 15 20 27 30 5,300 6,500 Instructions (a) Assuming that periodic inventory records are kept, compute the inventory at June 30 using (1) LIFO and (2) average cost. (b) Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at June 30 using (1) FIFO and (2) LIFO (c) Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO (d) In an inflationary period, which inventory method FIFO, LIFO, average cost-will show the highest net income