PROBLEM 1 Hawkins Co. is a small wholesaler of hiking shoes. The accounting records show the following purchases and sales of the Mountain model during the first year of business. Units Cost Total Jan. 10 Inventory 100 75 Mar. 5 Purchase 100 85 July 9 Purchase 160 110 Oct. 31 Purchase 30 Feb. 10 Sale Apr. 3 Sale Aug. 22 Sale $40.00 45.00 46.50 48.00 $4,000 4,500 7,440 1.440 Instructions: (1) Determine the cost of the Mountain model inventory as of December 31 by means of first-in, first-out (fifo) with a perpetual inventory system. INVENTORY (Fifo Perpetual) Date Purchased Units Price Total Cost Determine the cost of the Mountain Model inventory as of December 31 by means of last-in, first-out (lifo) with a perpetual inventory system. (2) NVENTORY (Lifo Perpetual) Date Purchased Units Price Total Cost