Q. No. 3: The Khizar Corporation uses a perpetual inventory system. It had the following transactions during June: (Marks) June 1. Beginning balance: 200 units @ Rs.3.00 per unit June 2. Purchased 500 units @ Rs.3.20 per unit June 7. Issued 400 units June 11.Purchased 300 units @ Rs.3.30 per unit June 14.Issued 400 units June 17.Purchased 400 units @ Rs.3.20 per unit June 21.Issued 200 units June 24.Purchased 300 units @ Rs.3.40 per unit June 26.Purchased 400 units @ Rs.3.50 per unit June 29.Issued 600 units Sales were 1,600 units @ Rs.7 per unit. Marketing and administrating expenses totaled Rs.2,100. Required: Prepare comparative income statements based on the transactions for June, using LIFO and FIFO methods and a 40 % income tax rate