Question 3: M&B Company uses a perpetual inventory system. The following information related to its merchandise inventory during the first half of the year 2017: Quantity 170 units; cost 60 Q.R each 240 units; cost 50 Q.R each Date Transaction January 1 Beginning inventory February 2 Purchase February 25 Sale March 14 Purchase May 18 Purchase June 15 Sale 180 units; cost 35 Q.R each 650 units; price 150 Q.R each 200 units; price 170 Q.R each 325 units; cost 40 Q.R each Required: A. Determine the inventory balance M&B would report in its June 30, 2017 balance sheet and cost of goods sold it would report in its June 30, 2017 income statement using each of the following cost methods: 1. First-in, first-out (FIFO) 2. Weighted Average cost B. Without calculations, which method generates highest gross profit?