Question No 1: Lucky Foods has the following inventory, purchases and sales data for the month of June: Inventory: June 1 1000 units @ $3.50 Purchases: June 10 350 units@ $4.00 June12 400 units@ $4.50 June 14 550 units @ 5.00 Sales: June 15 June 24 900 units 500 units The company uses a periodic inventory system. Instructions: a) Determine the cost of goods available for sale; b) Determine the cost of ending inventory and the cost of goods sold for June under a) FIFO b) average-cost and c) LIFO methods; c) Which cost flow method results in 1) the higher inventory amount for the statement of financial position and 2) the higher cost of goods sold for the income statement and why? Please explain