Renner hardware store carries a True-Balance model hammer. Assume that the company had 8 of these hammers at the beginning of the year at a cost of $11.35 each and purchased additional TrueBalance hammers as follows: Beginning inventory: 8 at $11.35=$90.80 - Purchased 12 at $11.62 each on March 23 - Purchased 17 at $11.55 each on May 5 - Purchased 25 at $12.25 each on July 23 - Purchased 15 at $12.47 each on September 18 On October 1, Renner hardware sold 70 hammers from their total inventory. Given this information, answer the following questions: 1. Calculate the total number of hammers available for sale and the total cost of hammers available for sale (make a chart or table). 2. Following the sale of 70 hammers on Oct. 1, use the FIFO method to determine the cost of the 7 hammers left in ending inventory. 3. Following the sale of 70 hammers on Oct. 1, use the LIFO method to determine the cost of the 7 hammers left in ending inventory. 4. For each method (FIFO and LIFO), determine COGS. 5. Which method will contribute to the greatest profit? Why