The following information relates to the inventory of Bunty Hardware during the month of June 2021. Date 01/06/21 10/06/21 23/06/21 Transactions Beginning Inventory Purchases Purchases Units 1000 1000 1200 3200 Unit cost $ 6 7 8 Total cost $ 6000 7000 9600 22600 Bunty Hardware uses the periodic inventory system. During the month, 1500 units were sold for $15 000. A physical stocktake on 30 June verified that 1500 units were on hand. Ignore GST. Make assumption if necessary. Required A. Prepare an income statement up to gross profit for June using each of the following costing methods: i. specific identification, assuming that 600 units were sold from the beginning inventory and 900 units were sold from the first purchase ii. FIFO iii. LIFO iv. weighted average. B. Which cost flow method resulted in the highest gross profit on sales? the highest ending inventory? Explain why your results differ. C. Prepare an income statement to gross profit for June using the FIFO and LIFO costing methods and assuming the 23 June purchase had not been made. D. Management of Bunty Hardware is expecting the unit cost to increase to $9.00 early in the next period. In anticipation of the price increase, a purchase of 1200 additional units was made on 29 June at a unit cost of $8.50. Prepare an income statement to gross profit for June using the FIFO and LIFO costing methods. E. Compare your results obtained in requirements A, C and D. Explain why your results are or are not the same