Problem 3: Beaver Inventory Problem Beaver Company has the following inventory transactions for the month of April: Purchases Sales April 1 (beginning balance) April Units 600 1,500 800 1,200 700 500 Cost $6.00 $6.08 $6.40 $6.50 $6.60 $6.79 3 9 11 23 27 Units 500 1,400 600 1,200 900 29 Required: 1. Assume Beaver Company uses periodic inventory records. Determine the value of ending inventory using: a. FIFO b. LIFO c. Average-cost 2. Assume Beaver Company uses perpetual inventory records. Determine the value of ending inventory using a. FIFO b. LIFO 3. Calculate cost of goods sold assuming the comp ost of goods sold assuming the company uses periodic inventory procedures and inventory is priced using FIFO. 4. During an inflationary time period, which inventory method (FIFO, LIFO, or weighted average) will result in the highest net income? Why