You are provided with the following information for Tamim Inc. for the month ended June 30, 2022. Tamim us Quantity Date Description Unit Cost Selling Price $40 June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 Beginning Inventory Purchase Sale Sale Return Sale 50 Purchase 135 110 Purchase 55 Purchase Return 10 15 65 30 44 46 46 50 $80 80 75 Required: a. Calculate cost of goods sold and inventory on hand under FIFO, LIFO & Average-Co b. Will gross profit under the average-cost method be higher or lower than LIFO?

Required: a. Calculate cost of goods sold and inventory on hand under FIFO, LIFO \& Average-C b. Will gross profit under the average-cost method be higher or lower than LIFO? (4 N For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (MaC). Required: a. Calculate cost of goods sold and inventory on hand under FIFO, LIFO \& Average-C b. Will gross profit under the average-cost method be higher or lower than LIFO? (4 N For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (MaC)