Laptop Industries, Inc., completed the following inventory transactions during the month of March: (Click the icon to view the transactions) Read the requirements Requirement 1. Without resorting to calculations, determine which inventory method will result in Laptop Industries, Inc., paying the lowest income taxes. In times of inventory prices, as is the case here, the method will result in Laptop Industries, Inc., paying the lowest income taxes Requirement 2. Prepare a perpetual inventory record using FIFO. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under FIFO costing first. For inventory on hand, enter the oldest inventory layers) Purchases Date Qty Mar Mar Mar Mar Mar Total Mar Mar 1 Mar 4 Mar 12 Mar 31 Total 12 Total Cost Cost 31 Cost of goods sold Unit Total Cost Total Cost Qty Cost Inventory on hand Unit Total Qty Cost Cost Cost of goods sold Unit Total Qty Cost Cost Data table Inventory on hand Unit Total Qty Cost Cost Date Mar 1 Balance 4 Purchase 12 Sale 22 Purchase 31 Sale Print em Quantity Unit Cost 25 s 50 $ 52 37 S 35 Requirement 3. Prepare a perpetual inventory record using LIFO. Start by entering the opening inventory balance. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand enter the oldest inventory layer first) Purchases Unit Date Qty Cost Done 78 77 X Requirements 1. Without resorting to calculations, determine which inventory method will result in Laptop Industries, Inc., paying the lowest income taxes 2. Prepare a perpetual inventory record using EIEO 3. Prepare a perpetual inventory record using LIEO. 4. Prepare a perpetual inventory record using average cost. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar Print Done