Problem-solving Question: FIFO, Average, and LIFO Cost (CLO #4).6 PointsGarran Company's record of transactions for the month of June was as follows:PurchasesJune 1 (Beg Balance)600 @ $3.001,500 @3.04800 @ 3.201,200 @ 3.25700 @3.30500 @ 3.132,300June 39112327Sales500 @ $5.001,300 @5.00600 @ 5.501,200 @5.50900 @ 6.004,500132129Instructions:Assuming

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Problem-solving Question: FIFO, Average, and LIFO Cost (CLO #4).6 PointsGarran Company's record of transactions for the month of June was as follows:PurchasesJune 1 (Beg Balance)600 @ $3.001,500 @3.04800 @ 3.201,200 @ 3.25700 @3.30500 @ 3.132,300June 39112327Sales500 @ $5.001,300 @5.00600 @ 5.501,200 @5.50900 @ 6.004,500132129Instructions:Assuming that periodic inventory records are kept, compute the inventory at June 30 using:(1) FIFO, (2) average cost, and (3) LIF

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