Question: MAC Industries completed the following inventory transactions during the month of August: Requirements 1. Without resorting to calculations, determine which inventory method will result in

MAC Industries completed the following inventory transactions during the month of August:

Requirements
1. Without resorting to calculations, determine which inventory method will result in MAC Industries paying the lowest income taxes.
2. Prepare a perpetual inventory record using FIFO.
3. Prepare a perpetual inventory record using average cost.

QuantityUnit Cost Date Aug 1 Balance Item 25 40 52 30 $80 $78 4 Purchase 12 Sale 22 Purchase 31 Sale $77

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