MAC Industries, Inc., completed the following inventory transactions during the month of July:

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

Transcribed Image Text:

Date Jul 1 Balance 4 Purchase 12| Sale Item Quantity Unit Cost 25 55 66 48 46 $65 $60 22 | Purchase Sale 31 $54