Question 4: (6 marks) FIFO and Average Cost Mitchell Company's record of transactions for the month of June was as follows. Purchases June 1 (balance on hand) 4 600 @ $3.00 1,500 @ 3.04 850 @ 3.20 1,200 @ 3.25 700 @ 3.30 500 @ 3.13 5.350 June 3 9 11 23 8 13 21 29 Sales 500 @ $5.00 1,300 @ 5.00 600 @ 5.50 1,200 @ 5.50 900 @ 6.00 4.500 27 Instructions Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at June 30 using (1) FIFO and (2) average cost. (3+3=6 marks)