Question 4: (6 marks) FIFO and Average Cost Mitchell Company's record of transactions for the month of June was as follows. Purchases Sales June 1 (balance on hand) 600 @ $3.00 June 3 500 @ $5.00 1,500 @ 3.04 9 1,300 @ 5.00 8 850 @ 3.20 11 600 @ 5.50 13 1,200 @ 3.25 23 1,200 @ 5.50 21 700 @ 3.30 27 900 @ 6.00 29 500 @ 3.13 4.500 5.350 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)