Powel's Powerskis, Inc. uses a periodic inventory system.  The following transactions occurred during December 2012:

			Number of Units	Cost per Unit
December	1	Beginning inventory	21	390
	8	Purchase	3	420
	15	Purchase	4	395
	20	Purchase	4	395
	22	Purchase	3	405

On December 31, there were 3 units remaining in ending inventory. 

a) Compute ending inventory and cost of goods sold using weighted average inventory.  Round final answers to 2 decimal places.  Do not round during intermediary steps.

Ending inventory: $

Cost of Goods Sold: $

b) Compute ending inventory and cost of goods sold using FIFO inventory costing.  Round final answers to 2 decimal places.  Do not round during intermediary steps.

Ending inventory: $

Cost of Goods Sold: $

c) Compute ending inventory and cost of goods sold using LIFO inventory costing.  Round final answers to 2 decimal places.  Do not round during intermediary steps.

Ending inventory: $

Cost of Goods Sold: $

d) What is the relationship among weighted average, FIFO, and LIFO ending inventory values?

Select an answer FIFO is the best inventory costing method for tax purposes LIFO is the most accurate inventory costing method Weighted average costing method always results in an amount between FIFO & LIFO valuations All of the above are accurate