Presented below is information related to radios for the Singles Company for the month of March.

Instructions
(a) Assuming that the periodic inventory method is used, compute the inventory cost at March 31 under each of the following cost flow assumptions.
(1) FIFO.
(2) LIFO.
(3) Weighted-average.
(b) Answer the following questions.
(1) Which of the methods used above will yield the lowest figure for gross profit for the income statement? Explain why.
(2) Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explainwhy.

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Selling Total Units Unit Cost Date Transaction In Total Sold Price 3 March 1 Balance 600 $8.50 5,100 8,600 6 Purchase 1,000 8.60 500 $11.00 5,500 7 Sale 10 Sale 12 Purchase 1,000 9.00 15 Sale 18 Purchase 22 Sale 25 Purchase 30 Sale 9,000 1,820 2,715 50011.00 600 700 200 11.40 12.00 12.00 5,500 6,840 8,400 2,400 200 9.10 300 9.05 Totals 3,100 $27,235 2,500 $28,640