Inventory Costing Methods—Periodic System Story Company’s inventory records for the month of November reveal the following:

Selling and administrative expenses for the month were $16,200. Depreciation expense was $6,000. Story’s tax rate is 35%.
Required 1. Calculate the cost of goods sold and ending inventory under each of the following three methods assuming a periodic inventory system:

(a) FIFO,

(b) LIFO, and

(c) weighted average.
2. Calculate the gross profit and net income under each costing assumption.
3. Under which costing method will Story pay the least taxes? Explain your answer.

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Inventory, November 1 November 4, purchase November 7, sale November 13, purchase November 18, purchase November 22, sale November 24, purchase November 28, sale 300 units @ $27.00 375 units @ $26.50 450 units @$63.00 330 units @$26.00 225 units @ $25.40 570 units @$63.75 300 units @$25.00 165 units @$64.50