1. What are the LIFO, FIFO, and Weighted Average inventory valuation methods?Explain briefly how each method is calculated.

2. Compare the values of ending inventory and cost of goods sold that result from using the three different methods. In times of rising prices which inventory value is higher, lower, or in between? Which one produces higher, lower, or in between cost of goods sold? Why does this happen? 3. Briefly describe the financial advantages and disadvantages of each method.