8. The ABC Company reported the following information for the month of March:

Inventory, March 1 120 units@ $20

Purchases:

March 8 150 units@ $24

March 19 130 units@ $26

March 25 100 units@ $28

During March, the Company sold 350 units. The company uses a periodic inventory system. What is the value of ending inventory for March under the following assumptions?

FIFO

LIFO

Weighted average

d. Which inventory method will result in the highest net income for March?

Which inventory method will result in the lowest net income for March? Why?