(a) Compute the ending inventory at July 31 and cost of goods sold using the FIFO, LIFO and moving average costing methods.

(b) Compare the effects of LIFO, FIFO, and moving average inventory costing methods on the financial statements in periods of (i) rising inventory costs AND (ii) declining inventory costs. The answer should be lowest, highest, or middle in the format given below:

Financial Statement Element:	FIFO	LIFO	Moving Average
Cost of Goods Sold
Net Income
Ending Inventory

(c) Crazy Snowy is considering which inventory costing method it should use given that the owner wants to maximize gross profit during this period of inflation. Which inventory method should Crazy Snowy select? Discuss your selection.

VERY URGENT, HOMEWORK IN 2 MORE HOURS. Please help us, we'll very appreciate you.

Crazy Snowy sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Crazy Snowy's purchases and sales of WhiteOut snowboards during July. During the same month, 121 WhiteOut snowboards were sold at $170 each. Crazy Snowy uses a perpetual inventory system. Required: (a) Compute the ending inventory at July 31 and cost of goods sold using the FIFO, LIFO and moving average costing methods. (b) Compare the effects of LIFO, FIFO, and moving average inventory costing methods on the financial statements in periods of (i) rising inventory costs AND (ii) declining inventory costs. The answer should be lowest, highest, or middle in the format given below: (c) Crazy Snowy is considering which inventory costing method it should use given that the owner wants to maximize gross profit during this period of inflation. Which inventory method should Crazy Snowy select? Discuss your selection