ABC Company uses a periodic inventory system. The beginning inventory of a particular product, and the purchases and sales during the current year, were as follows:

Aug. 1 Beginning inventory.100 units @ 5 = 500

Aug. 5 Purchase600 units @ 6 = 3,600

Aug.11 Purchase300 units @ 8 = 2,400

Aug. 23 Purchase 400 unit@ 9 = 3,600

Total available for sale1400 units

Sales Aug. 9.400 units

Aug. 18.500 units

Aug. 28.200 units

At August 31, the ending inventory of this product consisted of 300 units.

Determine:

1. Cost of goods sold relating to this product and
2. Cost of the inventory on hand as on August 31 under each FIFO, LIFO and Wtd Avg.

Also explain which method of inventory valuation will give highest profit in case of rising prices and why?