Alphonse Bona carries on a business as a sole proprietor in which a single product is sold to retail customers. During his first year of business, purchases of inventory are as follows: Date January20 March12 June15 October8 December9 Totals Quantity 10,300 11,400 12,600 10,200 8,600 53,100 Price $2.50 $2.75 $3.15 $3.27 $2.85 Total Cost $ 25,750 31,350 39,690 33,354 24,510 $154,654 On December 31, the fiscal period of the business, there are 19,400 inventory units on hand. It is estimated that these units have a replacement cost of $2.90 per unit and a net realizable value of $3.18 per unit. Required: Calculate the various closing inventory values that could be used to determine business income. Your answer should indicate the valuation method being used that you recommend to minimize taxes.