COGS and Inventory Valuation

Kane Sporting Goods Company uses the periodic inventory system, and the following information about the Companys football inventory is available:

Date	Transaction	Units	Cost per Unit	Total Cost
1/1	Beginning Inventory	1,000	$12.00	$12,000
4/22	Purchase	4,000	$14.00	$56,000
8/25	Purchase	5,000	$16.40	$82,000
		10,000		$150,000

During the year, 7,200 footballs were sold at $30 each.

Compute the following (PLEASE SHOW YOUR WORK!):

A. Dollar value of ending inventory using First-in, first-out (FIFO

B. Cost of goods sold using Last-in, first-out (LIFO)

C. Weighted average cost per unit

D. Gross profit for the year using the FIFO method.

E. Which method will result in the lowest taxable income?