Date	Purchases
07-Jan	25 units @ $7,500 each
15-Mar	35 units @ $8,000 each
16-Jun	15 units @ $8,250 each
03-Aug	45 units @ $8,500 each
1 1 -Oct	12 units @ $8,600 each

Sales for this first year of operation amounted to 105 units and totaled $1,365,000.

If TopFlight uses the first-in, first-out (FIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?

If TopFlight uses the last-in, first-out( LIFO) inventory method' (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?

If TopFlight uses the weighted average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit?

Which of the above techniques produces the highest profit? Which of the above techniques reports the most "current" cost on a balance sheet? Which of the above techniques report the most "current" cost in measuring income? Which of the above techniques results in the lowest income tax obligation?