Desmond Consolidated Inc is a leading manufacturer of steel products. The following inventory data relates to the firms production during the first quarter of 2020:

Date of Purchase	Tons of Raw Steel Purchased	Purchase Price per Ton	Total Cost
Jan 1	500	$38	$19,000
Jan 15	700	35	24,500
Feb 7	200	33	6,600
Feb 21	450	30	13,500
March 15	350	43	15,050
	2200		$78,650

At the end of the first quarter of 2020. Desmonds internal auditors determined that 1,700 tons of raw steel had been processed and sold.

Required

1. Calculate the cost of steel processed and sold during the quarter under each of the following methods, assuming use of periodic inventory management systems:
   1. FIFO
   2. LIFO
   3. Weighted-average
2. Assume that the net realiable value per ton is $38.50 at the end of the quarter. What amount should Desmonds ending inventory be valued at on its March 31 balance sheet under each of the following methods?
   1. FIFO
   2. LIFO
   3. Weighted-average
3. Which method-FIFO,LIFO, or the weighted average cost method-should Desmond use for reporting its financial results to its shareholders? Why? How does this decision constrain the companys method choice for income tax reporting?