Following is the yearly information about the inventories of Industrial Fans Sales Inc.,. The beginning inventories for the year 2004 are '0 units'.

Could you please help me with this question? The reason I am sending this is because our professor did not provide sufficient explanation regarding this question.

1.Compute the cost of goods sold, inventory, inventory available for sale, sales, and gross profit for the years 2005, 2006 and 2007 using weighted average method.

2.Compute the cost of goods sold, inventory, inventory available for sale, sales, and gross profit for the years 2005, 2006 and 2007 using FIFO method.

3.Compute the cost of goods sold, inventory, inventory available for sale, sales, and gross profit for the years 2005, 2006 and 2007 using LIFO method.

4.What will be the LIFO reserve for each year?

5.In which years LIFO Liquidation occurs?

6.In what situation LIFO cost of inventories will be higher than FIFO?

7.In what situation FIFO cost of inventories will be higher than LIFO?

8.In what situation FIFO cost of inventories will be higher than Weighted Average Method? P HIGH

9.In what situation FIFO cost of inventories will be Lower than Weighted Average Method? P LOWER

Fansunits purchased Purchase cost per fan Fansunits sold Sales price per fan 2004 12,000 $100 10,000 $200 2005 12,000 $105 10,000 $205 2006 12,000 $110 10,000 $210 2007 12,000 $115 16,000 $215