On January 3, Piano Company purchased 7 model EBS electronic pianos for $1000 each. On January 20 it purchased 6 additional model EBS electronic pianos for $1200 each. An inventory count on January 31 revealed that 3 of the pianos were still on hand. Calculate the ending inventory and cost of goods sold under a) FIFO, b) average cost and c) LIFO.

which method would have the highest total assets? Which method would you pick if you wanted to pay the least amount of income tax?