please answer all questions 15-21

115. The month-end bank statement shows a balance of $123,500. You have the following additional information: 1) outstanding checks are $26,000, 2) a deposit of $32,000 was in transit at month end, 3) a check for $3,400 was charged in error against the account, and 4) the bank assessed $56 in account fees. The correct balance in the bank account at month end is what amount? 16. Explain the difference between period costs and product costs. 17. Should period costs or product costs or both be included in inventory costs? 18. Which inventory costing method (FIFO, LIFO or average cost) will result in the cost of goods sold most closely reflecting current costs? 19. Which inventory costing method (FIFO, LIFO or average cost) will result in the value of the ending inventory most closely reflecting current costs? 20. Bell, Inc. took a physical inventory at the end of the year and determined that $1,063,000 of goods were in its warehouse. In addition, Bell determined the following goods they purchased were in transit as of the end of the year and were not received until two days after the inventory count: $180,000 of goods shipped FO.B. shipping point and $63,000 of goods shipped F.O.B. destination. Bell also had $85,000 of its goods out on consignment that were not included in the inventory count. What amount should Bell report as inventory at the end of the year? 21. Niles Company has the following data related to an item of inventory: Inventory, March 1 800 units @ $2.50 Purchase, March 7 2,100 units @ $2.60 Purchase, March 16 300 units @ $2.70 Inventory, March 31 980 units The value assigned to ending inventory if Niles uses LIFO IS