Powel's Powerskis, Inc. uses a periodic inventory system. The following transactions occurred during December 2012: Number of Units Cost per Unit December 1 Beginning inventory 24 415 8 Purchase 15 Purchase 6 415 3 420 20 Purchase 22 Purchase 5 435 4 390 On December 31, there were 4 units remaining in ending inventory. Compute ending inventory and post of goods sold using FIFO LIFO and Weighted Average inventory costing DISCUSS: 1. Which method yields higher net income? (Hint: Higher Ending Inventory means lower COGS. Lower COGS (COGS is an expense account) Higher Net Income) 2. Which method would a business choose under the income statement approach? 3. Which method would a business choose under the Balance Sheet approach?