Spiegel Department Store has the following data for inventory, purchases, and sales of merchandise for December:

Spiegel uses a periodic inventory system. All purchases and sales are for cash.Inventory Costing Methods

Required:

Question Content Area

$1.$ Compute cost of goods sold and the cost of ending inventory using FIFO. If required, round your answers to the nearest cent.

$2.$ Compute cost of goods sold and the cost of ending inventory using LIFO. If required, round your answers to the nearest cent.

$3.$ Compute cost of goods sold and the cost of ending inventory using the average cost method. $($Note: Use four decimal places for per$-$unit calculations.$)$ Round your answers to the nearest cent.

Question Content Area

$4.$ Prepare the journal entries to record these transactions assuming Spiegel chooses to use the FIFO method. If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent.

Dec. $2$

Dec. $5$

Dec. $7$

Dec. $10$

Dec. $12$

Dec. $14$

$5.$ Conceptual Connection: Which method would result in the lowest amount paid for taxes?