Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9.

1.Using the weighted mean method, determine the valuation of ending inventory on December 31.

Assume 32 FitBits in inventory at the end of the year. (Round to the nearest whole dollar.)

2.Based on your answer for the previous problem, what was the Cost of Goods Sold (COGS)?

3.Use FIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.

4.Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?

5.Use LIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.

6.Refer to the previous problem's answer. What was the Cost of Goods Sold (COGS)?

7.Compare your answers for the Cost of Goods Sold for the three valuation methods: weighted mean, FIFO, and LIFO. Which method will produce the greatest profit for Sports Haven?