Avant Corporation's November inventory activity follows. Avant uses a periodic inventory system.

Required
a. Compute the ending inventory and cost of goods sold under the FIFO, LIFO, and weighted average costing assumptions. For the weighted average method, round the unit average to the nearest penny and the cost of goods sold and ending inventory values to the nearest dollar.
b. Which costing assumption gives the highest ending inventory? Highest cost of goods sold? Why?
c. Explain why the average item cost is not $60 under the weighted average costing assumption.

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Date Transaction Units Unit Cost Total Cost 11/1 Beginning inventory 32 55 11/7 Purchase 11/14 Purchase 45 52 S60 565 2,700 $3,380 11/30 Ending inventory 18