Harrington Company had the following data for inventory during a recent year:

Assume that Harrington uses a periodic inventory accounting system.

Required:
1. Using the FIFO, LIFO, and average cost methods, compute the ending inventory and cost of goods sold. (Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.)
2. Which method will produce the most realistic amount for income? For inventory?
3. Which method will produce the lowest amount paid fortaxes?

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Units Cost per Unit 9.00 9.60 10.30 10.80 11.10 Total Cost $4,500 Beginning inventony Purchase 1, 1/28 Purchase 2, 5/2 Purchase 3, 8/13 Purchase 4, 11/9 Total purchases Goods available for sale Less: Sales Ending inventory 500 1,600 1,200 1,400 1,100 $15,360 12,360 15,120 12,210 5,300 5,800 5,240 560 55,050