FIFO, LIFO, Weighted Average

Date		# units purchased	Cost / Unit	# of units sold	Selling price/ unit
January 1	Beg. Inventory	200 Units	$10 / unit
January 10	Purchase	200 Units	$12 / unit
January 15	Purchase	200 Units	$14 / unit
January 31	Sold			250 units	$18 / unit

Prepare JE to record January 31 sale assuming:

1. FIFO
2. LIFO
3. Weighted Average

Which method best matches most recent costs to Net Sales?

Which method produces an Inventory value that is closest to current replacement costs?