Practice problems for an upcoming test on lifo, fifo and other inventory methods

Periodic SystemCalculating Ending Inventory and Cost of Sales using Average Cost, FIFO, and LIFO Leven Company began operations on December 1, 2019. The following information is available for the company's merchandise inventory. A physical inventory taken on March 31,2020, showed 2,100 units available. Leven uses a periodic inventory system. Date Units Unit Cost January 1, 2020 (beginning inventory) ' 1,120 $9.00' Purchases: January 5, 2020 ' 2,100 10.00' January 25, 2020 l 1,680 1050' February16,2020 l 340 1200' March 26, 2020 l 1,260 1300' Required .3. Compute ending inventory and cost of goods sold for the quarter ended March 31,2020, using: Ending inventory COGS 1.Average cost method. ' $ $ 2. FIFO method. l l l 3. LIFO method. l l b. Which method results in the: 1. Highest gross prot? 3. Highest ending inventory balance? l 2. Lowest gross prot? ' l l 0 0 0 0 4. Lowest ending inventory balance