Question #$3$ COGS and Inventory Valuation $(5$ parts; $10$ total points$)$

Danvers Co$.$ uses the periodic inventory system, and the following information about the company's

specialty cat collar inventory is available:

At the end of the year, an inventory count revealed that Danvers Co$.$ had $2,000$ collars left in ending

inventory. All collars were sold for $$40$ each during the year.

Compute the following $($SHOW YOUR WORK!$)$:

A$.$ Dollar value of ending inventory using First$-$in$,$ first$-$out $($FIFO$)(2$ points$)$

F$$to$.$

B$.$ Cost of goods sold using Last$-$in$,$ first$-$out $($LIFO$)(2$ points$)$

C$.$ Weighted average cost per unit $(2$ points$)$

D$.$ Gross profit for the year using the FIFO method. $(3$ points$)$

cost of goods: $332000$

clossing inrentoy:

E$.$ Which method will result in the lowest taxable income? $(1$ point$)$