$*$You don't have to answer PART b$.*$

Periodic System$$Computing Cost of Sales and Gross Profit under FIFO and LIFO

inventory taken on March $31$ showed $60$ units available in inventory. Valley uses the periodic inventory system.

a$.$ Compute cost of goods sold and ending inventory for the first quarter of the year using $(1)$ FIFO and $(2)$ LIFO.

Note: Do not use any negative signs with your answers.

b$.$ Which of the following inventory methods would we recommend that Valley use to produce the greatest after$-$tax cash flows: FIFO or LIFO?

c$.$ Prepare a schedule showing the gross profit and gross profit percentage for each method in part a assuming all units sold during the quarter were at a price of $$300$ each.

Note: Do not use any negative signs with your answers.