Shawn Company had 294 units in beginning inventory at a total cost of $29,400. The company purchased 588 units at a total cost of $82,320. At the end of the year, Shawn had 221 units in ending inventory.
The cost of the ending inventory $. _____FIFO, LIFO______$, AVERAGE-COST______$
The cost of goods sold $_____FIFO, LIFO______$, AVERAGE-COST______$
Which cost flow method would result in the highest net income?_________
Which cost flow method would result in inventories approximating current cost in the balance sheet?______
Which cost flow method would result in Shawn paying the least taxes in the first year?__________