Adriaan Taylor Corporation is a newly formed entity that engages in the purchase and resale of amphibious tour vehicles. Purchases for the first year of operation were as follows: Date Purchases 7-Jan 50 units @ $15,000 each 15-Mar 70 units @ $16,000 each 16-Jun 30 units @ $16,500 each 3-Aug 90 units @ $17,000 each 11-Oct 25 units @ $17,200 each Sales for this first year of operation amounted to 210 units and totaled $4,250,000. (a) If Adriaan Taylor uses the first-in, first-out (FIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (b) If Adriaan Taylor uses the last-in, first-out (LIFO) inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (c) If Adriaan Taylor uses the weighted-average inventory method (periodic approach), what values would be assigned to ending inventory and cost of goods sold? How much is gross profit? (d) Which of the above techniques produces the highest profit? Which of the above techniques reports the most "current" cost on a balance sheet? Which of the above techniques report the most "current" cost in measuring income? Which of the above techniques results in the lowest income tax obligation?

(a) FIFO Purchases 50 units @ $15,000 each 70 units @ $16,000 each 30 units @ $16,500 each 90 units @ $17,000 each 25 units @ $17,200 each Beginning inventory $ - Plus: Purchases - Cost of goods available for sale $ - Less: Ending inventory - Cost of goods sold $ - Sales $ - Cost of goods sold - Gross profit $ - (b) LIFO Beginning inventory $ - Plus: Purchases - Cost of goods available for sale $ - Less: Ending inventory - Cost of goods sold $ - Sales $ - Cost of goods sold - Gross profit $ - (c) Weighted-average Beginning inventory $ - Plus: Purchases - Cost of goods available for sale $ - Less: Ending inventory - Cost of goods sold $ - Sales $ - Cost of goods sold - Gross profit $ - (d) The highest gross profit is produced under __________. The most current cost in inventory is reported under __________. The most current cost on the income statement is reported under __________. The lowest profit and tax obligation is produced under __________.