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Maxell Company uses a periodic inventory system. Consider the following information: Date Description # of...

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Accounting

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Maxell Company uses a periodic inventory system. Consider the following information: Date Description # of units Cost per unit January 1 Beginning inventory 50 $10 June 2 Purchase 190 $12 July 6 Purchase 73 $13 November 5 Sales 215 Calculate the following: 1. Cost of Goods Sold and Ending Inventory using FIFO 2. Cost of Goods Sold and Ending Inventory using LIFO 3. Cost of Goods Sold and Ending Inventory using Weighted Average 4. Which method will result in the lowest NI? why? 5. Why would someone want to use the inventory method that provides the lowest NI

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