1- FIFO and LIFO inventory methods. During - 1FIFO and LIFO inventory methods During June the following changes in inventory item 27 took place

1- FIFO and LIFO inventory methods. During

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1-FIFO and LIFO inventory methods.During June, the following changes in inventory item 27 took place:June1Balance1,400 units @ $3614Purchased800 units @ $54
24 Purchased 700 units @ $45 8 Sold 400 units @ $75 10 Sold 1,000 units @ $60 29 Sold 500 units @ $66
Perpetual inventories are maintained.InstructionsWhat is the cost of the ending inventory for item 27 under the following methods? (show calculations)(a)FIFO.(b)LIFO.
1-Lower-of-cost-or-market.Determine the proper unit inventory price in the following independent cases by applying thelower of cost or market rule.Circle your choice. 1 2 3 4 5 $7.80
$10.50 $11.80 $6.00 $7.20 8.85 10.00 12.20 4.25 6.90 8.15 9.00 11.40 3.75
6.50 7.90 10.10 12.50 4.00 5.40 Cost Net realizable value Net realizable value less normal profit Market replacement cost
2-Lower-of-cost-or-marketThe December 31, 2017 inventory of Gwynn Company consisted of four products, for which certain information is provided below.ReplacementEstimatedExpectedNormal ProfitProduct
Original Cost Cost Disposal Cost Selling Price on Sales A $24.00 $22.00 $6.50 $40.00 20% B $42.00
$40.00 $10.00 $48.00 25% C $120.00 $115.00 $25.00 $190.00 30% D $19.00 $15.80
$4.00 $26.00 10%

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