LIFO, FIFO, and Lower-of-Cost-or-Market Altobelli Company began business on March 15, 20X0. The following are Altobelli's purchases of inventory. March 17 April 19 May 14 Total 100 units $10 $1,000 50 units @ $12 600 100 units @ $13 1,300 $2,900 On May 25, the company sold 130 units, leaving inventory of 120 units. Altobelli Company's accoun- tant was preparing a balance sheet for June 1, at which time the replacement cost of the inventory was $12 per unit. 1. Suppose Altobelli Company uses LIFO, without applying lower-of-cost-or-market. Compute the June 1 inventory amount. 2. Suppose Altobelli Company uses lower-of-LIFO-cost-or-market. Compute the June I inventory amount. 3. Suppose Altobelli Company uses FIFO, without applying lower-of-cost-or-market. Compute the June 1 inventory amount. 4. Suppose Altobelli Company uses lower-of-FIFO-cost-or-market. Compute the June 1 inventory amount.