INVENTORY COSTING METHODS AND MARKET VALUE. Ortman Enterprises sells fuel oil. On January 1, 19x8, Ortman had 5,000,000 gallons on hand, for which it had paid $.50 per gallon. During 19x8 Ortman made the following purchases:

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DATE GALLONS COST PER GALLON TOTAL COST 2/20 10,000,000 $.52 $ 5,200,000 5/15 25,000,000 .56 14,000,000 9/12 32,000,000 .60 19,200,000 67,000,000 $38,400,000 During 19x8 Ortman sold 65,000,000 gallons at $.75 per gallon, leaving an ending inventory of 7,000,000 gallons. Ortman uses the lower of cost or market for its inven- tories, as required by generally accepted accounting principles. REQUIRED: 1. Assume that the market value of fuel oil is $.76 per gallon on December 31, 19x8. Compute the cost of goods sold (adjusted for any required market adjustment) using FIFO, LIFO, and weighted average costing methods. 2. Assume that the market value of fuel oil is $.58 per gallon on December 31, 19x8. Compute the cost of goods sold (adjusted for any required market adjustment) using FIFO, LIFO, and weighted average costing methods.