On the basis of the data shown below:

Item	Inventory Quantity	Unit Cost Price	Unit Market Price
Raven 10	1,200	$115	$112
Dove 23	6,500	17	22

Determine the value of the inventory at the lower-of-cost-or-market. (Note: Apply lower-of-cost-or-market to each inventory item, as shown in Exhibit 10.)

FIFO and LIFO Costs under Perpetual Inventory System

The following units of a particular item were available for sale during the year:

Beginning inventory	3,600 units at $4.00
Sale	2,400 units at $8.00
First purchase	8,000 units at $4.20
Sale	6,000 units at $8.00
Second purchase	7,500 units at $4.40
Sale	5,500 units at $8.00

The firm uses the perpetual inventory system, and there are 5,200 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?

b. What is the total cost of the ending inventory according to LIFO?