000 London Co. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold Unit Unit Cost Lotal. Cost May 1 Inventory 35 S8 $ 200 15 Purchases 30 330 24 Purchases 12 480 Totals 105 1890 Instructions Compute the ending inventory at May 31 and cost of goods sold using the (1) FIFO and 2) Weighted Average methods. Prove the amount allocated to cost of goods sold under each method. Finch Company is preparing the annual financial statements dated December 31, 2014 Information about inventory stocked for regular sale follows: Quantity Unit Cost Net Realizable em on Hand When Acquired Valuat varend A 50 20 19 100 45 46 20 60 62 40 40 38 Instructions Compute the valuation for the December 31, 2014, Inventory using the lower-of-cost-o-net realizable value basis The controller of Scheller Company is applying the lower-of-cost-or-net realitzable value basis of valuing its ending inventory. The following information is available: Net Reliable Value Lawnmowers: Self-propelled $15,000 $17.000 Push type 19.002 16.000 Total 2.000 31000 Snowblowers Manual 30.000 31.000 Self-start 20.000 21.000 Tot 52.000 Total Inventory SBARRO SORRO Instructions Compute the value of the ending inventory by applying the lower-of-cost-or-treacable value basis This information is available for Grant's Photo Corporation for 2013 and 2014 2014 Beginning inventory $ 200.000 $ 300.000 Ending inventory 300,000 380.000 Cost of goods sold 1.200.000 1.368.000 Sales 1.600.000 1.000.000 Instruction Calculate inventory tumover days in invertory, and gross profit rate for Grants Photo Corporation for 2013 and 2014. Comment on any trends