1. A company had inventory on November 1 of 5 units at a cost of $26 each. On November 2, they purchased 16 units at $28 each. On November 6 they purchased 12 units at $31 each. On November 8, 14 units were sold for $61 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

568

522

548

520

534

2. A companys normal selling price for its product is $26 per unit. However, due to market competition, the selling price has fallen to $21 per unit. This company's current FIFO inventory consists of 140 units purchased at $22 per unit. Net realizable value has fallen to $19 per unit. Calculate the value of this company's inventory at the lower of cost or market.

2660

2610

3080

2760

2940