1. Apple Company's beginning inventory and purchases during the fiscal year ended December 31, 2020 were as follows: (NOTE: The company uses a periodic system of inventory)

Part 1 : Calculate the following assuming Apple uses FIFO:

a)What is the value of ending inventory

b) What is the cost of goods sold?

Part 2 : Calculate the following assuming Apple uses Average Cost:

a)What is the value of ending inventory

b) What is the cost of goods sold?

2. Banana Company reports the following inventory information. What is the total value of the merchandise under LCNRV (lower of cost or net realizable value)? Show all calculations.

Total Cost Unit Price $29 Units 17 13 45 33 36 29 January 1-Beginning inventory March 15-Sold April 21-Purchase June 22-Sold Aug 20-Purchase Sept 15-Sold Total Cost of Inventory Ending inventory is 23 units. $27 $24 Inventory Number Product 1 Product 2 Product 3 Product 4 Product 5 Inventory Quantity 325 506 817 382 626 Unit Market Unit Cost Value $56.78 $55.32 $92.311 $92.78 $77.891 $79.31 $19.38 $19.02 $33.46 $30.74 Total Cost Unit Price $29 Units 17 13 45 33 36 29 January 1-Beginning inventory March 15-Sold April 21-Purchase June 22-Sold Aug 20-Purchase Sept 15-Sold Total Cost of Inventory Ending inventory is 23 units. $27 $24 Inventory Number Product 1 Product 2 Product 3 Product 4 Product 5 Inventory Quantity 325 506 817 382 626 Unit Market Unit Cost Value $56.78 $55.32 $92.311 $92.78 $77.891 $79.31 $19.38 $19.02 $33.46 $30.74