1. Compute the value of the inventory using the FIFO and IFRS

2. Explain why valuation and journal entries are different from LIFO and GAAP.

7:06 Part 2: Compute the Inventory value (Due at the end of unit 2) Best Value Hardware had the following inventory on hand at 12/31/16. BVH uses the LIFO method for measuring inventory. Item # Units |LIFO SCost!FIFO SCostlNRV Light bulbs 177,000 S115,050 S125,050 S150,450 Paint brushes 250,000 5250,000 $275,000$325,000 Live plants 150,000S375,000 S395,000 S337,500 Hoiday Riem 175,00 503,750 563,0 558,750 ,750 S568,750 Hammers 200,000 S550,000 S575,000 S600,000 1.893,800 $2.003.800 $1.981.700