1) Molten Metals Corp. uses Dollar-value LIFO for its inventory. The companys inventory at year-end prices is $587,000 at December 31, 20X1, and $634,000 at December 31, 20X2. If the price index for 20X1 is 100 and for 20X2 is 106, what should be the LIFO Reserve balance at December 31, 20X2?

2) Towel Town Inc. has the following purchases and sales of inventory in the month of July. Beginning inventory on July 1 was 130 units at $9.25 each.

Purchases	Sales
July 5: 90 units at $9.50 each	July 11: 80 units at $14.00 each
July 19: 220 units at $10.00 each	July 27: 90 units at $14.50 each

What is the months cost of goods sold amount assuming the moving-average cost flow assumption is used? Round all balance amounts to the nearest dollar and all price per units to the nearest penny