1. Nicholas Company uses a perpetual inventory system. Details for the inventory account for the month of November 2023 are as follows: Units Price per Unit Beginning Inventory 100 $10.00 Purchase, November 7 40 12.00 Sale, November 12 60 Purchase, November 15 70 13.00 Sale, November 26 50 Required: (Please show your work for partial credit) (a) Calculate the value of ending inventory using FIFO. (b) Calculate the value of ending inventory using LIFO. (c) Calculate the value of ending inventory using weighted-average cost. 2. Jackson Company had the following ending inventory costs: Product Units on Hand Unit Cost Market Value A 10 $ 5 $ 6 B 50 8 7 C 35 10 11 Required: (a) Calculate the lower of cost or market (LCM) value for the inventory as a whole. (b) Calculate the lower of cost or market (LCM) value for each individual item. 3. Cortez Company has just completed a physical inventory count at year-end on December 31, 2023. Only the items on the shelves, in storage, and in the receiving area were counted and reported on the FIFO basis. The inventory amounted to $250,000. During the audit, the independent CPA discovered the following additional information: (a) There were goods in transit on December 31, 2023 from a supplier with terms F.O.B. Destination costing $30,000. Because the goods had not arrived, they were excluded from the physical inventory. (b) Cortez Company received notice from a supplier that goods ordered earlier at a cost of $25,000 had been delivered to the trucking company, a common carrier, on December 28, 2023. The terms were F.O.B. Shipping Point. Because the shipment had not arrived on December 31, 2023, it was excluded from the physical inventory. (c) On December 31, 2023, there were goods in transit to customers in the amount of $18,000, terms F.O.B. Shipping Point. The expected delivery date was January 8, 2024. Because the goods had been shipped, they were excluded from the physical inventory. (d) On December 31, 2023, Cortez Company shipped $17,500 worth of goods to a customer, F.O.B. Destination. The goods were expected to arrive on January 5, 2024. Because the goods were not on hand, they were excluded from the physical inventory. Required: Analyze the information above for Cortez Company and calculate a corrected amount for the ending inventory. Please show your work for partial credit and explain the basis for your answer.