1. On April 1, a company purchased two units of inventory, A and B. The cost of unit A was $660, and the cost of unit B was $590. On April 30, the company had not sold the inventory. The net realizable value of unit A was now $685 while the net realizable value of unit B was $520. The adjustment associated with the lower of cost and net realizable value on April 30 will be:

1.	Cost of Goods Sold	45
	Inventory		45
2.	Inventory	45
	Cost of Goods Sold		45
3.	Cost of Goods Sold	70
	Inventory		70
4.	Inventory	70
	Cost of Goods Sold		70

2. Inventory records for Marvin Company revealed the following:

Date		Transaction	Number of Units			Unit Cost
Mar.	1	Beginning inventory		950		$	7.11
Mar.	10	Purchase		570			7.61
Mar.	16	Purchase		450			8.21
Mar.	23	Purchase		530			8.91

Marvin sold 1,840 units of inventory during the month. Ending inventory assuming FIFO would be:

3. Inventory records for Marvin Company revealed the following:

Date		Transaction	Number of Units			Unit Cost
Mar.	1	Beginning inventory		980		$	7.23
Mar.	10	Purchase		550			7.63
Mar.	16	Purchase		760			8.10
Mar.	23	Purchase		510			8.50

Marvin sold 1,930 units of inventory during the month. Cost of goods sold assuming FIFO would be: