1.Given the following information for an inventory item of the Scottsdale Corporation: Using the LCM Rule, the proper inventory amount for the balance sheet is:

Select one:

a. $98

b. $104

c. $111

d. $117

e. $124

2.

The following information is available for October for Jordan Company: A fire destroyed most of Jordans October 31 inventory warehouse, leaving undamaged inventory with a cost of $3,000. Using the gross profit method, the estimated ending inventory destroyed by fire is:

Select one:

a. $13,000

b. $35,889

c. $47,000

d. $50,000

e. $62,000

$104 Cost Replacement Cost Estimated Sales Price Normal Profit Cost of Completion $ 98 $130 $ 6 $ 13 Beginning Inventory Purchases Purchase Returns ago $50,000 165,000 15,000 Sales Sales Returns Percentage Markup on Cost $290,000 20,000 80%