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Ofnu.blackboard.com X Question 4 2 Points Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 151 17 Purchase 1 172 26 Purchase 1 183 Assume that one unit is sold on July 31 for $240. Determine the ending inventory on July 31 using the average cost method. (Round to the nearest whole dollar) Add your answer Question 5 4 Points On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit below. Item Inventory Quantity Unit Cost Price ($) Unit Market Price ($) MT22 797 99 80 4WY09 7364 37 45 1GDS 9962 185 165 Add your answer Question 6 2 Points Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 164 17 Purchase 1 170 26 Purchase 1 197 Assume that one unit is sold on July 31 for $263. Determine the gross profit for July using the last-in, first-out (LIFO) method. Add your answer MacBook Air