AMB Retail Inc. sells ceramic planters to its customers. Information about the planters stocked in inventory is given below. Purchased. Sold Cost Balance (Units) (Units) Date July 1 (Units) (Per Unit) $ 8.00 82 July 6 25 57 July 14 135 8.10 192 July 21 85 107 July 25 30 8.05 137 Required: 1. Calculate closing inventory and cost of goods sold under the following inventory methods: a. Perpetual, FIFO b. Periodic, Weighted-Average Cost 2. Assume that the item is sold for $12.75. For each method above, determine the gross profit for the year. Question 4. LO 11 - Record lower of cost and net realizable value The cost and net realizable value of the inventory for Manitoba Corporation are as follows: Year Ended Cost NRV Dec. 31, 2020 $297,500 $285,500 Dec. 31, 2021 260,100 255,400 Dec. 31, 2022 286,700 288,900 Manitoba records its inventory at cost and uses an allowance account to make any necessary adjustments at year end. Manitoba Corporation uses a perpetual inventory system. Manitoba's first year of operations is 2020. Required: Prepare any journal entries required at each year end for inventory valuation.