April 1 Note: Narratives are not required for journal entries. Question 1 (14 Marks). Note: Part.A and Part B below are two independent questions. Part A (8 Marks) The following data is available for one of the products sold by Chan Company for the month of April: On hand 10 units at $8 each $ 80 5 Purchased 30 units at $7.80 each 234 18 Purchased 40 units at $8.25 each 330 20 Sold 75 imits for $13 each 24 Purchased 20 units for $8.25 each Chan Company's ending inventory for April was 25 units. Required: Complete the following table by determining the amounts of the April 30 inventory and cost of goods sold for April, under each of the inventory costing methods listed below. Assume that Chan Company uses a perpetual inventory system. FIFO Weighted Average Cost of Goods Sold (COGS) 165 Ending Inventory Part B (6 Marks) Valley Inc. has compiled the following information concerning items in its inventory at December 31: Itein Quantity Cost per Unit Net Realizable Value (NRV)per unit A 120 $45 $50 B 70 160 120 60 100 110 Required: 1. The carying amount of the total inventory of Valley Inc. using the lower of cost or net realizable value (LCNRV) rule applied on an item by item basis is: (4 marks) 2. The loss due to inventory write down to LCNRV is: (maks)