b. Vargo uses the periodic LIFO method to account for the tibed inventory. Vargo had the following inventory available for sale during the year. Units Cost Balance on 1/1/18 15.000 $6.25 3/15 purchase 55.000 $6.30 5/20 purchase 44,000 $6.45 7/11 purchase 25,000 $7.08 10/27 purchase 33,000 $7.25 12/2 purchase 46,000 $7.37 Freight-in of $2.75 per unit was incurred on "tibed" inventory, and is not reflected in the cost per unit above. Compute cost of goods sold for the "tibed" product, and ending inventory at historical cost). c. If the ending inventory had a replacement cost of $112,000 on 12/31/19, a net realizable value of $149,000 and a normal profit of $26,500, what is the dollar value of inventory reported at on the balance sheet? What adjustment and journal entry (if any) would be required? a. Vargo sells two products. The first (the "tibed") is sold only for cash and represents a single performance obligation (sale of the product). Tibed" sales for the year are 204,000 units. "Tibed" sells for a price of $23.80 per unit, and Vargo incurs shipping costs of $3.70 per unit sold. Vargo had sales discounts of $89,000 on "tibed" sales. The second is a software package (the tiderc") and is new for 2019. It has two performance obligations (sale of the software and a software update after 2 years). 59,600 units of tiderc" were sold. Tidere" sells for $30 per unit (also cash sales). The standalone sales price of the software has been determined to be $25 and the standalone sales price of the update is $5. Vargo incurs a costs of $4.25 per software package. Report sales of the two products separately (one line for tibed and one line for tiderc)