Case 1: Inventory Case of High Hill Company A. High Hill Company had the following purchases as of September 30, 2020. September 3 : 400 units @ $10.50 - $4,200 September 8 : 100 units @ $11.00 = 1,100 September 19: 200 units @ $11.50 = 2.300 $ 7,600 On September 20, 2020, the company sold 240 units at $16.00 per unit. On September 30, 2020, a competitor announced a new model which resulted in the cost of Payton's inventory dropping to the new replacement cost, which was $10.75 per unit. Required: 1. Compute COGS and Gross Profit of the company under LIFO and FIFO Method. 2. After September 30, at what value the inventory should be reported as per LCM principle. a. If Company used LIFO method b. If Company used FIFO Method (3+1 Mark) B. High Hill Company Inventory losses High Hill Company uses a periodic inventory system. On January 1, 2020, the company had beginning inventory of $979,000. From January 1 to April 27. the company purchased $285,000 of inventory and had sales revenue of $840.000. On the morning of April 28, a landslide occurred which resulted in the total loss of all inventory. The company's gross profit percentage has averaged 40%. What is the estimated inventory loss due to the landslide