Cody Phone Shop Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of July for disposable phones:

			Purchases		Sales
			Units	Unit Cost	Units	Unit Price
July	1	Beginning inventory	112	$72
July	13	Purchase	76	$71
July	29	Sale			121	$99
July	30	Purchase	56	$69
July	31	Sale			67	$98

Required (parts 1 to 4):

Assume that Cody Phone Shop uses a FIFO inventory system. Compute Codys cost of goods sold __________, ending inventory (in units ______________ and total dollars ___________ ) and gross profit in dollars ___________ at July 31, 2015.

Assume that Cody Phone Shop uses a weighted average inventory system. Compute Codys cost of goods sold ___________, ending inventory (in units ___________ and total dollars ____________ ) and gross profit in dollars ____________ at July 31, 2015.

Ignoring your information from part 1, Cody Phone Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31:

	Units	Unit Cost	Unit NRV
Model #123	5	$175	$160
Model #456	7	140	142
Model #789	12	135	129
Model #321	10	115	120

Note: the above dollar amounts are per unit.

What is Codys ending inventory value if the lower-of-cost-or-market rule is applied on an item-by-item basis? ____________

By how much would the inventory account need to be adjusted for, if any, to have the lower of cost and net realizable value in the inventory account? ________________