Desmond Consolidated, Inc. is a leading manufacturer of steel products. The following inventory data relates to the firm's production during the first quarter of 2020:

At the end of the first quarter of 2020, Desmond's internal auditors determined that 1,700 tons of raw steel had been processed and sold.

1. Assume that the net realizable value per ton is $38.50 at the end of the quarter. What amount should Desmond's ending inventory be valued at on its March 31 balance sheet under each of the following methods? FIFO, LIFO and Weighted-Average?

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