eventeen Homework i Saved Help Save 245 units at $122 Inventory, January 1 Purchases: May 10 August 18 October 1 Inventory, December 31 185 units at $120 255 units at $119 245 units at $120 252 units es 1(a). Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the FIFO method. 1(b). Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method. 1(c). Determine the unit cost, cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the average cost method. 2. Assume that the replacement cost of each unit on December 31 is $120.25. Using the lower of cost or market rule, find the inventory amount under each of the methods given in 1. Analyze: What is the difference between the cost and market value of the inventory using the LIFO method? enteen Homework i Saved Help Savi What is the difference between the cost and market value of the inventory using the LIFO method? Complete this question by entering your answers 5 Req 1A Reg 1B Req 1C Req 2 Analyze Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the FIFO method FIFO Cost of Goods Available for Sale Number of Unit cost Unit costolacos Total cost units 245 S 122 $ 29,890 Cost of Goods Sold E nding Inventory Number of Number of Unit cost Total costumer ornit cost Unit cost Total Total cost units units 245 $ 122 $ 29,890 1 Beginning Inventory, January 1 Purchases: May- 10 Aug-18 Oct-01 Total 185120 248 119 85 255 245 930 120 119 120 S 22,200 30,345 29, 400 111,835 22 200 29,512 2 S 81,602 7 45 252 119 120 833 29.400 30,233 $ earch otse a @ $ een Homework i Saved Help Save What is the difference between the cost and market value of the inventory using the LIFO method? Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 1C Reg 2 Analyze Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method. LIFO Cost of Goods Available for Sale Cost of Goods Sold Number of Unit cost Number of Unit cost Total cost units units Total cost 2 45 $ 122 $ 29,890 | | Ending Inventory Number of ber of Unit cost Total cost units Beginning Inventory, January 1 Purchases: May-10 Aug-18 Oct-01 Total 1 185 255 245 930 1 20 22 200 11930,345 120 29,400 $ 111,8350 [ earch oter Seventeen Homework Saved Reg 1A Reg 1B Req 1C Req 2 Analyze Assume that the replacement cost of each unit on December 31 is $120.25. Using the lower of cost or mark methods given in 1. (Round your answers to nearest whole numbers.) Method Number of units Valuation Based on: Cost Market Lower of Cost or Market Book a. FIFO Print LIFO Merences c. Average cost