FIFO, and Lower-of-Cost-or-Market Sheli Company began business in Chicago on March 15, 20X0. The following are Altobelli's s of inventory: March 17 April 19 May 14 Total 100 units @ $10 = 50 units @ $13 = 100 units @ $13 = $1,000 600 1.300 $2,900 On May 25, the company sold 130 units, leaving inventory of 120 units. Altobelli Company's accountant was preparing a balance sheet for June 1, at which time the replacement cost of the inventory was S12 per unit. 1. Suppose Altobelli Company uses LIFO without applying lower-of-cost-or-market. Compute the June 1 inventory amount. 2. Suppose Altobelli Company uses lower-of-LIFO-cost-or-market. Compute the June 1 inventory amount