Following is a summary of beginning inventory, purchases, and sales. At what amount would the inventory be priced assuming, the first-in, first-out method is used under perpetual invventory procedure? Beg. Inv., Jan. 1 2,400 units @ $8.80

Purchases: Jan. 8 5,600 units @ $9.00 Mar. 15 2,000 units @ $9.10 Jul. 28 2,800 units @ $9.50 Nov. 30 400 units @ $9.70 Sales: Feb. 13 3,000 units Jun. 9 2,800 units Sep. 22 1,400 units At what amount would the inventory in the preceding question be priced if the last-in, first-out method were used under perpetual inventory procedure? Under FIFO, net income exists if revenues are sufficient to cover the __________ cost of the units of inventory sold. Under LIFO, net income exists if revenues are sufficient to cover the __________ cost of the units of inventory sold, provided new units are acquired before the end of the accounting period. The principle argument for __________ is that this method more precisely matches costs and revenues in current terms. During a period of rising prices, __________ will give a higher net income figure.