Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Selling price Costs to sell Product 1 Product 2 $21 $ 91 43 123 7 42 Product 3 $51 73 11 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product Cost NRV Per Unit Inventory Value 1 $ 21 2 91 3 51 AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the year consisted of 11,000 units of the company's one product. These units cost $10 each. During the year, 61,000 units were purchased at a cost of $13 each and 64,500 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 5,500 units at $13. Required: 1. What would be the effect of this purchase on income before income taxes? 2. What would be the effect of this purchase on income before income taxes using FIFO? 1. Income before income taxes would be 2. Income before income taxes would be Lower No effect