In a period of rising prices, the inventory method which tends to give the highest reported inventory is O moving average OLIFO. O weighted average O FIFO. Under the lower-of-cost-or-market method, the replacement cost of an inventory item would be used as the designated market value O when it is above the net realizable value O when it is below the net realizable value and above the net realizable value less the normal profit margin. O when it is below the net realizable value less the normal proht margin. regardless of net realizable value Pharoah Company's accounting records indicated the following information: Inventory 1/1/20 Purchases during 2020 Sales during 2020 $1840000 9400000 11840000 A physical inventory taken on December 31, 2020, resulted in an ending inventory of $2140000. Pharoah's gross profit on sales has remained constant at 25% in recent years, Pharoah suspects some inventory may have been taken by a new employee. At December 31, 2020, what is the estimated cost of missing inventory? $380000 O $220000 $820000 $600000 Wildhorse Inc has the following information related to an item in its ending inventory Product 66 has a cost of $176, a replacement cost of $166, a net realizable value of $174, and a normal profit margin of $12. What is the final lower-of-cost-or-market inventory value for product 667 $164 O $176 $174 O $166 On August 31, a hurricane destroyed a retail location of Blossom's Clothier including the entire inventory on hand at the location. The inventory on hand as of June 30 totaled $1855000. Since June 30 until the time of the hurricane, the company made purchases of $471000 and had sales of $1448000. Assuming the rate of gross profit to selling price is 30%, what is the approacmate value of the inventory that was destroyed? $841400 O $1855000 $1891600 O $1312400