Inventory by Three Methods

The units of an item available for sale during the year were as follows:

Jan.1	Inventory	25 units at $400 per unit
Feb. 19	Purchase	56 units at $460 per unit
June 8	Purchase	60 units at $540 per unit
Oct. 7	Purchase	56 units at $550 per unit

There are 47 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost under each of the following methods.

a. Determine the inventory cost by the first-in, first-out method. $

b. Determine the inventory cost by the last-in, first-out method. $

c. Determine the inventory cost by the average cost method. Do not round intermediate calculation and round final answer to the nearest whole value. $

Lower-of-Cost-or-Market Inventory

On the basis of the following data, determine the value of the inventory at the lower of cost or market.

*(Professor only game me this information. I need cost, market and LCM values.)*

Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Total Market Value per Unit (Net Realizable Value) Product Inventory Quantity Cost per Unit Cost Market LCM Adams 26 $255 $254 $ $ Coolidge 13 106 99 McKinley 38 98 115 Garfield 28 185 190 Lincoln 40 87 82 Total $