Inventory Pricing & Valuation

You are auditing the Barrie Minkow Prison Clothiers Co. as of December 31, 2018. Assume they use the FIFO inventory method. The year-end inventory for orange jumpsuits shows 1,263 suits @$782 for a total inventory value of $987,666. In testing the cost of the jumpsuits, you review the related invoices and note the following:

Inventory #DateQuantityUnit PriceTotal1273211/22/181000$745$745,0001284412/03/18800747597,6001290512/28/18600782469,200

1. Do you agree with Minkows inventory valuation? If not, determine the adjusting entry required, for the cost of inventory at Dec. 31/2018.
2. What if your review of January sales showed an invoice dated January 15, 2019 for 500 suits @ $750 (assume costs of disposal of $5)? What adjusting entry, if any, would be required?
3. Would your answer change if client used LIFO method? What addl info do you need? How would you audit this calculation?