Knowledge Check 01 A company has gathered the following per unit cost and replacement cost information relating to its inventory: Item A: 5 units with a cost of $50 and a net realizable value of $45 Item B: 7 units with a cost of $60 and a net realizable value of $65 Item C: 9 units with a cost of $30 and a net realizable value of $25 . Under the lower of cost or net realizable value method, what is the amount of ending inventory that should be reported on the company's balance sheet?

Knowledge Check 01 A company has gathered the following per unit cost and replacement cost information relating to its inventory: - Item A: 5 units with a cost of $50 and a net realizable value of $45 - Item 8:7 units with a cost of $60 and a net realizable value of $65 - Item C. 9 units with a cost of $30 and a net realizable value of $25 Under the lower of cost or net realizable value method, what is the amount of ending inventory that should be reported on the comparn's balance sheet? E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product : Compute ending inventory and cost of goods sold for the current year under FiFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount