1. Lannister Inc. holds 12,000 units of inventory on January 1, 2017.

   Under FIFO (first-in, first-out) the inventory lot costs are:

   Inventory Lot	Date	Units	Cost / Unit	Total Cost
   H	12/13/2016	6,000	$120	$720,000
   I	12/22/2016	6,000	$125	$750,000

   Under LIFO (last-in, first-out) the same inventory has the following lot costs:

   Inventory Lot	Date	Units	Cost / Unit	Total Cost
   A	4/22/2012	2,000	$60	$120,000
   F	10/15/2014	4,000	$84	$336,000
   I	12/22/2016	6,000	$125	$750,000

   Under average cost the same 12,000 inventory units have a total cost of $1,320,600.

   During January 2017, Lannister records the following transactions (in chronological order):

   • Sells 7,000 units of inventory with revenue of $175 per unit.
   • Purchases 4,000 units of inventory at a cost of $130 per unit.
   • Sells 2,000 units of inventory with revenue of $180 per unit.
   • Purchases 3,000 units of inventory at a cost of $132 per unit.
   • Sells 2,000 units of inventory with revenue of $184 per unit.
   • Counts ending inventory units of 8,000 units on January 31.

   In answering the following questions, assume that Lannister uses a periodic inventory system. Do not include a $ with any of your answers. Unless otherwise instructed, enter your answers as whole numbers.

   1. How many units of inventory did Lannister have available for sale during the month of January?
   2. Using FIFO, what was Lannisters cost of goods available for sale (COGAS) for January? $
   3. Using FIFO, what was the value of Lannisters ending inventory on January 31, 2017? $
   4. Using FIFO, what was Lannisters cost of goods sold (COGS) for January? $
   5. Using LIFO, what was Lannisters cost of goods available for sale (COGAS) for January? $
   6. Using LIFO, what was the value of Lannisters ending inventory on January 31, 2017? $
   7. Using LIFO, what was Lannisters cost of goods sold (COGS) for January?
   8. Using average cost, what was Lannisters cost of goods available for sale (COGAS) for January? $
   9. Based on your answer to h above, what was average cost per unit of inventory available for sale during January? For this question only, round your answer to 3 decimal places (xx.xxx) . $
   10. Using the rounded average cost value you computed in part i, what was the value of Lannisters ending inventory on January 31, 2017? $
   11. Using your answers to h and j above, what was Lannisters cost of goods sold (COGS) for January using average cost? $
   12. If a company reports inventory value of $40,000 using LIFO, and its LIFO reserve is $25,000, what value for inventory would it have reported if it had used FIFO instead? $

   Display answers in a list form please.