London Co. uses a periodic inventory system is records show the following for the month of May, in which 80 units were sold. Unit Cost Total Cost May 1 Inventory 35 $8 $ 280 15 Purchases 30 11 330 24 Purchases 12 480 Totais $1090 Instructions Compute the ending inventory at May 31 and cost of goods sold using the (1) FIFO and 2) Weighted Average methods. Prove the amount allocated to cost of goods sold under each method on Hand Finch Company is preparing the annual financial statements dated December 31, 2014 Information about inventory stocked for regular sale follows: Quality Unit Cost Net Realizate Item 50 When Acquired Value at year and 20 19 B 100 45 60 D 40 38 Instructions Compute the valuation for the December 31, 2014, inventory using the lower-of-cost-or-net realizable value basis The controller of Scheller Company is applying the lower-of-cost-or-ne realizable value basis of valuing its ending inventory. The following information is available: Cost Net Realizable Value Lawnmowers: Self-propelled $15,000 $17.000 Push type 19.000 16.000 Total 34.000 33.000 Snowblowers: Manual 30.000 31,000 20.000 21000 50.000 52.009 Total inventory $84.000 SELLOOO Instructions Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable value basis. Self-start Total This information is available for Grants Photo Corporation for 2013 and 2014 2013 2014 Beginning inventory $ 200.000 $ 300.000 Ending inventory 300.000 380.000 Cost of goods sold 1.200.000 1.368.000 Sales 1,600,000 1.900.000 Instructions Calculate inventory tumores days in invertory, and gross profit rate for Grants Photo Corporation and 2014