Lower of Cost or Market

The following information for Tuell Company is available:

	Case
	1	2	3	4	5
Cost	$5.00	$5.00	$5.00	$5.00	$5.00
Net realizable value	5.10	5.50	4.80	4.20	4.70
Net realizable value less normal profit	4.80	5.30	4.70	4.00	4.60
Replacement cost	5.30	5.20	4.60	4.10	4.80

Required:

1.	Assume Tuell uses the LIFO inventory method. What is the correct inventory value in each of the preceding situations under U.S. GAAP? If required, round your answers to the nearest cent.

Case		Inventory value
1		$
2		$
3		$
4		$
5		$

2.	Assume Tuell uses the average cost inventory method. What is the correct inventory value in each of the preceding situations under U.S. GAAP? If required, round your answers to the nearest cent.

Case		Inventory value
1		$
2		$
3		$
4		$
5		$

3.	What is the correct inventory value in each of the preceding situations if Tuell uses IFRS? If required, round your answers to the nearest cent.

Case		Inventory value
1		$
2		$
3		$
4		$
5		$