M7-7 (Algo) Reporting Inventory Under Lower of Cost or Net Realizable Value L07-4 Wood Company had the following inventory items on hand at the end of the year. Computing the lower of cost or net realizable value on an item-by-item basis, determine what amount would be reported on the balance sheet for inventory Quantity Cost per item Meri Realizable Value per Item Lower of cost Reported on o r NRV Balance Sheet ItemA $ 160 120 $ 107 62 102 E Item B Total 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 Units 1,950 Unit Cost Inventory. December 31, prior year For the current year! Purchase, March 21 Purchase, August 1 Inventory. December 31, current year 5,140 2,820 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods (Round Average cost per unit to 2 decimal places and final answers to nearest whole dollar amount.) FIFO I LIPO Average Cost Ending inventory Cost of goods sold