Metlock uses the periodic FIFO inventory costing method. The company provided the following information related the sale of inventory for February:

February 1 - 250 units of inventory on hand at a cost of $12,500

February 3 - Sold 100 units @ $100 each on account

February 10 - Purchased 125 units @ $60 each on account

February 19 - Purchased 50 units @ $75 each on account

February 21 - Sold 200 units @ $80 each on account

February 27 - Sold 50 units @ $60 each on account

At the end of February 28, the current sales price is $55 per unit and selling expense is $5 per unit. Physical count shows there are 75 units on hand.

Instructions:

(1.) Determine ending inventory based on FIFO cost

(2.) Determine ending inventory using Lower-of-Cost or Net-Realizable-Value (LCNRV)

(3.) Provide Metlock's February adjusting entry for inventory using the indirect method.