On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.

Inventory Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
Birch	18	$69	$82
Cypress	34	173	172
Mountain Ash	36	217	225
Spruce	21	260	237
Willow	22	281	265

Inventory at the Lower of Cost or Market
Inventory Item	Total Cost	Total Market	Total Lower of C or M
Birch	$	$	$
Cypress
Mountain Ash
Spruce
Willow
Total	$	$	$

Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	40 units @ $100
Mar. 10	Purchase	70 units @ $108
Aug. 30	Purchase	20 units @ $112
Dec. 12	Purchase	70 units @ $116

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Merchandise Inventory and Cost of Merchandise Sold
Inventory Method	Merchandise Inventory	Merchandise Sold
First-in, first-out (FIFO)	$	$
Last-in, first-out (LIFO)
Weighted average cost