Part 1: FIFO and LIFO costs under the perpetual inventory system, and what is the periodic inventory by three methods? What is the lower-of-cost-or-market inventory?

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: The firm uses the perpetual inventory system, and there are 8,500 units of the item on hand at the end of the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the total cost of the ending inventory according to FIFO? x b. What is the total cost of the ending inventory according to LIFO? The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,000 units at $5 Feb. 17 Purchase 3,800 units at $7 Jul. 21 Purchase 2,800 units at $9 Nov. 23 Purchase 1,400 units at $11 There are 1,800 units of the item in the physical inventory at December 31 . The periodic inventory system is used. This information has been collecte the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. x Open spreadsheet a. Determine the inventory cost by the first-in, first-ot method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. Lower-of-cost-or-market inventory 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 10 a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. Inventorv at the Lower of Cost or Market c. Determine the value of the inventory at the lower of cost or market applied to total inventory