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5. Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2012 are as follows: Balance, 1/1/12 Purchase, 1/15/12 Purchase, 1/28/12 200 100 100 $5.00 5.30 5.50 Total $1,000 530 550 An end of the month (1/31/12) inventory showed that 140 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a. $700 b. $728 C. $742 d. $762 Efe Company uses a periodic inventory system. Details for the inventory account for the month of January, 2012 are as follows: 6. Balance, 1/1/12 Purchase, 1/15/12 Purchase, 1/28/12 Units Per unit price 200 100 100 $5.00 5.30 5.50 Total $1,000 530 550 An end of the month (1/31/12) inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory? a. $700 b. $728 c. $742 d. $762 7. Inventory is reported in the financial statements at a. cost b. market c. the higher-of-cost-or-market d. the lower-of-cost-or-market The lower-of-cost-or-market basis of valuing inventories is an example of a. comparability b. the cost principle c. conservatism. d. consistency 8. 9. Under the lower-of-cost-or-market basis in valuing inventory, market is defined as a. current replacement cost. b. selling price. c. historical cost plus 10%. d. selling price less markup