Problem 1 (30 Points) Doe Co. had the following inventory transactions. January 1 - Beginning Inventory 600 units @ $55/ unit January 11 Purchase- 550 units @ $56/unit February 13 Purchase - July 21 - Purchase - August 5-Purchase - 230 units @ $57 / unit 370 units @ $58/ unit 410 units @ $59/unit February 15 Sales - 525 units @ $100/ unit August 10 Sales - 210 units @ $100/ unit Required: Compute the cost assigned to ending inventory using FIFO. Problem 2 (10 Points) Using the attached chart, calculate the lower of cost or market for the inventory as a whole, by major category, and applied separately to each item. Problem 3 (20 Points) Use the attached adjusted trial balance for Doe Co. to complete the following: 1. Prepare Closing Journal Entries 2. Complete the t-account for income summary