Problem 1: Perez Animal Feeds has developed the following data for lower-of-cost-or-market valuation for its inventory products: Cost Market Large Animals: Cattle $400,000 $380,000 Horse 875,000 920,000 Small Animals: Cat 550.000 700,000 Dog 90,000 165,000 Ferret 280,000 245,000 Required: Determine the amount of inventory to appear in the balance sheet assuming LCM applied to: 1. Individual item approach Group by group approach Total inventory approach. Problem 2: The accounting records of Redman Sporting Goods Inc., a wholesaler of various types of sports equipment, shows the following data regarding the purchases and sales of a particular model of baseball bat during the past year as follows Units Cost per unit Beginning inventory 60 $28 Purchases: Apr 15 180 32 Jun 22 300 34 Sep 30 60 35 Nov 15 50 36 A physical count of inventory at the end of the period shows that 80 units are still on hand. Redman uses the periodic inventory system. Determine the cost that should be included in cost of goods sold and ending inventory if Redman uses the following: A. FIFO B. C. Moving Average LIFO