Purchase price $40 per ton 42 per torn Date Jan 1 Jan 15 Jan 24600) sold Feb 7 Feb 14 150) sold Feb 21 March 2 (500) March 15 March 22 (450) Tons 500 700 200 450 350 45 per ton 50 per torn 52 per toin As of the end of March there are 500 tons left in inventory. Required: Calculate the Cost of Goods Sold and Ending Inventory for March 31, under (a) FIFO and (B) LIFO 1 2 If the net realizable value of the inventory on March 31 was 47 per ton, what is the inventory value that would be put on the balance sheet using the lower of cost or market method for (a) FIFO and (b) for LIFO. Which method in part 1 is required for external reporting? Or is the company's choice? If their choice, how should they decide? Record the following entries: a To record the Feb 7 purchase of inventory on account. b To record the sale on account and the relieving of inventory for the sale on March 3 4 15, assuming the inventory was sold for $80 per ton