Q$3)$XYZD produces milk to sell to local and national ice cream producers. KDD began operations on January $1,2019$ by purchasing $840$ milk cows for $1,176,000.$ The company controller had the following information available at year end relating to the cows:

Milking cows

Carrying value, January $1,20191,176,000$

Change in fair value due to growth and price changes $365,000$

Decrease in fair value due to harvest $(42,000)$

Milk harvested during $201954,000$

On XYZD$$s income statement for the year ending December $31,2019,$ what amount of unrealized gain on biological assets will be reported? Q$4)$A John's firm shows the following data related to an item of inventory:

Inventory, January $1==>100$ units @ $5\mathrm{.}00$

Purchase, January $9==>300$ units @ $5\mathrm{.}40$

Purchase, January $19==>100$ units @ $6\mathrm{.}00$

Inventory, January $31==>150$ units

What value should be assigned to the cost of goods sold using FIFO under periodic inventory system