Q3. Rex Companys record of transactions for the month of September was as follows.

Purchase			Sales
Date	Quantity	Unit Price	Date	Units
Sep 1	(Balance on hand) 100	$5.00	Sep 5	300
Sep 4	400	5.10	Sep 12	200
Sep 11	300	5.30	Sep 27	800
Sep 18	200	5.35	Sep 28	150
Sep 26	600	5.60
Sep 30	200	5.80
Total	1,800			1,450
	Total units (ending inventory) 350

Q4. Explain the concept of LCNRV and its applicability to Agricultural Inventory and Commodity Broker-TradersInstructions: Compute the ending inventory at September 30 on each of the following on periodic bases.

1. FIFO

2. LIFO

3. WA

Q5. Give examples for Gross profit and retail Methods of Estimating Inventory.