Question 1:

Question 2:

Niles Co. has the following data related to an item of inventory recorded : Inventory, March 1 200 units @ $2.10 Purchase, March 7 700 units @ $2.20 Purchase, March 16 140 units @ $2.25 Sale, March 28 780 units @ 4.00 The value assigned to ending inventory if Niles uses LIFO under periodic inventory system is (do not type $): ABC Corp. uses the dollar-value LIFO method of computing its inventory cost. Information for the past three years is presented below. LIFO Year ed Inventory at Price December 31 End-of-year Prices Index 2017 $143,000 1.00 2018 277,200 1.05 2019 308,000 1.10 2020 312,000 1.20 What is the 2020 year-end inventory balance using dollar-value LIFO (do not type $)