Question 1. There are transactions as below. 1/1: The beginning number of items was 1,000 items. The total amount was 12,000 JPY. 3/15: Purchased 2,000 items by 18,000 JPY. 4/24: Sold 500 items. 10/20: Purchased 1,000 items by 10,000 JPY. 12/2: Sold 1,500 items. a. How much is the ending balance of the inventory by FIFO method? 1.0 18,000 JPY 2. O 19,000 JPY 3. O 20,000 JPY 4. O 21,000 JPY 5. O 22,000 JPY b. How much is the ending balance of the inventory by LIFO method? 1.0 18,000 JPY 2. O 19,000 JPY 3. O 20,000 JPY 4. O 21,000 JPY 5. O 22,000 JPY c. How much is the ending balance of the inventory by Average method we learned at class? 1.0 18,000 JPY 2. O 19,000 JPY 3. O 20,000 JPY 4. O 21,000 JPY 5. O 22,000 JPY Question 2. We have the inventories at the end of this year. The following table provide information about each product. Product Cost Replacement Cost Selling Price 101 $135 $130 $140 202 $150 $145 $160 303 $115 $117 $120 We expect to incur selling costs equal to 5 percent of the selling price on each of the products. How much is the total amount of inventories at the end of this year? 1. 0 $390 2. O $392 3. O $395 4. O $397 5. O $400