Question 2 (20 marks) Part A: (16 marks) UIC Company, which used the perpetual inventory system, reported the following purchases and sales data: 1. March 1 beginning inventory: 150 units with a cost of $7 per unit. 2. There were 2 purchases in March: a. March 20, purchased 220 units at $6 per unit b. March 30, purchased 90 units at $5 per unit. 3. There were 2 sales in March: a. March 10, sold 90 units at $15 per unit b. March 25, sold 145 units at $15 per unit Required: Determine the cost assigned to ending inventory and to cost of goods sold using the following methods. Show the detailed calculations: 1. Specific identification (ending inventory consisted of 225 units, where 90 were from the March 30 purchase, 80 were from the March 20 purchase, and 55 were from the beginning inventory). 2. Weighted average cost (round per unit costs to two decimals, but inventory balances to the nearest dollar). Use a table to present your work. 3. First-in First-out (FIFO). Use a table to present your work. Part B: (4 marks) What is "net realizable value"? What are the accounting rules for adjusting the cost of inventory when net realizable value is: (a) lower than inventory cost and (b) higher than inventory cost?