Section 5 INVENTORY COSTING USING THE FIFO METHOD 1. RathCo starts up in 20X8 and decides to use FIFO costing under the periodic method. During 20X9 it makes the following purchases: Purchase date Units purchased Unit cost Total cost January 15 600 $16 $ 9,600 April 12 2,400 $17 40,800 June 7 3,000 $19 57,000 August 25 1,300 $22 28,600 September 5 5,000 $25 125,000 December 11 900 $27 24,300 Total 13,200 $285,300 RathCo's 20X8 year-end physical count shows 4,000 units that cost $60,000. Its 20X9 physical count shows 2,600 units. a. What is RathCo's 20X9 ending inventory? | b. COGS? Section 6 INVENTORY COSTING USING THE LIFO METHOD 1. ShaCo, a 20X8 startup, uses the periodic method and LIFO costing. ShaCo makes the following purchases during its first year: Purchase date Units purchased Unit cost Total cost January 15 600 $16 $ 9,600 April 12 2,400 $17 40,800 June 7 3,000 $19 57,000 August 25 1,300 $22 28,600 September 5 5,000 $25 125,000 December 11 900 $27 24,300 Total 13,200 $285,300 The year-end physical count is 4,000 units. Compute 20X8 ending inventory and COGS. Section 7-INVENTORY COSTING USING THE LOWER OF COST OR NET REALIZABLE VALUE RULE 1. Use the following information to calculate inventory applying LCNRV by item: Item A Item B Item C Item D Item E Item F Recorded cost $12 $22 $17 $42 $32 $18 Expected sales price $16 $24 $19 $60 $40 $24 Disposal costs $2 $5 $2 $6 $6 $7