The following data pertains to efficient market investment software packages in the inventory of the investment software division of efficient market investment outlets

1 (a) determine the cost of the inventory on December 31 in the cost of goods sold for the year ending on that date under the FIFO method

1 (b) determine the cost of the inventory on December 31 in the cost of goods sold for the year ending on that date under the LIFO method

1 (c) determine the unit cost cost of the inventory on December 31 and the cost of goods sold for the year ended and the date under the average cost method

2. assume that a replacement cost of each unit on December 31 is $118.25. using the lower of cost or market rule find the inventory amount under each of the methods given in 1.

analyze: what is the difference between the cost and market value of the inventory using the LIFO method?

The following data pertains to Efficient Market Investment software packages in the inventory of the Investment Software division of Efficient Market Investment Outlets: 235 units at $120 Inventory, January 1 Purchases: May 10 August 18 October 1 Inventory, December 31 175 units at $118 245 units at $117 236 units at $118 242 units 1(a). Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the FIFO method. 1(b). Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method. 1(c). Determine the unit cost, cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the average cost method. 2. Assume that the replacement cost of each unit on December 31 is $118.25. Using the lower of cost or market rule, find the inventory amount under each of the methods given in 1. Analyze: What is the difference between the cost and market value of the inventory using the LIFO method? Req 1A Req 1B Req 1C Req 2 Analyze Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the firo method. FIFO Cost of Goods Available for Sale Cost of Goods Sold Number of Ending Inventory units Unit cost Total cost Number of units Unit cost Total cost Number of units Unit cost Total cost Beginning Inventory, January 1 Purchases May-10 Aug-18 Oct-01 Total 00 Req1B > Req 1A Req 1B Req 1C Req 2 Analyze Determine the cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method. Cost of Goods Available for Sale LIFO Cost of Goods Sold Ending Inventory w units Unit cost con Total costume tamos units Unit cost Total cost Unit cost Total cost Beginning Inventory, January 1 Purchases May-10 Aug-18 Oct-01 Total Roq 1A Req 18 Req 1C Req2 Analyze Determine the unit cost, cost of the inventory on December 31 and the cost of goods sold for the year ending on that date under the avera "Average unit cost answers to 2 decimal places.) Average Cost Cost of Goods Available for Sale Number of Unit cost Total cost Cost of Goods Sold Ending Inventory Number of Average Total cost Number of Average units unit cost units unit cost total cost Beginning Inventory, January 1 Purchases May-10 Aug-18 Oct-01 Total $ 0.00 5 000 ( Req 1B Req 2 > Reg 1A Req 1B Req 1c Req 2 Analyze Assume that the replacement cost of each unit on December 31 is $118.25. Using the lower of cost or market rule, find the inventory amount under each of the methods given in 1. (Round your answers to nearest whole numbers.) Method Number of units Valuation Based on: Cost Market Lower of Cost or Market a FIFO b. LIFO C. Average cost Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1c Req 2 Analyze What is the difference between the cost and market value of the inventory using the LIFO I nearest whole number.) Difference