The following data pertains to On-Target Investment Accounting software packages in the inventory of Computer Program On-Target Outlets:

Inventory, January 1	190	units at $111
Purchases:
May 10	130	units at $109
August 18	200	units at $108
October 1	190	units at $109
Inventory, December 31	199	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. (Round "Average unit cost" answers to 2 decimal places.)

2.	Assume that the replacement cost of each unit on December 31 is $109.25. Using the lower of cost or market rule, find the inventory amount under each of the methods given in 1. (Round your answers to 2 decimal places.)

Analyze:

What is the difference between the cost and market value of the inventory using the LIFO method? (Round your answer to 2 decimal places.)