The following independent situations occurred at the end of Year 2 and require an inventory report in the year-end financial statements. The dollar amounts provided in the table below are on a per-unit basis. In Situation 5., assume that the company is applying IFRS.

Situation	Historical cost	Estimated selling price	Cost of completion	Cost of disposal	Current replacement cost	Normal profit margin
1.	$60	$70	--	$5	$55	$7
2.	$50	$80	$20	$6	$53	$3
3.	$45	$44	$3	$2	$40	$4
4.	$29	$40	$4	$6	$28	$5
5.	$100	$110	$15	$5	$82	$5

Select from the option list provided the appropriate measurement attributes for reporting inventory in the year-end financial statements. Each choice may be used once, more than once, or not at all.

Situation	Answer
1. The company accounts for its inventory using the LIFO method.
2. The company accounts for its inventory using the average-cost method.
3. The company accounts for its inventory using the FIFO method.
4. The company accounts for its inventory using the LIFO method.
5. (Under IFRS) Answer Choices: ( Historical Cost, Net Realizable Value, Net Realizable Value minus Normal Profit Margin, Current Replacement Cost)