The following independent situations relate to inventory accounting Answer the following questions about inventories. Larkspur Co. purchased goods with a list price of $177,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Larkspur Co. record as the cost of these goods? Cost of goods purchased Cullumber Company's inventory of $1,188,700 at December 31, 2017, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) Goods shipped from a vendor f..b. shipping point on December 24, 2017, at an invoice cost of $64,330 to Cullumber Company were received on January 4, 2018. (b) The physical count included $31,420 of goods billed to Sakic Corp. f..b. shipping point on December 31, 2017. The carrier picked up these goods on January 3, 2018. What amount should Cullumber report as inventory on its balance sheet? Inventory to be reported Riverbed Corp. had 1,960 units of part M.O. on hand May 1, 2017, costing $31 each. Purchases of part M.O. during May were as follows. Units Units Cost $32 34 35 May 9 2,460 17 3,960 26 1,460 A physical count on May 31, 2017, shows 2,460 units of part M.. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g 1,620.) FIFO LIFO Average Cost Inventory Cost