The following inventary information was found in the records of Julian Buchanan, LLC 3. Activity Beginning Inventory Purchases Date Jan 1 $15 120 200 135 150 100 20 $18 $20 $24 Using the information above and: Required: (a) Assuming the company uses PERPETUAL inventory method and LIFO cost flow assumption, determine lil the Cost of goods sold and lii) the ending inventory b) Assuming the company uses PERIODIC inventory method and LIFO cost flow assumption determine the ending inventory 1. The following retail company's inventory information should be used to determine the ending inventory, using (a) retail inventory average cost method Marybeth Herberto Horne & Co. had accidental fire in the company's warehouse that led to the loss of all its inventory except for $5,000 inventory that was salvaged. The following information was available in the offsite data base 4. (b) retail LIFO methad and (c) retail lower of cost or market (conventional method) $6,000 $4,000 1,000 $300,000 $5,000 $12,000 $10,000 25,000 500,000 Cost 400,000 600.000 800,000 1,400,000 Freight-out Sales Discount Purchases Discount Beginning inventory Purchases Net Markup Net markdown Sales Commission and other Sales-related delivery expense Purchases Returns and Allowances Transportation-in Sales returns and Allowances Purchases Beginning Inventory Average Cost of goods Sold Percentage is 60% Average Gross Profit percentage 30,000 10,000 700.000 Net Sales 600,000 40% 2. Using the lower of cost or market, determine the ending inventory of ABC Company on the basis of the following information, using (a) Individual item basis and (b) Aggregate method Use the information above to report (a) the estimated amount of inventory before the fire occurred and (b) the estimated amount of inventory lost in the fire. Show all your computations clea Product Name No. of Units 200 150 250 Cost per Unit $ 10 Market per unit 12 10 15 25 18 30 28 24 370 27