The Inventory Cost shown in the table below is the year-end total cost of Isaac Company's inventory items as determined using the FIFO cost flow assumption. Product Inventory Cost $55,000 B 40,000 80,000 At year-end the net realizable value: Product A was $60,000, Product B was $35,000, and Product C was $80,000 If Isaac Company uses Lower-of-Cost-or-Net RealizableValue to value its inventory, the total Inventory amount shown on Isaac's Balance Sheet would be: $175,000 O $170,000 $180,000 Lower-of-Cost-or-Net Realizable Value is not applied when the cost flow assumption is FIFO. O None of the answers are correct. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $110. The company sold two units at a selling price of $120 each. If the company uses a LIFO cost flow assumption and the periodic method for inventory, the gross profit for the period would be: O $65 O $35 $60 O $50 O None of the answers are correct. The LIFO conformity rule: States that LIFO is required for tax reporting and can not be used for financial reporting, States that LIFO is required for financial reporting and can not be used for tax reporting States that inventory must conform to specified types of inventory rules under tax law before LIFO can be used for tax reporting. States that a company that uses LIFO for tax reporting must also use LIFO for financial reporting. None of the answers are correct