nethod be affected? of the inventory at year-end is $25, how will Tinal SERIAL PROBLEM: KATE'S CARDS Note: This is a continuation of the Serial Problem: Kate's Cards from Chapters I through 5.) K eInected, the holiday season was very busy for Kate and her greeting card company. In fact, most SPK Cc ber supplies were fully depleted by year-end, necessitating a restocking of inventory. AsSsume that Kate uses the periodic method of accounting for inventory and that her January beginning inventory was S0. The following transactions occurred for Kate's Cards during January of the New Year: Kate's Cards the Purchases Units the Unit Cost Total Cost Jan. 10 Jan. 17 Jan. 23 400 $3.00 per unit e $3.50 per unit $4.00 per unit 0 $1,200 500 300 1,750 1,200 the Total 1,200 $4,150 ..... che Sales 360 Jan. 15 Jan. 21... he 420 380 Jan. 27 1,160 he Total Calculate the company's cost of goods sold and value of ending inventory for the month of Janu- ary using (1) FIFO, (2) LIFO, and (3) the weighted-average cost method. Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar. * If the net realizable value of Kate's inventory is $4.00 per unit on January 31, what value should be reported for her ending inventory on the January 31 balance sheet under each of the three inventory costing methods? Required a. EXTENDING YOUR KNOWLEDGE