Vargo uses the periodic FIFO method to account for the "tibed" inventory Vargo had the following inventory available for sale during the year. Balance on 1/1/18 3/15 purchase 5/20 purchase 7/11 purchase 10/27 purchase 12/2 purchase Units 15,000 55,000 42.000 25,000 33,000 55,000 Cost $6.25 $6.30 $6.45 $7.08 $7.25 $7.43 "tibed" inventory, and is not reflected in Freight-in of S2.45 per unit was incurred on the cost per unit above. Compute cost of goods sold for the "tibed" product, and ending inventory (at historical cost). c. If the ending inventory had a replacement cost of $165,000 on 12/31/18, a net realizable value of $159,000 and a normal profit of $26,500, what is the dollar value of inventory reported at on the balance sheet? What adjustment and journal entry (if any) would be required? Vargo sells two products. The first (the "tibed") is sold only for cash and represents a single performance obligation (sale of the product). "Tibed" sales for the year are 207,000 units. "Tibed" sells for a price of $22.40 per unit, and Vargo incurs shipping costs of $2.70 per unit sold. Vargo had sales discounts of $84,000 on "tibed" sales. a