York Co. sells one product, which it purchases from various suppliers. Yorks trial balance at December 31, 2021, included the following accounts:

Sales (33,000 units @ $16)	$528,000
Sales discounts	7,500
Purchase	380,600
Purchase discounts	18,000
Freight-in	5,000
Freight-out	11,000

York Co.s inventory purchase during 2021 were as follows:

	Units	Cost per Unit
Beginning inventory	7,000	$7.7
Purchases, quarter ended March 31	13,000	7.5
Purchase, quarter ended June 30	15,000	7.9
Purchases, quarter ended September 30	12,000	8.25
Purchases, quarter ended December 31	8,000	8.2
	55,000

Additional information:

1. Yorks accounting policy is to report inventory in its financial statements at the lower of cost or net realizable value, applied to total inventory. Cost is determined under the FIFO method.
2. York has determined that, at December 31, 2021, the net realizable value was $8.00 per unit.

REQUIRED:

a) Prepare Yorks schedule of cost of goods sold, with a supporting schedule of ending inventory. York includes inventory write-down losses in cost of goods sold.

b) Determine whether inventory should be reported at cost or net realizable value.

c) Show the financial statements presentation of inventory and all related accounts.

d) Explain, Inventory valued at the LCNRV is an example of which principle in accounting?

e) Discuss why IFRS removed LIFO and considered it as going against certain accounting principles.