Cricket Cards Ltd sells boxes of cricket cards. The following information relates to transactions concerning inventory for the year 1 January 2019 to 31 December 2019. 

(i). Assuming that a perpetual system of inventory flow is used, calculate the COGS and closing inventory for both FIFO and LIFO. 

(ii). You estimate that in the current market the net realisable value of cricket cards is $5 per box. Do you need to make any adjustments to either of your calculations above to apply the lower of cost and net realisable value rule? If so, calculate the adjustment.

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Date 1/1/19 10/2/19 14/4/19 9/5/19 24/7/19 21/10/19 12/11/19 Purchased 80 @ $6 110 @ $7 100 @ $8 Sold 60 120 90 Balance 110 @ $5