(a) Moberg Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows.

Determine the value of the company's inventory under the lower?of?cost?or?net realizable value approach.

(b) Early in 2020, Chien Company switched to a just?in?time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2019 and 2020 are shown?

Determine the inventory turnover and days in inventory for 2019 and 2020. Discuss the changes in the amount of inventory, the inventory turnover and days in inventory, and the amount of sales revenue across the two years.

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Cost Net Realizable Value $ 73,000 Small $ 64,000 Medium 290,000 260,000 152,000 171,000 Large 2019 2020 Sales revenue $3,120,000 $3,713,000| Cost of goods sold 1,200,000 1,425,000 Beginning inventory Ending inventory 180,000 220,000 220,000 100,000