The following information for Tuell Company is available:

Required:
1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP?

2. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP?
3. Assume that Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations if Tuell uses IFRS?

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Case 3 4 5 Cost Net realizable value Net realizable value less normal profit Replacement cost $5.00 $5.00 $5.00 $5.00 $5.00 5.10 5.50 4.80 4.20 4.70 4.80 5.30 4.70 4.00 4.60 5.30 5.20 4.60 4.10 4.80