$2$

The following data pertains to software packages in the inventory of the Investment Software division of Foreign Market investment Outlets:

$4$

poirss

Relerentices

Inventory, January $1,110$ units at $$234$

Purchases:

May $10$

$89$ units at $$230$

August $18$

$115$ units at $$228$

October $1$

$110$ units at $$239$

$115$ units

Inventory, December $31$

$1($a$).$ Determine the cost of the inventory on December $31$ and the cost of goods sold for the year ending on that date under the FIFO method.

$1($b$).$ Determine the cost of the inventory on December $31$ and the cost of goods soid for the year ending on that date under the Lifo method.

$1($c$).$ Determine the unit cost, cost of the inventory on December $31$ and the cost of goods sold for the year ending on that date under the average cost method.

$2.$ Assume that the net realizable value of each unit on December $31$ is $$231.$ Using the lower of cost or net realizable value rule, find the inventory amount under each of the methods given in requirement $1.$

Analyze:

What is the difference between the cost and net realizable value of the inventory using the LIFO method?

Complete this question by entering your answers in the tabs below.

Req $1$A

Req $18$

Req IC

Req $2$

Analyze

What is the difference between the cost and net realizable value of the inventory using the Lifo method? $($Round your answer to the nearest whole number.$)$

Difference