Question: 2. Which inventory costing method most closely approximates current (i.e., most recent) cost for each of the following: Ending Inventory Cost of Goods Sold a.

2. Which inventory costing method most closely approximates current (i.e., most recent) cost for each of the following: Ending Inventory Cost of Goods Sold a. FIFO FIFO FIFO LIFO C. LIFO FIFO d. LIFO LIFO 3. Red Carpet Company sells product 2005WSC for $30 per unit. The cost of one unit of 2005WSC is $27, and the replacement cost is $26. The estimated cost to dispose of a unit is $6, and the normal profit is 40% of sales price. At what amount per unit should product 2005WSC be reported, applying lower-of-cost-or-net-realizable-value (LCNRV)? a. 24 b. 26 c. 27 d. none of the above 4. The Pink Shop shows the following data related to an item of inventory: Inventory, January 1 200 units @ $5.00 Purchase, January 9 600 units @ $5.40 Purchase, January 19 140 units @ $6.00 Inventory, January 31 180 units Calculate ending inventory under FIFO and LIFO respectively under the periodic system

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