Please answer and explain how you do it. Thanks!!

Exam II Review Spring 2018 How would ending inventory be reported on the balance sheet if the market price per unit was ss and lower of cost or market applies? 2. a. b. If the FIFO cost flow assumption is used? If the LIFO cost flow assumption is used? 3. Fill in the following table with either FIFO or LIFO, assuming prices are rising. T Ending Inventory COGS Gross Profit Net Income Highest Lowest 4. Determining the effect of Inventory Errors- Fill in the following table: If Ending Inventory Is: Then: Cost of Goods Sold Gross Profit Net Income Total Assets RE (end of year) Overstated Understated