Please answer the following and provide complete solutions: (Preferably in table form)

Liberty Company is a wholesaler of scented candles. The activity from Item no. 03 during June is presented below:

• Under FIFO method, how much is the total cost of goods sold in June?
• Under FIFO method, how much is the ending inventory of Item No. 3 in June?
• Under FIFO method, how much is the ending inventory of Item No. 3 in June?
• Under FIFO method, how much is the ending inventory of Item No. 3 in June?

Problem 5

Clothing Co. applies the lower of cost or net realizable value (NRV) inventory. Data regarding the items in work-in-process inventory are shown below:

• Under the lower of cost or NRV rule, how much should the pants be valued at?

\begin{tabular}{|c|l|c|c|} \hline Date & \multicolumn{1}{|c|}{ Transaction } & Units & Cost \\ \hline June 1 & Inventory balance & 6,000 & P 20.00 \\ \hline June 4 & Purchases & 9,000 & P 24.00 \\ \hline June 12 & Sales & 10,800 & \\ \hline June 19 & Purchases & 14,400 & P26.00 \\ \hline June 22 & Sales & 11,400 & \\ \hline June 29 & Purchases & 4,800 & P27.00 \\ \hline \end{tabular}