Question 1. There are transactions as below. 1/1: The beginning number of items was 1,000 items. The total amount was 12,000 JPY. 3/15: Purchased 2,000 items by 18,000 JPY. 4/24: Sold 500 items. 10/20: Purchased 1,000 items by 10,000 JPY. 12/2: Sold 1,500 items. a. How much is the ending balance of the inventory by FIFO method? 1.0 18,000 JPY 2.0 19,000 JPY 3.O 20,000 JPY 4.O 21,000 JPY 5.O 22,000 JPY b. How much is the ending balance of the inventory by LIFO method? 1. O 18,000 JPY 2. O 19,000 JPY 3. O 20,000 JPY 4. O 21,000 JPY 5. O 22,000 JPY c. How much is the ending balance of the inventory by Average method we learned at class? 1. O 18,000 JPY 2. O 19,000 JPY 3. O 20,000 JPY 4. O 21,000 JPY 5. O 22,000 JPY Question 2. We have the inventories at the end of this year. The following table provide information about each product. Replacement Cost $130 Selling Price $140 Product Cost 101 $135 202 $160 $120 We expect to incur selling costs equal to 5 percent of the selling price on each of the $150 $115 $145 $117 303 products. How much is the total amount of inventories at the end of this year? 1.0 $390 2.0 $392 3. $395 4. $397