Question 2 (14 Marks). Note: Part A and Part B below are two independent questions. Part A (8 Marks) The following data is available for one of the products sold by Chan Company for the month of April: April 1 $ 80 234 330 On hand, 10 units at $8 each 5 Purchased 30 units at $7.80 each 18 Purchased 40 units at $8.25 each 20 Sold 75 units for $13 each 24 Purchased 20 units for $8.25 each Chan Company's ending inventory for April was 25 units. 165 Required: Complete the following table by determining the amounts of the April 30 inventory and cost of goods sold for April, under each of the inventory costing methods listed below. Assume that Chan Company uses a perpetual inventory system. FIFO Weighted Average Cost of Goods Sold (COGS) Ending Inventory Part B (6 Marks) Valley Inc. has compiled the following information concerning items in its inventory at December 31: Item A B Quantity 120 70 60 Cost per Unit $45 160 100 Net Realizable Value (NRV)per unit $50 120 110 Required: 1. The carrying amount of the total inventory of Valley Inc. using the lower of cost or net realizable value (LCNRV) rule applied on an item by item basis is: (4 marks) 2. The loss due to inventory write down to LCNRV is: (2 marks)