Question 2 (14 Marks). 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	On hand, 10 units at $8 each	$ 80
	5	Purchased 30 units at $7.80 each	234
	18	Purchased 40 units at $8.25 each	330
	20	Sold 75 units for $13 each
	24	Purchased 20 units for $8.25 each	165

Chan Companys ending inventory for April was 25 units. 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
Ending Inventory

Part B (6Marks). Valley Inc. has compiled the following information concerning items in its inventory at December 31:

Item	Quantity	Cost per Unit	Net Realizable Value (NRV)per unit
A	120	$45	$50
B	70	160	120
C	60	100	110

Required:

1. (4 marks) 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:

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2. (2 marks) The loss due to inventory write down to LCNRV is:

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