The following information pertains merchandise inventory of Bloom Company at the end of year.  Apply Lower of Cost or Market rule and provide the necessary adjusting entry for adjustment of inventory account balance in the space provided on the Answer Sheets.   Item Quantity on hand Unit Cost Selling Price Replacement Cost Net Realizable Value (Ceiling Price) Net Realizable Value Less Normal Profit (Floor Price) LCM Zoom 300 $90 $120 $105 $100 $75   Zap 600 $60 $65 $45 $60 $55       Debit Credit

Torres Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 350 $45 Purchase: April 6 260 44 Sale: May 4 450 Purchase: July 19 590 43 Sale: September 9 370 Purchase: October 10 100 31 Torres uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold $0 ?

Inventory Costing Methods and the Perpetual MethodKay & Company experienced the following events in March: Date Event Units   Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60       Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40       Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31.   Round weighted-average cost per unit to two decimal places.  Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar.   March 3 Cost of goods sold Answer   March 20 Weighted-average cost per unit Answer   Cost of goods sold Answer   March 31 Total cost of goods sold Answer   Ending inventory Answer

Please don't give image based answer..thanku