The following information concerns four items that Chris has in its inventory on December 31. Two these items are in accessories department and two are in the man's jacket department. Accessories, item 620, quality 120 unit cost $19 market value $22 Accessories, item 621, quality 75 unit cost$45 market value$42 Men’s jackets items 726 quality get the unit cost$85 market value$92 Men’s jackets items 727 quality 65 unit cost$36 market value$35 1. What is the valuation of ending inventory if the firm uses the lower of the cost or market Method and applies it on and I am item basics? 2. If the company applies the lower of the cost or market method on the basics of total cost or total market what is the value of ending inventory question? 3. If the company elects to apply the lower of cost of market met due to inventory groups, what is the value of ending inventory? Determine effect on income of different cost and assumptions. Determine effect on income of different cost and assumptions. Given the choice between the average cost fifo, and lifo, which method will give you the lowest net income which will giving the highest net income and period of rising prices? Estimating inventory cost under gross profit method. Using the following data, the estimate inventory cost of Zabco Company under the gross profit method. Average gross profit rate is 35% of sales Inventory on January 1 (at cost):$110,000 Purchase from January 1 two date of inventory estimate: $720,000 Net sales for period: $1, 000, 00 Estimating inventory cost under the retail method. Based on the following data, compete the estimated cost of ending inventory at gray goose company, use the retail method. Beginning inventory cost $ 105,000 retail $171,500 Purchases cost $160, 00 retail $ 253,500 Freight in cost$ 3,000 Sales retail $ 251,000 Determine the elements that make up the cost of an asset. Inwood Development Company incurred the cost below related to the new packaging machine. Invoice price of packaging machine$ 160,000 Cash discounts for prompt payment $ 3,200 Transport cost $3,400 Installation cost $1,050 What is the capitalized cost of the new packaging machine? Recording depreciation, For the year ending December 31, 2010 Johnson manufacturing company depreciated total $38,000 on its office equipment. Give the general Journal entry to record the adjusting entry. Apply new modified accelerated cost recovery (MACRS) under federal income tax rules. On January 20, 2011 Warner and Maintenance Company purchased a new lightweight truck for 20,000. Into which (MACRS) “class” is this asset classified? What would be the amount of cost recovery on the truck in 2011 in 2012? I need this in a general Journal format