Answer Happy

Lower-of-Cost-or-Market Inventory On the basis of the following data: Inventory Quantity Product Cost per Unit Market Value per Unit (Net Realizable Value) Model A 41 $239 $243 Model B 35 300 281 Model C 28 183 184 Model D 25 253 276 Model E 29 80 104 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory at the Lower of Cost or Market Product Total Cost Total Market Lower of Total Cost or Total Market A B с D E Total

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 30 units at $124 Inventory Purchase Mar. 10 60 units at $136 30 units at $140 Aug. 30 Purchase Dec. 12 Purchase 80 units at $146 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-In, first-out (FIFO) Last-in, first-out (LFO) Weighted average cost