Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below.

Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows:

Instructions
Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows:
Draw a line through the quantity, and insert the quantity and unit cost of the last purchase.
On the following line, insert the quantity and unit cost of the next-to-the-last purchase.
Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.

Transcribed Image Text:

5 c-81 64 26 $50 15 350 6 18 18 7% 2519 it P-$ 1 ty 41 25 18 60 5 5 90 6 n-83 334 1 yb 5 8 RST Last Purchases Next-to-the-Last Purchases Invoice Quantity Purchased 25 35 20 150 10) 14N) 10 500 Quantity Purchased 30 20 25 14N) 10) 14N) Description 112Aa B300t Unit Cost Unit Cost S 80 118 S 78 70 24 25 H687 J023 L33y R66b S77x T882m Z55p 15 385 6 500 50 4 75 14 384 6 21 260 19 749 14N) 20 750 Inventory Sheet December 31, 20Y9 Total Inventory Quantity 25 13 Unit Cost Unit Market Price Description Price Cost $2,000 1,014 $3,014 Market $2,075 1,079 3,154 LCM 112Aa $80 $83 78 3,014