Accounting Lab Questions

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $24 $192 Aug. 13 Purchase 6 units at $27 162 Nov. 30 Purchase 4 units at $28 112 Available f 18 units $466 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first- out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average costLower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 86 $53 $49 SAW9 165 26 30Effect of Inventory Errors During the taking of its physical inventory on December 31, 20Y3, Kate's Interiors Company Incorrectly counted its Inventory as $314,205 instead of the correct amount of $276,500. Indicate the effect of the misstatement on Kate's Interiors's December 31, 20Y3, balance sheet or income statement for the year ended December 31, 20Y3' For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold V v $ Current assets Gross prot Inventory Net income Stockholders' equity (-h-M-mth-M ({414 44d44 Total assets