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Aderondack Company began business in Chicago on March 15, 20X0. The following are Aderondack's purchases of inventory. (Click the icon to view the inventory data.)
Aderondack Company began business in Chicago on March 15, 20X0. The following are Aderondack's purchases of inventory. (Click the icon to view the inventory data.) On May 25, the company sold 185 units, leaving inventory of 135 units. Aderondack Company's accountant was preparing a balance sheet for June 1, at which time the replacement cost of the inventory was $13 per unit. Read the requirements Requirement 1. Suppose Aderondack Company uses LIFO without applying lower-of-cost-or-market. Compute the June 1 inventory amount. (Leave any unused cells blank. Do not enter a "o" for any zero balances.) Inventory Layer March 17, purchases April 19, purchases May 14, purchases Ending inventory-LIFO Requlrement 2. Suppose Aderondack Company uses lower-of-LIFO-cost-or-market. Compute the June 1 inventory amount. The total replacement cost is $The June 1 inventory amount on the balance sheet shows $ Requirement 3. Suppose Aderondack Company uses FIFO without applying lower-of-cost-or-market. Compute the June 1 inventory amount. (Leave any unused cells blank. Do not enter a"O" for any zero balances.) Inventory Layer March 17, purchases April 19. purchases May 14, purchases Ending inventory FIFO Requirement 4. Suppose Aderondack Company uses lower-of-FIFO-cost-or-market. Compute the June 1 inventory amount The total replacement cost is S The June 1 inventory amount on the balance sheet shows Units Unit costTotal cost Unitsx Unit cost Total cost $11
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