Answered step by step
Verified Expert Solution
Question
1 Approved Answer
both of them please, i will rate please Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the
both of them please, i will rate please Lower-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 eac inventory item, as shown in Exhibit 10. Item Inventory Quantity Market value per Unit (Net Realizable Value) Cost per Unit FWI 77 $29 $31 SAWS 162 15 12 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 14 units al $49 $686 Aug. 13 Purchase 12 units at 352 624 Nov. 30 Purchase 10 units at $53 530 Available for sale 36 units $1,840 There are 14 units of the item in the physical loventory at December 31. The parlodic Inventory system is used. Determine the inventory cost using the (a) first in, first out (FLFO) method; (b) last in first-out (LIFO) method and (c) wolghted average cost method (round per-unit cost to two decimal placos and your final answer to the nearest whole dollar). a First-In, first-out (FIFO) b. Last-In, first-out (LIFO)
both of them please, i will rate please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started