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Scenario: Integrating Case 9-3 FIFO and lower of cost or net realizable value L09-1 York Co. sells one product, which it purchases from various suppliers. York's trial balance at December 31, 2021, included the following accounts: $ 528.000 Sales (33,000 units @ $16) Sales discounts Purchases 7,500 380,600 18.000 Purchase discounts Freight-in Freight-out 5.000 11,000 1 York Co.'s inventory purchases during 2021 were as follows: Units Cost per Unit Total Cost 7,000 $ 7.70 $ 53,900 7.50 97,500 7.90 Beginning inventory Purchases, quarter ended March 31 13,000 Purchases, quarter ended June 30 15,000 Purchases, quarter ended September 30 12,000 Purchases, quarter ended December 31 8,000 55,000 8.25 118,500 99,000 65.600 $434,500 8.20 Additional Information: a. York's accounting policy is to report inventory in its financial statements at the lower of cost or net realizable value, applied to total inventory. Cost is determined under the first-in, first-out (FIFO) method. b. York has determined that, at December 31, 2021, the net realizable value was $8.00 per unit. Required: 1. Prepare York's schedule of cost of goods sold, with a supporting schedule of ending inventory. York includes inventory write-down losses in cost of goods sold. 2. Determine whether inventory should be reported at cost or net realizable value. Date FIFO METHOD Purchase Rate Cost Cost of Goods Sold Unit Rate Unite Cost Bengining Inventory 31-Mar 30-Jun 30-Sep 31-Dec 31-Dec 31-Dec 31-Dec 13,000 15,000 12,000 8,000 $7.50 97,500 $7.90 118,500 $8.25 99,000 $8.20 65,600 Balance Unit Rate Cost 7,000 $7.70 $53,900 20,000 $7.57 $151,400 35,000 $7.71 $269,900 47,000 $7.85 $368,900 55,000 $7.90 $434,500 7,000 13,000 13,000 $7.70 53900 $7.50 97,500 $7.90 102,700 Total 48,000 $7.93 $380600: 33,000 $7.70 ####### 22,000 $8.20 $180,400 !A Schedule of Cost of Goods Solds For the Year Ended December 31, 2021 Beginging invetory Add: Purchases Less: Discount on Purchase Add: Freight in Goods Available for Sales Less: Ending Inventory Costs of Goods Sold $53,900 $380,600 -18,000 $5,000 $421,500 ##### $245,500 1B Schedule of Ending Inventory For the Year Ended December 31, 2021 Purchase Quarter Ended, June 30 Purchase Quarter Ended, September 30 Purchase Quarter Ended, Decmber 31 Total 2,000 12,000 8,000 22,000 $7.90 $15,800 $8.25 $99,000 $8.20 $65,600 ####### REQ 2 Cost of Inventory Net Realizable Value (22,000 unites * $8.00) Inventory should be reported in the financial Statement $180,400 $176,000 $176,000 Inventory should be valued at cost or net (whichever one is lower In this case York should record its inventory at NRV in financial atatement for Dec 31, 2021