Need BE10-13 AND BE10-14

Short Term Operating Assets: Inventory 561 Sales in Units Unt Cost $16 Total Cost $128.000 8.000 Transaction Beginning inventory 1/1 Purchases and Sales Februay June 24 Subtotal September 18 December 24 Total available for sale Un ts sold September 18 End ng inventory 4,000 1.800 13 800 21 23 84.000 41.400 5253.400 5.500 78.000 $331.400 3000 16 800 15.500) 11,300 Determine the ending inventory and cost of goods sold that Pery should repon assuming that the firm uses the moving average cost method (peipetual basis). Round per unit cost to two decimal places BE10-8. LIFO Reserve. Best Stores is considering a change in its inventory valuation method. The company currently uses the FIFO method and may want iochange to the LIFO method. Inventory information for the current year follows Description Beginning inventory: January 1 End ng inventory: December 31 FIFO Cost $11.800 $14.100 UFO Cost $9.500 $11.150 Cost of goods sold under the LIFO basis is $34.500for the curent year. Best Stores would like to use LIFO fortax purposes but wants to be sure that is shareholders will be able to convert the LIFO inancial statements to a FIFO basis Provide Best Stores with an illustration of how financial statement users can convertLIFO to the FIFO basis BE10-9. LIFO. Perpetual Basis Source Enterprises reports the following invemory infomation for the current year LIFO Inventory Description Unit Costs Cats Total Cost Beginning inventory: January 1 First ayer $ 9X 300 $7.200 Second layer $13 x 1.100 14.300 Totalbeginn ng inventory 1.900 $21.500 Purchases or production August 31 5 16 X 700 11.200 Cost of goods availabe for sae 2.600 $32,700 Unts sold on December 1 at $9.60 2.300) Ending inventory December 31 300 0 Compute the ending inventory and the cost of goods sold under the UFO perpetual basis BE10-10. LIFO Liquidation Using the infonnaiion provided in BE 109, determinenhether there is a LIFO liquidation BE10-11. DollarValue LIFO.Todgren Incorporated adopted the dollar value LIFO method last year Last year's end- ing inventory was $56.400 wilh a price index of 10. The ending inventory for die current year at year-end (FIFO) costs is 596,000 and the price index is 12. Based on this information, compute Todgren's ending inventory for the current year on a dollar-value LIFO basis BEIO 12. Dollar ValueLIFO. Conversion to FIFO. Using the information providedin BE10 l. prepare thejumal entry required to adjust Todgren's ending inventory from a FIFO to a dollar value LIFO basis. BE10-13. Lower of Cost or Market Count Clothing Company manufactures two types of raincoats Regular and Stain Resistant Infomation related to both products is presented in the following table 0 562 Chapter 10 Selling Price Group Reguar Stain Resistant Current Replacement Cost $20 230 Normal Profit Margin 570 45 Disposal Costs $20 26 500 Cost $18 240 250 C Determine the ending inventory valueper unit and the amount of any write-downs per unit using the lower of-cost or market rule assuming that Count Clothing uses the LIFO costing method and the group by group approach to LCM BE10-14. Lower of Cost or Market. Using the information in BE10 13, prepare the journal entry to record the write downtomarket for the Stain Resistant model under both the direct and indirect methods. Assume that Count Clothing has 3.500 units of the Stain Resistant model in stock