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Please help with the question below. I have entered some of the informaiton just not sure if its right Part A Santana Rey of Business

Please help with the question below. I have entered some of the informaiton just not sure if its right

Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each.

Inventory Items

Units

Per unit

Cost Market

Office productivity

5

$85 $83

Desktop publishing

4

$113 $109

accounting

5

$99 $105

Required: 1. & 2. Compute the lower of cost or market for ending inventory assuming Rey applies the lower of cost or market rule to inventory as a whole and and lower of cost or market rule to each product in inventory. Must Rey adjust the reported inventory value? Part B Selected accounts and balances for the three months ended March 31, 2018, for Business Solutions follow.

January 1 beginning inventory $ 0

Cost of goods sold 33,614

March 31, ending inventory 1,372

Compute inventory turnover and days sales in inventory for the three months ended March 31, 2018.

Complete this questions by entering your answers in the below tabs.

Part A

Part B

1. & 2. Compute the lower of cost or market for ending inventory assuming Rey applies the lower of cost or market rule to inventory as a whole and lower of cost or market rule to each product in inventory. Must Rey adjust the reported inventory value?

BUSINESS SOLUTIONS

Part A

BUSINESS SOLUTIONS

Per Unit

LCM Applied To Items

Inventory Items

Units

Cost

Market

Total Cost

Total Market

Office productivity

5

$85

$83

$425

$415

$415

Desktop publishing

4

113

109

452

436

436

Accounting

5

99

105

495

425

425

Totals

$1,372

$1,276

$1,276

Lower of cost or market rule to inventory as a whole

Rey must adjust the reported inventory value

Lower of cost or market rule to each product in inventory

Rey must adjust the reported inventory value

Compute inventory turnover and days sales in inventory for the three months ended March 31, 2018Part B

Inventory Turnover

Choose Numerator:

/

Choose Denominator:

=

Inventory Turnover

/

=

Inventory Turnover

/

=

0

Days' Sales in Inventory

Choose Numerator:

/

Choose Denominator:

=

Ratio

/

=

/

0

days

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