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