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plz ans in excel both parts This semester's case in will on Chapter 9 Inventory FIFO, LCM, NRV. In excel, please complete requirements 1 &
plz ans in excel both parts
This semester's case in will on Chapter 9 Inventory FIFO, LCM, NRV. In excel, please complete requirements 1 & 2 in the case below. A short narrative on how the inventory should be accounted for is required for item #2. Your narrative should be short and concise based on your understanding of the reporting requirements. 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 7,500 Sales (33.000 units @ $16) Sales discounts Purchases Purchase discounts Freight-in Freight-out 380,600 18.000 5,000 11,000 York Co.'s inventory purchases during 2021 were as follows: Units Cost per Unit Total Cost $ 7.70 7.50 Beginning inventory 7,000 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 $ 53.900 97,500 118,500 99.000 790 8.25 8.20 65.600 S434,500 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 valueStep by Step Solution
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