Question 1:

At May 31, Bramble Company has net sales of $350,000and cost of goods available for sale of $238,000.

Compute the estimated cost of the ending inventory, assuming the gross profit rate is35%.

Estimated cost of ending inventory: $

Question 2:

Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.

Item. Units. Unit Cost. Market Value.

Cameras:

Minolta. 8. $163. $155

Canon. 10. 154. 156

Light Meters:

Vivitar. 20. 121. 110

Kodak. 15. 120. 135

Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis.

The ending inventory: $

Question 3:

Oriole Company applied FIFO to its inventory and got the following results for its ending invent

Cameras 105 units at a cost per unit of $61

Blu-ray players 170. units at a cost per unit of $73

iPods. 130 units at a cost per unit of $82

The net realizable value at year-end was cameras $75, Blu-ray players $66, and iPods $78.

Determine the amount of ending inventory at lower-of-cost-or-net realizable value.

Ending inventory: $.