question 1
lower-of-cost-or -market inventory
perpetual using FIFO
perpetual inventory using LIFO
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) Birch 33 $225 $213 Cypress 32 151 163 Mountain Ash 33 83 105 Spruce 40 252 240 Willow 30 205 188 Inventory at the Lower of Cost or Market Total Cost Inventory Item Total Market Total Lower of C or M Brch Cypress Mountain Ash Spruce Wilow Total Prnt tem Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows Apr. 1 Inventory 57 units$71 10 Sale 41 units 15 Purchase 29 units@$74 20 Sale 23 units Sale 24 17 units 30 Purchase 25 units $77 The business maintains a perpetual inventory system, costing by the first-in, first-out method Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form ustrated in Exhibit 3 a. Under FIFO, if units are in inventory at tmo different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Show Me How Calculstor eBook Print tem ma oan a. Under FIFO, t units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Cost of Merchandise Sold Unit Cost Quantity Purchased Quantity Cost of Merchandise Sold Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Total Cost Date Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr Apr 10 Apr Apr 30 Apr 30 alances b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows Apr. 1 Inventory 45 units $88 10 Sale 31 units 15 Purchase 56 units@ $93 20 Sale 32 units 24 Sale 8 units 30 Purchase 39 units $98 The business maintains a perpetual inventory system, costing by the last-in, first-out method Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4) Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER un cost first in the Inventory Unit Cost column. Determine the cost of merchandise suId Tor Under LIFO, f units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold LIFO Method Portable Game Players Cost of Merchandise Sold Unit Cost Inventory Total Cost Inventory Quantity Inventory Unit Cost Cost of Merchandise Sold Total Cost Quantity Sold Quantity Purchased Purchases Purchases Date Total Cost Unit Cost Apr Apr 10 Apr 15 Apr Apr Apr 30 Balances O
