Question 1:

Vaughn Video Center accumulates the following cost and net realizable data at December 31.

Inventory. Cost. Net Realizable

Categories. Data. Value Data

Cameras. $17,820. $18,265

Camcorders. 14,107. 14,404

Blu-ray players. 20,790 19,156

Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory.

The lower-of-cost-or-net realizable value: $

Question 2:

Lily Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.

Date. # of Units Unit price.

May 7. 50. $11

July 28. 30. $15

On June 1, Lily sold20units, and on August 27,40more units.

Prepare the perpetual inventory schedule for the above transactions using FIFO.(Round answers to 0 decimal places, e.g. 1,250.)

 Product E2-D2 

Date. Purchases. Cost of Goods Sold. Balance

May 7. $. $. $

June 1. $. $. $

July 28. $. $. $

Aug 27. $. $. $