question 1- Wildhorse Co. uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Wildhorse Co.s year end, December 31:

	Units			Unit Cost			Net Realizable Value per Unit
Clothing		90			$8			$6
Jewellery		67			20			23
Greeting cards		49			1			2
Stuffed toys		50			12			39

Determine the lower of cost and net realizable value of the ending inventory assuming Wildhorse Co. applies LCNRV on individual items.

Lower of cost and net realizable value

$enter the Lower of cost and net realizable value in dollars

Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to write down inventory to lower net realizable value	enter a debit amount	enter a credit amount
enter an account title to write down inventory to lower net realizable value	enter a debit amount	enter a credit amount
(To write down inventory to lower net realizable value.)

question 2- Cullumber Company uses a periodic inventory system. Its records show the following for the month of April, with 23 units on hand at April 30

	Units					Unit Cost			Total Cost
April 1		Inventory			31				$7				$217
12		Purchases			45				11				495
16		Purchases			14				12				168
		Total			90								880

Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)

		FIFO		Weighted average
Ending Inventory		$enter a dollar amount		$enter a dollar amount
Cost of Goods Sold		$enter a dollar amount		$enter a dollar amount

Prove the cost of goods sold calculations. (Round the average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)

Check of Cost of Goods Sold (FIFO):
		Units		Unit Cost		Total Cost
Apr. 1		enter a number of units		$enter a dollar amount		$enter a dollar amount
Apr. 12		enter a number of units		enter a dollar amount		enter a dollar amount
		enter a total number of units				$enter a total amount

Weighted Average

Check of Cost of Goods Sold: enter a number of units $enter a dollar amount per unit = $enter a total amount .