Question 9

On the basis of the following data, determine the value of the inventory at the lower ofcost or market. Apply lower of cost or market to each inventory item as shown in Exhibit below.

Item InventoryQuantity UnitCost Price ($) UnitMarket Price($) MT22 531 90 82 4WY09 18661 39 42 1GDS 7491 181 166

Question 10

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 17 units at 126April 15 Purchase 134 units at 114September 9 Purchase 29 units at 126

There are 32 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the first-in, first-out(FIFO)

Question 11

Beginning inventory, purchases, and sales for Item MMM8 are as follows:

November 1 Inventory 106169 Sale 9616 Purchase 1281525 Sale 77

Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.