Question
Swifty Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 315 $7 $2,205 12 Purchase
Swifty Company reports the following for the month of June.
Date | Explanation | Units | Unit Cost | Total Cost | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
June | 1 | Inventory | 315 | $7 | $2,205 | ||||||||
12 | Purchase | 735 | 8 | 5,880 | |||||||||
23 | Purchase | 1,050 | 9 | 9,450 | |||||||||
30 | Inventory | 392 |
Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.)
FIFO | LIFO | AVERAGE COST | |||||
---|---|---|---|---|---|---|---|
Ending inventory | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||
Cost of goods sold | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount |
Susan Inc. uses the lower-of-cost-or-net-realizable-value (LCNRV) basis for its inventory. The following data are available at December 31
Units | Cost/Unit | NRV/Unit | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Cameras | ||||||||||
Minolta | 5 | $171 | $156 | |||||||
Canon | 8 | 142 | 157 | |||||||
Light Meters | ||||||||||
Vivitar | 12 | 124 | 120 | |||||||
Kodak | 10 | 122 | 134 |
What amount should be reported on Susan's financial statements, assuming the lower-of-cost-or-net-realizable-value rule is applied?
Total | $enter a dollar amount |
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