Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin

7th Canadian Edition

ISBN: 0135433061, 9780135433065

More Books

Students also viewed these Accounting questions