Answer part 1 and 2 Sunland Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. Th...
Answer part 1 and 2
Sunland Frame Camera Shop uses the lower-of-cost-or-net
realizable value basis for its inventory. The following data are
available at December 31.
|
Item |
Units |
Unit Cost |
Market Value |
||||||
| Cameras: | |||||||||
| Minolta | 9 | $164 | $153 | ||||||
| Canon | 10 | 151 | 153 | ||||||
| Light meters: | |||||||||
| Vivitar | 20 | 124 | 114 | ||||||
| Kodak | 18 | 120 | 135 | ||||||
Determine the amount of the ending inventory by applying the
lower-of-cost-or-net realizable value basis.
| The ending inventory | $
|
-----
|
 |
|
|
|
Homework Answers
|
The ending inventory = (9*153)+(10*151)+(20*114)+(18*120) = 7327 |
|
|
Cost of Goods available for sale = (190*20)+(450*23)+(230*24)+(350*25)+(100*26) = 31,020 |
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