Homework Answers
Answers
- Question #1
Ending Inventory is recorded at Cost or Market Price whichever is LOWER.
Hence,
Case #1: Correct amount = $ 126,750 [at market]
Case #2: Correct amount = $ 113,500 [at cost]
- Question #2
|
Net Sales |
Cost of Goods Sold |
Gross Profits |
||
|
a |
FIFO |
$23,000 |
$9,500 |
$13,500 |
|
b |
LIFO |
$23,000 |
$9,000 |
$14,000 |
--Workings
|
FIFO |
LIFO |
|
|
Cost of Goods Sold |
$9,500 |
$9,000 |
|
(50 units x $55)+(150 units x $45) |
[200 units x $45] |
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