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Compute the valuation for the december

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Reference no: EM132576802

Maya Company's ending inventory includes the following items:

                                                   Per Unit

Product       Units                    Cost       Market

Helmets         19                            $45        $49

Bats              12                             73           67

Shoes             33                              90        86

Uniforms         37                               31          31

Question a) Compute the valuation for the December 31, 2014, inventory using the lower-of-cost-or-market value basis and make necessary adjusting journal entries.

Question b) Sold 5 units of bats for $70 in cash and 10 units of shoes for $85 each in cash. Make necessary journal entries.

Reference no: EM132576802

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