Solution-Determine the amount of the ending inventory

Determine the amount of the ending inventory

Assignment Help Cost Accounting

Reference no: EM13330905

Problem :1

Eloise Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.

Item	Units	Unit Cost	Market Value/Unit
Cameras
Minolta	4	$174	$159
Canon	11	144	170
Light Meters
Vivitar	14	130	113
Kodak	19	123	140

Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.

The ending inventory

12.125

Problem 2:

Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.

	Purchases
Date	Units	Unit Cost	Sales Units
May 1	203	$141
May 4			116
May 8	232	$161
May 12			145
May 15	174	$176
May 20			87
May 25			116

(a1)Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25.

		Average cost for each unit
May 1		$

May 4		$

May 8		$

May 12		$

May 15		$

May 20		$

May 25		$

Reference no: EM13330905

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Determine the amount of the ending inventory

Reference no: EM13330905

Reference no: EM13330905

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