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Determine the dollar value for ending inventory

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1) Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:

Date Activity Quantity Unit Price

5/1 Beginning Inventory 175 $11.00

5/5 Purchase 200 $12.00

5/10 Sales 300 $25

5/15 Purchase 200 $13.50

5/20 Sales 250 $28

5/25 Purchase 150 $14.00

Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.

2) Adelphi Company purchased a machine on January 1, 2017, for $100,000.  The machine was estimated to have a service life of ten years with an estimated residual value of $5,000.  Adelphi sold the machine on January 1, 2021 for $28,000. Adelphi uses the double declining method for depreciation. Using this information, how much is the gain or (loss) for the equipment sale entry made on January 1, 2021. Enter a loss as a negative number.

Reference no: EM132421068

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