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Data on the physical inventory of Ashwood Products Company as of December 31, 2016, follows:
Description
Inventory Quantity
Unit Market Price
B12
38
$ 57
E41
18
180
G19
33
126
L88
550
N94
400
7
P24
90
R66
8
250
T33
140
20
Z16
15
752
Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows:
Last Purchases Invoice
Next-to-the-Last Purchases Invoice
Quantity Purchased
Unit Cost
30
$ 60
$ 59
35
178
128
25
129
10
563
560
500
80
22
50
21
5
248
4
260
100
19
750
9
745
Required:
Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows:
1. Insert the quantity and unit cost of the last purchase.
2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase.
3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column.
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