Draw a line through the quantity and insert the quantity

Assignment Help Cost Accounting

Reference no: EM13900067

Data on the physical inventory of Cinnabar Co. as of December 31, 2007, are presented below.

Description	InventoryQuantity	Unit MarketPrice
A90	35	$ 57
C18	16	200
D41	24	140
E34	125	26
F17	18	550
G68	60	15
K41	5	390
Q79	375	6
R72	100	17
S60	6	235
W21	140	18
Z35	9	700

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 Next-to-the-Last Purchases Invoice Purchases Invoice

Description	QuantityPurchased	UnitCost	QuantityPurchased	UnitCost
A90	25	$ 59	30	$ 58
C18	35	206	20	205
D41	10	144	25	142
E34	150	25	100	24
F17	10	565	10	560
G68	100	15	100	14
K41	10	385	5	384
Q79	500	6	500	6
R72	80	20	50	18
S60	5	250	4	260
W21	100	20	75	19
Z35	7	701	6	699

Instructions

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 an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows:

1. Draw a line through the quantity, and 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.

Reference no: EM13900067

Questions Cloud

What the earnings before income taxes for year ended august : Determine what total inventories at August 31, 2004, would have been, using the fifo method, and what earnings before income taxes for year ended August 31, 2004, would have been if fifo had been used instead of lifo.

What standard your client must show to get a variance : What standard your client must show to get a variance to allow him to build the gas station; and If you can find any case law on the basis of which to guess whether he will be successful. Please do so. There is NO need to write an IRAC-style essay ..

Compare and contrast artificial selection : Compare and contrast artificial selection and genetic engineering of organisms What is one advantage and one disadvantage for each technique? What is one example of each?

Monetary policy contribute to the economic crisis of 2008 : Did monetary policy contribute to the economic crisis of 2008?

Draw a line through the quantity and insert the quantity : Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. On the following line, insert the quantity and unit cost of the next-to-the-last purchase.

How to restore participating and self-support to free : How to Restore Participating and Self-Support to Free Enterprise

Under what theory can Peter sue and Win : 2What if Peter went to Donald one night, threatening to kill him unless he signs a contract by which he transfers the title of his Westwood house under Peter's name in a written, legal form. Could he be successful, Why? or Why not? (Do a SEPARATE IRA..

The company net income for the year ended : 1.The following selected information is from the Princeton Company's comparative balance sheets.

How could using elements assist with respect to promoting : How can using these four elements above assist organisations to promote continuous improvement as an essential part of doing business?

User Account

All Pages