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Find lower-of-costor-market valuation for sadowski inventory

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Reference no: EM131177949

Question #1

Sadowski Video Center accumulates the following cost and market data at December 31.

Inventory Categories

Cost Data

Market Data

Cameras

$11,349

$12,459

Camcorders

8,723

9,513

DVDs

11,348

10,318

Compute the lower-of-cost-or-market valuation for Sadowski inventory.

Question #2

In its first month of operation, Kuhlman Company purchased 140 units of inventory for $9, then 240 units for $10, and finally 180 units for $11. At the end of the month, 210 units remained.

Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO.

Reference no: EM131177949

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