Save Question 18 (3 points) a Generally accepted accounting principles require t
ID: 2515814 • Letter: S
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Save Question 18 (3 points) a Generally accepted accounting principles require that the inventory of a company be reported at: 1) Market value. 2) Historical cost. 3) Lower of cost or market. 4) Replacement cost. Save Question 19 (3 points) Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO Date Aetiviries Units Acquired at Cest Units Sold at Retail 150 wnits 220 anits $1600 $12 00 ift 15 4 Sals 150 units$21.00 1) $2.260 2) $3.180 3) $1.860 4) $3.580 Save Question 20 i3 points) Perch Company reported the following purchases and sales for its only product tory system. Determine Perch uses uses a perpetual i the cost assisned to cost ofExplanation / Answer
Question 18 - "Inventory of a company be reported at Lower of cost or market value "
Question 19 - Ending Inventory Value (FIFO) = $2,260
FIFO METHOD INVENTORY SCHEDULE
Date
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Cost of goods sold
Ending Inv.Qty
Unit Cost
Total Inventory
May 1
150
10
1500
May 5
220
12
2640
150
10
1500
220
12
2640
May 10
140
10
1400
10
10
100
220
12
2640
May 15
100
13
1300
10
10
100
220
12
2640
100
13
1300
May 24
10
10
100
80
12
960
140
12
1680
100
13
1300
TOTAL
3180
2260
Question 20 - Cost assigned to cost of goods sold = $3,180 (from the above table)
Question 21 - Ending Inventory Value (LIFO) = $1,860
LIFO METHOD INVENTORY SCHEDULE
Date
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Cost of goods sold
Ending Inv.Qty
Unit Cost
Total Inventory
May 1
150
10
1500
May 5
220
12
2640
150
10
1500
220
12
2640
May 10
140
12
1680
150
10
1500
80
12
960
May 15
100
13
1300
150
10
1500
80
12
960
100
13
1300
May 24
100
13
1300
150
10
1500
50
12
600
30
12
360
TOTAL
3580
1860
Date
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Cost of goods sold
Ending Inv.Qty
Unit Cost
Total Inventory
May 1
150
10
1500
May 5
220
12
2640
150
10
1500
220
12
2640
May 10
140
10
1400
10
10
100
220
12
2640
May 15
100
13
1300
10
10
100
220
12
2640
100
13
1300
May 24
10
10
100
80
12
960
140
12
1680
100
13
1300
TOTAL
3180
2260
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