Student Name:
Class:
Number Unit Total
Description of Units Cost Cost
Beginning Inventory, January 1
90 $103.00 9,270.00$
Purchases:
January 6 60 102.00 6,120.00
January 15 45 102.00 4,590.00
January 22 35 96.00 3,360.00
Total Merchandise Available for Sale 230 23,340.00$
Correct!
a. Average Cost Method
Cost of Ending Inventory 88 $101.48 8,930.24$
Correct!
b. FIFO Method
From January 22 Purchase 35 $96.00 3,360.00$
From January 15 Purchase 45 102.00 4,590.00
From January 6 Purchase 8 102.00 816.00
88 8,766.00$
Correct!
c. LIFO Method
Cost from Beginning Inventory 88 $103.00 9,064.00$
88 9,064.00$
Correct!
DAVENPORT COMPANY
Problem 17.01A
McGraw-Hill
Instructor
Units Cost
90 103.00
60 102.00
45 102.00
35 96.00
88
Inventory Data
DAVENPORT COMPANY
Given Data P17.01A
Inventory, January 31
January 22
January 15
January 6
Purchases:
Inventory, January 1
Student Name:
Class:
Requirement 1:
Number Unit Total
Description of Units Cost Cost
Beginning Inventory, January 1 170 $107.00 18,190.00$
Purchases:
110 105.00 11,550.00
180 104.00 18,720.00
170 105.00 17,850.00
Total Merchandise Available for Sale 630 66,310.00$
Correct!
Number Unit Inventory Cost of
Description of Units Cost Valuation Goods Sold
a. FIFO Method
170 $105.00 17,850.00$
5104.00 520.00
175 18,370.00$ 47,940.00$
Correct!
b. LIFO Method
170 $107.00 18,190.00$
5105.00 525.00
175 18,715.00$ 47,595.00$
Correct!
c. Average Cost Method
175 $105.25 18,418.75$ 47,891.25$
Correct!
Requirement 2:
Lower of
Number Valuation Cost or
Method of Units Cost Market Basis Market
a. FIFO 175 18,370.00$ 18,418.75$ Cost 18,370.00$ Correct!
b. LIFO 175 18,715.00 18,418.75 Market 18,418.75 Correct!
c. Average Cost 175 18,418.75 18,418.75 Cost 18,418.75 Correct!
296.25
Correct!
Valuation Based on:
Analyze: The difference between cost and market value of inventory using LIFO is:
COMPUTER PROGRAM SMART OUTLETS
McGraw-Hill
Instructor
Problem 17.02A
From October 1 Purchase
October 1
August 18
May 10
Cost of Ending Inventory
From Purchase of May 10
From Inventory, January 1
From August 18 Purchase
Units Cost
170 107.00
110 105.00
180 104.00
170 105.00
175
COMPUTER PROGRAM SMART OUTLETS
Inventory Data
Given Data P17.02A
Inventory, December 31
October 1
August 18
May 10
Purchases:
Inventory, January 1
Student Name:
Class:
Unit Market Total Total Lower of
Description Quantity Cost Value Cost Market Cost or Market
Printer Cartridges
50 16.00 16.50 800.00 825.00 800.00
60 17.25 17.10 1,035.00 1,026.00 1,026.00
90 23.00 23.50 2,070.00 2,115.00 2,070.00
3,905.00$ 3,966.00$ 3,896.00$
Correct!
Unit Market Total Total Lower of
Description Quantity Cost Value Cost Market Cost or Market
15 86.00 89.00 1,290.00 1,335.00 1,290.00
10 192.00 186.00 1,920.00 1,860.00 1,860.00
9 225.00 210.00 2,025.00 1,890.00 1,890.00
5,235.00$ 5,085.00$ 5,040.00$
9,140.00$ 9,051.00$ 8,936.00$
Correct!
Lower
of Cost
or Market
8,936.00$ <–Correct!
9,051.00$ <–Correct!
3,905.00$
5,085.00
8,990.00$ <–Correct!
1. Lower of cost or market by individual items
Inventory Valuations
Fax Machines
Total Cartridges
Total Fax Machines
Item 212
Item 211
Item 210
Item 119
Total inventory by groups
Fax Machines
Printer Cartridges
3. Lower of total cost or total market by groups
2. Lower of total cost of total market
Grand Totals
Problem 17.03A
McGraw-Hill
Instructor
ELECTRONICS SUPPLY COMPANY
Item 121
Item 120
Unit Market
Quantity Cost Value
50 16.00$ 16.50$
60 17.25 17.10
90 23.00 23.50
15 86.00 89.00
10 192.00 186.00
9225.00 210.00
Printing Cartridges
Given Data P17.03A
ELECTRONICS SUPPLY COMPANY
Inventory Data
Item 121
Item 120
Item 119
Item 212
Item 211
Item 210
Fax Machines
Student Name:
Class:
2. Cost of items still on hand in ending inventory on August 31:
Item Cost
28′ Starfish 35,000$
30′ Perch 55,000
24′ Sea King 21,000
111,000$
Correct!
3. Cost of Goods Sold during August:
Item Cost
30′ Holiday 41,000$
20′ Lake King 23,000
64,000$
Correct!
Problem 17.06A
McGraw-Hill
Instructor
ANDERSON SAILING COMPANY
Cost Retail
28′ Starfish 35,000$ 47,000$
30′ Perch 55,000 75,000
24′ Sea King 21,000 25,000
30′ Holiday 41,000 50,000
20′ Lake King 23,000 29,500
August sales at retail value shown above:
30′ Holiday
20′ Lake King
Given Data P17.06A
Additional Information
August 1, 2013
Inventory Data
ANDERSON SAILING COMPANY