90.2K

Verified Solution

Link Copied!

Question 2 Sunland Company uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Cost Market Units per Unit per Unit Cameras Minolta 5 $168 $163 Canon 7 146 162 Light Meters Vivitar 11 113 110 Kodak 10 121 132 What amount should be reported on Sunland Company's financial statements, assuming the lower-of-cost-or-market rule is applied? Amount reported on financial statements Click if you would like to show Work for this question: Open Show Work CALCULATOR PRINTER VERSION BACK NE Question 3 The accounting records of Swifty Corporation show the following data. Beginning inventory 2,760 units at $7 Purchases 7,810 units at $9 Sales 9,459 units at $12 Calculate average unit cost. (Round answer to 3 decimal places,... 5.125.) Average unit cost per unit Determine cost of goods sold during the period under a periodic Inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to o decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold Click if you would like to show Work for this question: Open Show Work Question 4 Kingbird, Inc. began the year with 11 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 32 units at $17; July 16, 16 units at $20; and December 7, 21 units at $24. Assume there are 24 units on hand at the end of the period. Kingbird uses the periodic approach A-Determine the cost of goods sold under FIFO. B-Determine the cost of goods sold under LIFO. C1-Calculate average unit cost. (Round answer to 2 decimal places, e.g. 5.12.) C2-Determine the cost of goods sold under average-cost. Average-Cost Cost of goods sold

Answer & Explanation Solved by verified expert

See Answer