Danny's YoYos sells high quality yoyos. The inventory, purchases, and sales for a recent month in...

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Danny's YoYos sells high quality yoyos. The inventory, purchases, and sales for a recent month in chronological order are as follows: Date Activities Units Acquired and Sold Oct 1 Oct 4 Oct 7 Oct 10 Oct 16 Oct 28 Beginning inventory 100 units @ $5.50 per unit Sales 20 units Purchase 165 untis @ $5.95 per unit Sales 180 units Purchase 40 units e $6.25 per unit Sales 50 units Assume that Danny's YoYos uses a perpetual inventory system. Requirements 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending imventory using: a. FIFO b. LIFO c. Weighted average Exercise 6.2 Big Shoe Company sells several different categories of shoes. The following inventory data available at year-end is available for their leisure shoe category of shoes: Market Value per Unit Running Shoes Walking Shoes Golf Shoes Inventory item Inventory Quantity 280 190 80 Cost per Unit $ 48.00 56.00 68.00 (Net Realizable Value) $ 40.00 58.00 70.00 Requirements: Determine the value of the leisure shoe category of inventory at the lower of cost or market. Danny's YoYos sells high quality yoyos. The inventory, purchases, and sales for a recent month in chronological order are as follows: Date Activities Units Acquired and Sold Oct 1 Oct 4 Oct 7 Oct 10 Oct 16 Oct 28 Beginning inventory 100 units @ $5.50 per unit Sales 20 units Purchase 165 untis @ $5.95 per unit Sales 180 units Purchase 40 units e $6.25 per unit Sales 50 units Assume that Danny's YoYos uses a perpetual inventory system. Requirements 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending imventory using: a. FIFO b. LIFO c. Weighted average Exercise 6.2 Big Shoe Company sells several different categories of shoes. The following inventory data available at year-end is available for their leisure shoe category of shoes: Market Value per Unit Running Shoes Walking Shoes Golf Shoes Inventory item Inventory Quantity 280 190 80 Cost per Unit $ 48.00 56.00 68.00 (Net Realizable Value) $ 40.00 58.00 70.00 Requirements: Determine the value of the leisure shoe category of inventory at the lower of cost or market.

Answer rating: 100% (QA)

LIFO Method Under this method inventory which is purchased recently is sold out first This however l... View the full answer