Paragraph Styles Problem - 6 The December 31, 2015 inventory of Gwynn Company consisted of four products, for which certain information is provided below. Estimated Expected Estimated Product Original Cost Completion Cost Selling Price Cost to sell $25 S6 $40 $4 B $42 S12 $58 $8 $120 $25 S150 S15 D $18 S3 $26 $2 Instructions Using the lower-of-cost-or-net realizable value approach applied on an individual-item basis. compute the inventory valuation that should be reported for each product on December 31, 2015. Problem - 7 Akimora Dairy began operations on April 1, 2015, with purchase of 250 milking cows for 8,500,000. It has completed the first month of operations and has the following information for its milking cows at the end of April 2015 (000 omitted). Milking cows Change in fair value due to growth and price changes (250,000) Decrease in fair value due to harvest (15,000) Milk harvested during April 2015 (at net realizable value) 90,000 *Due to a very high rate of calving in the past month, there is a glut of milking cows on the market. Problem - 8 On December 31, 2015 Felt Company's inventory burned. Sales and purchases for the year had heen $1,400,000 and $980,000, respectively. The beginning inventory (Jan. 1. 2015) was 5170,000 in the past Felt's gross profit has averaged 40% of selling price. Instructions Compute the estimated cost of inventory burned, and give entries as of December 31, 2015 to close merchandise accounts