Sales (33,000 units @ $16) Sales discounts Purchases Purchase discounts Freight-in Freight-out $ 528,000 7,500 380,600...

 

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Sales (33,000 units @ $16) Sales discounts Purchases Purchase discounts Freight-in Freight-out $ 528,000 7,500 380,600 18,000 5,000 11,000 York Company's inventory purchases during 2024 were as follows: Units Cost per Unit Total Cost Beginning inventory 7,000 $ 7.70 Purchases, quarter ended March 31 13,000 7.50 Purchases, quarter ended June 30 15,000 7.90 $ 53,900 97,500 118,500 Purchases, quarter ended September 30 12,000 8.25 99,000 Purchases, quarter ended December 31 8,000 8.20 65,600 55,000 $ 434,500 Additional Information: a. York's accounting policy is to report inventory in its financial statements at the lower of cost or net realizable value, applied to total inventory. Cost is determined under the first-in, first-out (FIFO) method. b. York has determined that, at December 31, 2024, the net realizable value was $8.00 per unit. Required: 10. Prepare York's schedule of cost of goods sold. York includes inventory write-down losses in cost of goods sold. 1b. Prepare York's schedule of ending inventory. 2. Determine whether inventory should be reported at cost or net realizable value. Sales (33,000 units @ $16) Sales discounts Purchases Purchase discounts Freight-in Freight-out $ 528,000 7,500 380,600 18,000 5,000 11,000 York Company's inventory purchases during 2024 were as follows: Units Cost per Unit Total Cost Beginning inventory 7,000 $ 7.70 Purchases, quarter ended March 31 13,000 7.50 Purchases, quarter ended June 30 15,000 7.90 $ 53,900 97,500 118,500 Purchases, quarter ended September 30 12,000 8.25 99,000 Purchases, quarter ended December 31 8,000 8.20 65,600 55,000 $ 434,500 Additional Information: a. York's accounting policy is to report inventory in its financial statements at the lower of cost or net realizable value, applied to total inventory. Cost is determined under the first-in, first-out (FIFO) method. b. York has determined that, at December 31, 2024, the net realizable value was $8.00 per unit. Required: 10. Prepare York's schedule of cost of goods sold. York includes inventory write-down losses in cost of goods sold. 1b. Prepare York's schedule of ending inventory. 2. Determine whether inventory should be reported at cost or net realizable value.