Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based
Question:
Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each.
Inventory Items Units Per Unit
Cost Market
Office productivity $ $
Desktop publishing
Accounting
Required:
Compute the lower of cost or market for ending inventory assuming Rey applies the lower of cost or market rule to each product in inventory. Must Rey adjust the reported inventory value?
Part B
Selected accounts and balances for the three months ended March for Business Solutions follow.
Beginning inventory, January $
Cost of goods sold
Ending inventory, March
Compute inventory turnover and days sales in inventory for the three months ended March Please just give me answers to plug in the slots!
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta