The May 31, 20X3, inventory records of Carson's Supply Center show the data below. Unit Price...

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The May 31, 20X3, inventory records of Carson's Supply Center show the data below. Unit Price Item Automotive: Mufflers Batteries Oil filters Lawn furniture: Chairs Tables Swings Garden tools: Rakes Shovels Hoes Quantity 52 2 3 2 33 7 85 版 77 42 73 42 27 62 72 Cost $18.00 14.00 2.50 8.00 10.00 12.50 3.50 3.25 3.50 Market $17.50 14.25 2.40 7.75 10.50 13.00 3.25 3.50 3.25 REQUIRED: Using the work sheet at the back of this unit, compute the dollar amount of the ending inventory at the lower of cost or market value, and then answer questions 4 through 6. In computing the dollar amounts, you should apply the following methods: 1) Item-by-item method 2) Group method 3) Total inventory method 4. The inventory valuation as calculated under the item-by-item (each item) method is? 5. The inventory valuation as calculated under the group (each category) method is? 6. The inventory valuation as calculated under the total inventory method is? The May 31, 20X3, inventory records of Carson's Supply Center show the data below. Unit Price Item Automotive: Mufflers Batteries Oil filters Lawn furniture: Chairs Tables Swings Garden tools: Rakes Shovels Hoes Quantity 52 2 3 2 33 7 85 版 77 42 73 42 27 62 72 Cost $18.00 14.00 2.50 8.00 10.00 12.50 3.50 3.25 3.50 Market $17.50 14.25 2.40 7.75 10.50 13.00 3.25 3.50 3.25 REQUIRED: Using the work sheet at the back of this unit, compute the dollar amount of the ending inventory at the lower of cost or market value, and then answer questions 4 through 6. In computing the dollar amounts, you should apply the following methods: 1) Item-by-item method 2) Group method 3) Total inventory method 4. The inventory valuation as calculated under the item-by-item (each item) method is? 5. The inventory valuation as calculated under the group (each category) method is? 6. The inventory valuation as calculated under the total inventory method is?

Answer rating: 100% (QA)

1 ItembyItem Method Automotive 1 Mufflers 52 min18 1750 52 1750 910 2 Batteries 42 min14 1425 42 14 ... View the full answer