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Compute the valuation for the December

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Question - West Company is preparing the annual financial statements dated December 31, 2013. Information about inventory stocked for regular sale follows:

Item

Quantity on Hand

Unit Cost When Acquired

Replacement Cost (market) at year end

A

100

$30

$20

B

80

25

28

C

35

55

58

D

75

40

35

Required -

1. Compute the valuation for the December 31, 2013, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies).

2. Sold 10 units of Item A at $25 each and written-off 3 units of Item D. Make necessary journal entries.

Reference no: EM132622930

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