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Problem :1
Eloise Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
Item
Units
Unit Cost
Market Value/Unit
Cameras
Minolta
4
$174
$159
Canon
11
144
170
Light Meters
Vivitar
14
130
113
Kodak
19
123
140
Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.
The ending inventory
$
12.125
Problem 2:
Farman Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.
Purchases
Date
Sales Units
May 1
203
$141
May 4
116
May 8
232
$161
May 12
145
May 15
174
$176
May 20
87
May 25
(a1)Calculate the average cost per unit at May 1, 4, 8, 12, 15, 20 & 25.
Average cost for each unit
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