05 Jun Question Seminole Company began year 2013 with 2
Question
Seminole Company began year 2013 with 28,000 units of product in its January 1 inventory costing $16.60 each. It ma
purchases of its product in year 2013 as follows. The company uses a periodic inventory system. On December 31, 20
reveals that 51,000 units of its product remain in inventory.
Mar.
May
Aug.
Nov.
7
25
1
10
44,000 units @ $19.60 each
46,000 units @ $23.60 each
36,000 units @ $25.60 each
41,000 units @ $28.60 each
A physical inventory of Liverpool Company taken at December 31 reveals the following.
Per Unit
Item
Audio equipment
Receivers
CD players
MP3 players
Speakers
Video equipment
Handheld LCDs
VCRs
Camcorders
Car audio equipment
Satellite radios
CD/MP3 radios
Units
Cost
Market
353
268
334
212
$ 108
129
104
49
$
98
119
94
60
488
299
220
133
92
330
158
101
318
193
178
92
113
78
105
Required:
1. Calculate the lower of cost or market for the inventory applied separately to each item.
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
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