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  • Enter The Appropriate Titles in The Shaded Cells in Column C and Enter The Appropriate Amounts in The Shaded Cells in Columns H and J

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    Elsa Mendoza
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    This document provides instructions for completing an inventory valuation worksheet. It asks the user to enter appropriate titles in column C including "Lower-of-cost-or-market valuation" and "Average cost valuation". It also asks the user to enter amounts for ending inventory in columns H and J, including $4,458 under lower-of-cost-or-market and $4,738 under average cost valuation.

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    s09-18

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    This document provides instructions for completing an inventory valuation worksheet. It asks the user to enter appropriate titles in column C including "Lower-of-cost-or-market valuation" and "Average cost valuation". It also asks the user to enter amounts for ending inventory in columns H and J, including $4,458 under lower-of-cost-or-market and $4,738 under average cost valuation.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
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    3 views1 page

    Enter The Appropriate Titles in The Shaded Cells in Column C and Enter The Appropriate Amounts in The Shaded Cells in Columns H and J

    Uploaded by

    Elsa Mendoza
    This document provides instructions for completing an inventory valuation worksheet. It asks the user to enter appropriate titles in column C including "Lower-of-cost-or-market valuation" and "Average cost valuation". It also asks the user to enter amounts for ending inventory in columns H and J, including $4,458 under lower-of-cost-or-market and $4,738 under average cost valuation.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
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    of 1

    9-18

    Name: SOLUTION Enter the appropriate titles in the shaded cells in column C and enter the appropriate amounts in the shaded cells in columns H and J.

    1)

    Lower-of-cost-or-market valuation Beginning inventory Purchases Freight-in Goods available for sale Cost percentage Deduct: Sales (enter as negative number) Markdowns (enter as negative number) Ending inventory at retail Ending inventory at lower of cost or market: $ 5,960 x 74.8% Average cost valuation Beginning inventory Purchases Freight-in Markdowns (enter as negative number) Goods available for sale Cost percentage Deduct: Sales (enter as negative number) Ending inventory at retail Ending inventory at average cost $ 5,960 x 79.5%

    Cost $ 1,500 24,000 1,100 $ 26,600 74.8%

    Retail $ 1,800 33,760 $ 35,560

    (27,500) (2,100) $ 5,960 $ 4,458 Cost $ 1,500 24,000 1,100 $ 26,600 79.5% Retail $ 1,800 33,760 (2,100) $ 33,460

    2)

    (27,500) $ 5,960 $ 4,738

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