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11.Your answer:Lower of Cost or MarketStiles Corporation uses the lower of cost or market rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal foreach product. Specific data for each product are as follows:Required:1. What is the correct inventory value for each product?2. Stiles Corporation uses the lower of cost or market rule for products in its ending inventory. A profit margin of 30% on the selling price is considered normal. Product A12.Your answer:Retail Inventory MethodThe company reported the following information for the month:CostRetailInventory, January 1$40,000$60,000Purchases in January40,00070,000Sales for the month totaled $96,000. Compute the estimated cost of inventory on hand at the end of the month using the average cost assumption. Round percentage
12/7/2014Assignment 1212/1313.Your answer:Lower of Cost or MarketThe following information is taken from Aden Company's records:Required:What is the correct inventory value if the company applies the lower of cost or market to each of the following? When required, round your answers to the nearest cent.SpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpreadsheetSpre1. Individual itemsProduct A$480Product B375Product C750Product D640Product E1,968Total inventory value$4,2132. Groups of itemsGroup 1$867.5Group 21,400Group 31,968Total inventory value$4,235.53. The inventory as a wholeTotal inventory value$4,263
12/7/2014Assignment 1213/1314.Your answer:DollarValue LIFOOn January 1, 2012, the Sato Company adopted the dollarvalue LIFO method of inventory costing. The company's ending inventory records appear as follows:YearCurrent CostIndex2012$35,300100201350,760120201453,690130201565,800140Required:Compute the ending inventory for the years 2012, 2013, 2014, and 2015, using the dollarvalue LIFO method. Do not round your intermediate calculations. If required,round your answers to the nearest dollar.