part b!! heres part a if that helps Skysong, Inc. values its inventory at...
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part b!!
heres part a if that helps
Skysong, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Item X490 X512 X682 2195 2846 Quantity 11.220 5,445 19,800 13,750 9,460 Unit Cost $13.75 7.70 20.90 15.68 13.20 Replacement Cost/Unit $13.15 8.25 20.46 15.40 14.03 Estimated Selling Price/Unit $15.40 9.79 34.71 21.78 15.35 Completion & Disposal Cost/Unit $3.30 0.28 3.58 1.54 2.31 Normal Profit Margin/Unit $3.74 1.98 9.90 6.33 1.21 (a). (b) Show the journal entries Skysong, Inc. will need to make in order to write down the ending inventory from cost to market. Assume this is Skysong's first year of operations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, eg. 5,275.) Debit Credit Account Titles and Explanation Cost of Goods sold Method: Loss method: Calculate the lower-of-cost-or- market using the individual-item approach. (Round answers to 2 decimal places, eg. 52.75.) Lower-of-Cost-or-Market (Per unit basis) X490 $ 12.10 X512 $ 7.70 X682 $ 20.90 X195 $ 15.40 X846 $ 13.04
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heres part a if that helps