Business, 16.04.2020 01:10 krystalhurst97
Castle TV, Inc. purchased 2,100 monitors on January 5 at a per-unit cost of $175, and another 2,100 units on January 31 at a per-unit cost of $274. In the period from February 1 through year-end, the company sold 3,800 units of this product. At year-end, 400 units remained in inventory.
Assume that Castle TV, Inc. uses the FIFO flow assumption. The cost of the 400 units in inventory at year-end is:
A.$179,600.
B.$109,600.
C.$70,000.
D.$89,800.
Assume that Castle TV, Inc. uses the LIFO flow assumption. The cost of the 400 units in the year-end inventory is:
A.$109,600.
B.$179,600.
C.$89,800.
D.$70,000.
Assume that the replacement cost of this monitor at year-end is $265 per unit. Using the FIFO flow assumption and the lower-of-cost-or-market rule, Castle TV should write down the carrying value of this inventory by:
A.$3,600.
B.$0.
C.$5,400.
D.$1,800.
Assume that the replacement cost of this monitor at year-end is $255 per unit. Using LIFO flow assumption and the lower-of-cost-or-market rule, the ending inventory amounts to:
A.$109,600.
B.$102,000.
C.$70,000.
D.$179,600.
Answers: 2
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Castle TV, Inc. purchased 2,100 monitors on January 5 at a per-unit cost of $175, and another 2,100...
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