Item Date Unit Life Units Produced Unit Cost Residual Value Units   Machine 1 N/A 60,000 24,000 $25,000 $4,000     Machine 2 N/A 50,000 19,000 $21,000 $3,000     Shoes 1-Jan N/A N/A $31   210   Shoes 1-Apr N/A N/A $26   130   Shoes 1-Jul N/A N/A $29   80   Shoes 1-Oct N/A N/A $40   80                                   Annual Shoe Sales           300                                   Find Inventory Value using FIFO               Find Inventory Value using LIFO               Find Inventory Value using Weighted-Average             Find Book Value of Machines 1 and 2 at years end

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Item Date Unit Life Units Produced Unit Cost Residual Value Units  
Machine 1 N/A 60,000 24,000 $25,000 $4,000    
Machine 2 N/A 50,000 19,000 $21,000 $3,000    
Shoes 1-Jan N/A N/A $31   210  
Shoes 1-Apr N/A N/A $26   130  
Shoes 1-Jul N/A N/A $29   80  
Shoes 1-Oct N/A N/A $40   80  
               
               
Annual Shoe Sales           300  
               
               
Find Inventory Value using FIFO              
Find Inventory Value using LIFO              
Find Inventory Value using Weighted-Average            
Find Book Value of Machines 1 and 2 at years end            
               
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