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(Solution) - Date on the physical inventory of Chiron Co as of December 31

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Date on the physical inventory of Chiron Co. as of December 31, 2012, is presented in the working papers. The quantity of each commodity on hand has been determined and recorded on the inventory sheet. Unit market prices have also been determined as of December 31 and recorded on the sheet. The inventory is to be determined at cost and also at the lower of cost or market, using the first-in, first-out method. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows:


Instructions
Record the appropriate unit cost on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item:
1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase.
2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase.
3. Total the cost market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been complete as anexample.

 







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This question was answered on: Jul 11, 2017

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