Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:     Units Unit Price   Total Cost Jan. 1 Beginning inventory 10 $19         $190       Mar. 5 1st purchase 10 22         220       Sept. 9 2nd purchase 10 25         250       Dec. 8 3rd purchase 10 30         300           40     $960       There are 10 units of inventory on hand on December 31   Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a.  FIFO lower-of-cost-or-market b.  Weighted-average lower-of-cost-or-market c. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, select "No Entry Required".

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A:

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A:

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.