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

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

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 4.8C

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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