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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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