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Beginning inventory 150 units at $75
Sale 120 units at $125
First purchase 400 units at $78
Sale 200 units at $125
Second purchase 300 units at $80
Sale 290 units at $125
The firm uses the perpetual inventory system, and there are 240 units of the item on
hand at the end of the year. What is the total cost of the ending inventory according
to (a) FIFO, (b) LIFO?
Jan. 1 Inventory 27 units at $120
Feb. 17 Purchase 54 units at $138
July 21 Purchase 63 units at $156
Nov. 23 Purchase 36 units at $165
There are 50 units of the item in the physical inventory at December 31. The periodic
inventory system is used. Determine the inventory cost by (a) the first-in, first-out
method, (b) the last-in, first-out method, and (c) the average cost method.
of cost or market. Assemble the data in the form illustrated in Exhibit 8.
Inventory Unit Unit
Commodity Quantity Cost Price Market Price
Aquarius 20 $ 80 $ 92
Capricorn 50 70 65
Leo 8 300 280
Scorpio 30 40 30
Taurus 100 90 94
Shop incorrectly counted its inventory as $195,750 instead of the correct amount of
a. State the effect of the error on the December 31, 2010, balance sheet of Boss Motorcycle
b. State the effect of the error on the income statement of Boss Motorcycle Shop for
the year ended December 31, 2010.
2. What is the central tenet of the policy ineffectiveness hypothesis of the new classical proposition?
3. How changes in wealth shifts the consumption function?
The baker uses the floar to make a floar and sells it to consumer for 6$.
1.Value added in each stage of production?
NOTE; The value of the finished goods already includes the value of the intermediate goods.So, including intermediate goods in GDP would be 'double counting'