2. The following data is available for the month of September for two items of inventory that might soon be render obsolete for Island Solutions. Inventory balances at September 1, 2023, were as follows: USB-C (TA3) Hub-200 @ $400 ea. USB-C (TB3) Hub - 600 @ $800 ea. Date Sep 5 10 15 20 25 USB-C (TA3) HUB Purchases 500 @ $450 400 @ $475 300 @ $500 Sales 500 @ $540 400 @ $570 Date Sep 10 19 25 28 30 USB-C (TB3) HUB Purchases 600 @ $900 300 @ $950 500 @ $1 000 Sales 900 @ $1 080 600 @ $1 140
1. Assume that Island Solutions uses a periodic inventory system under the FIFO method, determine the cost of ending inventory and cost of goods sold at September 30, 2023, for the individual items and in total. (Show all workings).
2. Assume that Island Solutions uses a periodic inventory system under the average cost method, determine the cost of ending inventory and cost of goods sold at September 30, 2023, for the individual items and in total. (Round to 2 decimal places)
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1. Assume that Island Solutions applies LCNRV at the individual product level to determine the value of inventory that should be reported on the
2. Assume Island Solutions applies LCNRV at the major group level and, for this purpose, places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023.
by Bartleby ExpertAssume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the
by Bartleby Expert
