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ACC 304 Week 2 Chapter 9 Homework
1) Floyd Corporation has the following four items in its ending
inventory. Determine the final lower-of-cost-or-market inventory
value for each item.
2) Bell, Inc. buys 1,000 computer game CDs from a distributor
who is disconnecting those games. The purchase price for the lot is
$8,000.Bell will group the CDs into three price categories for resale,
as indicated bellow. Determine the cost per CD for each group, using
the relative sales value method.
3) Boyne Inc. had beginning inventory of $12,000 at cost and
$20,000 t retail. Net purchase were $12,000 at cost and $17,000 at
retail. Net markups were $10,000; net markdowns were $7,000; and