Inventory of the COYOTE Co. Assignment

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Inventory of the COYOTE Co. Assignment

The December 31, 2018 inventory of the COYOTE Co. consisted of 3 products, for which the following information is provided.                         Original            Replacement     Est. Disposal     Selling             Normal Profit Product             Cost                Cost                  Cost                  Price               on Sales A                    $300                $280                $100                $500                30% B                   400                  350                   90                   600                 15 C                  500                  600                  120                   700               10   Instructions: Using the lower of cost or market approach on an individual item basis, Compute the inventory valuation that should be reported for each product on 12/ 31/2018. Prepare any necessary journal entries for inventory on 12/31/2018. Get Accounting homework help today

The December 31, 2018 inventory of the COYOTE Co. consisted of 3 products, for which the following information is provided.
                        Original            Replacement     Est. Disposal     Selling             Normal Profit
Product             Cost                Cost                  Cost                  Price               on Sales
A                    $300                $280                $100                $500                30%
B                   400                  350                   90                   600                 15
C                  500                  600                  120                   700               10
 
Instructions: Using the lower of cost or market approach on an individual item basis,

  1. Compute the inventory valuation that should be reported for each product on 12/ 31/2018.
  2. Prepare any necessary journal entries for inventory on 12/31/2018. Get Accounting homework help today