# ACC 205 Week 3 Exercise 4 Inventory valuation methods Computations and concepts (Updated)

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## Product Description

4. Inventory valuation methods: computations and concepts.

Wild Riders Surfboard Company began business on January 1 of the current year. Purchases of

surfboards were as follows: Date Quantity Unit Cost Total Cost

1/3 100 \$125 \$12,500

4/3 200 \$135 \$27,000

6/3 100 \$145 \$14,500

7/3 100 \$155 \$15,500

Total 500 \$69,500

Wild Riders sold 400 boards at \$250 per board on the dates listed below. The company uses a perpetual inventory system.

Date Quantity Sold Unit Price Total Sales

3/17 50 \$250 \$12,500

5/17 75 \$250 \$18,750

8/10 275 \$250 \$68,750

Total 400 \$100,000

Instructions

a. Calculate cost of goods sold, ending inventory, and gross profit under each of the following inventory valuation methods:

First-in, first-out

Last-in, first-out

Weighted average

a. The machine’s book value on December 31, 20X5, assuming use of the straight-line

depreciation method

b. Depreciation expense for 20X4, assuming use of the units-of-output depreciation method.

Actual washing cycles in 20X4 totaled 500.

c. Accumulated depreciation on December 31, 20X5, assuming use of the double-decliningbalance depreciation method.

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