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determine the cost per cd for each group using the relative sales value method 645782

1. Kumar Inc. uses a perpetual inventory system. At January 1, 2013, inventory was $214,000 at both cost and market value. At December 31, 2013, the inventory was $286,000 at cost and $265,000 at market value.

Prepare the necessary December 31 entry under (a) the cost of goods sold method and (b) the loss method.

2. Bell, Inc. buys 1,000 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $8,000. Bell will group the CDs into three price categories for resale, as indicated below.

Group

No.   of CDs

Price   per CD

1

100

$ 5

2

800

10

3

100

15

Determine the cost per CD for each group, using the relative sales value method.

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