Inventory cost and market calculations Winedark Sea Ltd sells prints of classic paintings. The prints are done on expensive paper and are quite costly. Pricing the prints to sell is hard because the...

Inventory cost and market calculations Winedark Sea Ltd sells prints of classic paintings. The prints are done on expensive paper and are quite costly. Pricing the prints to sell is hard because the popularity of a print is difficult to predict. Sometimes prints don’t sell well at all and are then disposed of in bulk for use in hotels and motels. Here are data on two prints: Print X Print Y Units Cost per unit Units Cost per unit $ $ Inventory, 1 January 2019 4 340 11 500 Purchases during 2019: January–June 10 350 25 480 July–December 15 330 30 510 Sales during 2019 23 38 1 Calculate the following: a Inventory cost, 31 December 2019, for Print X, FIFO basis b COGS, 2019, for Print Y, AVGE basis 2 Print Y hasn’t sold since September. No one seems to like it any more. An out-of-town hotel has offered $100 for each Print Y that Winedark has left, if Winedark will pay the $10 per print shipping cost. What amount would you suggest be used for the inventory of Print Y on the 31 December 2019 balance sheet? Why?