Homework Answers
Part 1
|
a |
Individual items |
$30180 |
|
b |
Category |
$22080 |
|
Individual items |
Allowance |
|
|
A |
2640 |
(13000-10360) |
|
B |
6600 |
(54200-47600) |
|
C |
0 |
(44200-52300) |
|
D |
2840 |
(18900-16060) |
|
E |
18100 |
(23600-5500) |
|
F |
0 |
(50800-50800) |
|
Total |
30180 |
|
Category |
||
|
A-C |
1140 |
(111400-110260) |
|
D-F |
20940 |
(93300-72360) |
|
$22080 |
Part 2
|
No. |
General journal |
Debit |
Credit |
|
1 |
By individual items |
||
|
Holding loss on inventory |
30180 |
||
|
Allowance to reduce inventory to LC/NRV |
30180 |
||
|
2 |
By category |
||
|
Holding loss on inventory |
22080 |
||
|
Allowance to reduce inventory to LC/NRV |
22080 |
Part 3
|
No. |
General journal |
Debit |
Credit |
|
1 |
By individual items |
||
|
Allowance to reduce inventory to LC/NRV |
13580 |
||
|
Holding loss on inventory (30180-16600) |
13580 |
||
|
2 |
By category |
||
|
Allowance to reduce inventory to LC/NRV |
10520 |
||
|
Holding loss on inventory (22080-11560) |
10520 |
|
Individual items |
Allowance |
|
|
A |
2560 |
(5600-3040) |
|
B |
2480 |
(18200-15720) |
|
C |
0 |
(54600-65150) |
|
D |
3180 |
(16100-12920) |
|
E |
5700 |
(5800-100) |
|
F |
2680 |
(61200-58520) |
|
Total |
16600 |
|
Category |
||
|
A-C |
0 |
(78400-83910) |
|
D-F |
11560 |
(83100-71540) |
|
11560 |
Add Answer to:
this is all one question.
The records of Loren Movers Ltd. contained the following Inventory data:...
Check my work The records of Loren Movers Ltd. contained the following inventory data: 20X1 20x2...
Check my work The records of Loren Movers Ltd. contained the following inventory data: 20X1 20x2 Cost NRV Cost NRV Category 1 Item A $ 13,000 $10,360 $ 5,600 $ 3,040 Item B 54,200 47,600 18.200 15.720 44,200 52,300 54,600 65150 $ 111,400 $110,260 78.400 $83,910 Item C Category 2 Item D Item E Item F $ 18,900 23,600 50,800 $ 16,060 S 16,100 $ 12,920 5,500 5,800 100 50,800 61200 58,520 $93,300 $ 72,360 $ 83,100 $71540 Required: 1....
A company reports inventory using the lower of cost and net realizable value. Below is information...
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Journal entry worksheet < 1 Record the adjustment for inventory. Note: Enter debits before credits. Transaction...
Journal entry worksheet < 1 Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal 1 Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory Inventory Furniture Electronics Quantity 250 55 Unit Cost $90 450 Unit NRV $105 325 3. Record any necessary adjustment...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A Quantity 220 255 179 Unit Cost $11 15 Unit Market Value $10 14 7 F K 4 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on account 2. Paid weekly salaries, $1,050. 3. Recorded sales for the first week: Cash: $8,400; On account: $6,600. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity 180 Cost $12 Market Value $11 A F 250 13 12 K 174 5 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. 53 Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Required information (The following information applies to the questions displayed below. Saginaw Inc. completed its first...
Required information (The following information applies to the questions displayed below. Saginaw Inc. completed its first year of operations with a pretax loss of $700,000. The tax return showed a net operating loss of $875,000, which the company will carry forward. The $175,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that it should record a valuation allowance equal to the net deferred tax asset. Assuming the current tax expense is zero, prepare the journal...
Check my work The records of Loren Movers Ltd. contained the following inventory data: 20X1 20x2 Cost NRV Cost NRV Category 1 Item A $ 13,000 $10,360 $ 5,600 $ 3,040 Item B 54,200 47,600 18.200 15.720 44,200 52,300 54,600 65150 $ 111,400 $110,260 78.400 $83,910 Item C Category 2 Item D Item E Item F $ 18,900 23,600 50,800 $ 16,060 S 16,100 $ 12,920 5,500 5,800 100 50,800 61200 58,520 $93,300 $ 72,360 $ 83,100 $71540 Required: 1....
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Journal entry worksheet < 1 Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal 1 Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory Inventory Furniture Electronics Quantity 250 55 Unit Cost $90 450 Unit NRV $105 325 3. Record any necessary adjustment...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A Quantity 220 255 179 Unit Cost $11 15 Unit Market Value $10 14 7 F K 4 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on account 2. Paid weekly salaries, $1,050. 3. Recorded sales for the first week: Cash: $8,400; On account: $6,600. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity 180 Cost $12 Market Value $11 A F 250 13 12 K 174 5 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. 53 Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Required information (The following information applies to the questions displayed below. Saginaw Inc. completed its first year of operations with a pretax loss of $700,000. The tax return showed a net operating loss of $875,000, which the company will carry forward. The $175,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that it should record a valuation allowance equal to the net deferred tax asset. Assuming the current tax expense is zero, prepare the journal...
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