Homework Answers
Cost of the 600 units = 600 units * 290 = 174,000
Net realizable value = 600 * 260 * (1-20%) = 124,800
Loss on holding inventory = 174,000 - 124,800 = 49200
| No | Transaction | General Journal | Debit | Credit |
| 1 | 1 | Holding loss on inventory | 49200 | |
| Inventory, Model T ( or allowance) | 49200 |
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Olson Metrics Ltd. has been the dominant firm in Its fleld. The company's most popular product...
Olson Metrics Ltd. has been the dominant firm in its field. The company's most popular product...
Olson Metrics Ltd. has been the dominant firm in its field. The company's most popular product has been the Model T, which carries a retail price of $370. The Model T costs $270 per unit to produce. Recently, the company introduced a new version, Model A, priced at $400. When the Model A was released, Olson reduced the retail price of the remaining 1,000 units of Model T to $320. Despite the price reduction, the demand for the Model T...
Check my wor Olson Metrics Ltd. has been the dominant firm in its field. The company's...
Check my wor Olson Metrics Ltd. has been the dominant firm in its field. The company's most popular product has been the Model T, which carries a retail price of $390. The Model T costs $290 per unit to produce. Recently, the company introduced a new version, Model A, priced at $420. When the Model A was released, Olson reduced the retail price of the remaining 1,000 units of Model T to $340. Despite the price reduction, the demand for...
what are the journal entries? Neverstop Corporation sells item A as part of its product line....
what are the journal entries?
Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of 2017. The company uses a perpetual inventory system: Purchases Sales Number of Units 590 Unit Cost $4.30 Number of Units Sales Price Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 390 690 $4.40 $4.55 $5.80 $6.00...
Part B is the pne with the red text in the question. Thanks ! Required information...
Part B is the pne with the red text in the question. Thanks
!
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March:...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory Direct materials used in production Standard price per pound of material $ 8.10 2,700 pounds 160 pounds 2,900 pounds $ 7.85 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each...
Question was answered by another expert but the last two were wrong. All I need solved...
Question was answered by another expert but the last two were
wrong. All I need solved is those two.
Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory purchases, and sales of item A are given in the following table for the first six months of 2017. The company uses a perpetual inventory system: Purchases Sales Number of Units 590 Unit Cost $4.30 Number of Units Date January 1 (beginning inventory) January 24...
Fast Co. produces its product through a single processing department. Direct materials are added at the...
Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted average process costing system. The Work in Process Inventory account has a balance of $85,300 as of October 1, which consists of $17,400 of direct materials and $67,900 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March:...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory Direct materials used in production Standard price per pound of material $ 8.10 2,700 pounds 160 pounds 2,900 pounds $ 7.85 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each...
Required information [The following information applies to the questions displayed below.) Clopack Company manufactures one product...
Required information [The following information applies to the questions displayed below.) Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process Mixing Department 43,000 Completed and transferred to Finished Goods 138,925 88,500 106,000...
Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows....
Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Selling Price $24 Unit Cost $ 18 23 3 6 22 Product Quantity 1,400 1,200 1,000 600 1,000 26 7 5 21 The cost to sell for each product consists of a 15 percent sales commission. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual...
Olson Metrics Ltd. has been the dominant firm in its field. The company's most popular product has been the Model T, which carries a retail price of $370. The Model T costs $270 per unit to produce. Recently, the company introduced a new version, Model A, priced at $400. When the Model A was released, Olson reduced the retail price of the remaining 1,000 units of Model T to $320. Despite the price reduction, the demand for the Model T...
Check my wor Olson Metrics Ltd. has been the dominant firm in its field. The company's most popular product has been the Model T, which carries a retail price of $390. The Model T costs $290 per unit to produce. Recently, the company introduced a new version, Model A, priced at $420. When the Model A was released, Olson reduced the retail price of the remaining 1,000 units of Model T to $340. Despite the price reduction, the demand for...
what are the journal entries?
Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of 2017. The company uses a perpetual inventory system: Purchases Sales Number of Units 590 Unit Cost $4.30 Number of Units Sales Price Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 390 690 $4.40 $4.55 $5.80 $6.00...
Part B is the pne with the red text in the question. Thanks
!
Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory Direct materials used in production Standard price per pound of material $ 8.10 2,700 pounds 160 pounds 2,900 pounds $ 7.85 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each...
Question was answered by another expert but the last two were
wrong. All I need solved is those two.
Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory purchases, and sales of item A are given in the following table for the first six months of 2017. The company uses a perpetual inventory system: Purchases Sales Number of Units 590 Unit Cost $4.30 Number of Units Date January 1 (beginning inventory) January 24...
Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted average process costing system. The Work in Process Inventory account has a balance of $85,300 as of October 1, which consists of $17,400 of direct materials and $67,900 of conversion costs. During the month the company incurred the following costs: Direct materials Conversion...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials Standard direct materials allowed for units of product T produced Decrease in direct materials inventory Direct materials used in production Standard price per pound of material $ 8.10 2,700 pounds 160 pounds 2,900 pounds $ 7.85 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each...
Required information [The following information applies to the questions displayed below.) Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process Mixing Department 43,000 Completed and transferred to Finished Goods 138,925 88,500 106,000...
Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Selling Price $24 Unit Cost $ 18 23 3 6 22 Product Quantity 1,400 1,200 1,000 600 1,000 26 7 5 21 The cost to sell for each product consists of a 15 percent sales commission. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual...
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