Could you help me to understand how to fill up those blank boxes of Exhibit 9-1 and 9-2 step by step?? 9-2 is continuing question of 9-1. Thank you so much!
Homework Answers
| Item | NRV | NRV
(-) profit margin |
RC |
| chrunchy goldfish | 25000 | 20000 | 14000 |
| Tuna tidbits | 40000 | 32000 | 30000 |
| Liver and onions | 50000 | 40000 | 43000 |
| Beefy Gruel | 35000 | 28000 | 24000 |
| Item | Cost | NRV | NRV on Group basis |
LCNRV individual base (Lower of Cost or NRV) |
| chrunchy goldfish | 12400 | 25000 | 12400 | |
| Tuna tidbits | 30000 | 40000 | 30000 | |
| Dry Fruit Total | 42400 | 65000 | ||
| Liver and onions | 45000 | 50000 | 45000 | |
| Beefy Gruel | 31000 | 35000 | 31000 | |
| Canned food total | 76000 | 85000 | ||
| TOTAL | 118400 | 150000 |
Adjustment entry to be understood as follows
| Opening Inventory | 90000 |
| Add: Purchase | 300000 |
| cost of goods (total) | 390000 |
| LCNRV = | 115000 |
| Adjustment | 275000 |
| Entry - COGS method | |
| Cost of Goods Sold Dr. | 275000 |
| To Inventory Cr. | 275000 |
| Entry - COGS method | |
| Stock Loss A/c Dr. | 275000 |
| To Inventory Cr. | 275000 |
Add Answer to:
Could you help me to understand how to fill up those blank boxes
of Exhibit 9-1...
Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December...
Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost NRV 12/31/20 $650,200 $650,200 12/31/21 778,000 705,000 12/31/22 958,800 878,200 Your answer is correct. Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of- goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when amount is...
Question 3 (12 marks) Davy Company began operations in 2019 and determined its ending inventory at...
Question 3 (12 marks) Davy Company began operations in 2019 and determined its ending inventory at cost and at NRV at December 31, 2019, and December 31, 2020. This information is presented below. Net Realizable Value Cost December 31, 2019 $520,000 December 31, 2020 $605,000 Allowance to Reduce Inventory to NRV $24,000 (2) $585,000 Required (a) Compute (1) and (2) in the table above. (4 marks) (b) Prepare the journal entries required at December 31, 2019, and December 31, 2020,...
A construction company owns raw materials inventory that total $408,000 (detail listed below) in the general...
A construction company owns raw materials inventory that total $408,000 (detail listed below) in the general ledger and has an allowance to reduce inventory to net realizable value (NRV) in the amount of $27,500 (a credit balance) in the general ledger at May 31, 2020, the end of the company’s fiscal year. Using the data below, prepare a detailed schedule to determine the proper balance in the allowance to reduce inventory to NRV account at May 31, 2020. Using the...
Problem 9-2 Pina Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family...
Problem 9-2
Pina Home Improvement Company installs replacement siding, windows,
and louvered glass doors for single-family homes and condominium
complexes. The company is in the process of preparing its annual
financial statements for the fiscal year ended May 31, 2017. Jim
Alcide, controller for Pina, has gathered the following data
concerning inventory.
At May 31, 2017, the balance in Pina’s Raw Materials Inventory
account was $493,680, and Allowance to Reduce Inventory to NRV had
a credit balance of $27,670. Alcide...
I also tried crediting inventory but it wasn't correct either. help please Brief Exercise 9-03 Your...
I also tried crediting inventory but it wasn't correct either.
help please
Brief Exercise 9-03 Your answer is partially correct. Try again. Metlock Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $215,557,300 at both cost and realizable value. At December 31, 2020, the inventory was $283,513,700 at cost and $259,822,800 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is...
If you could please explain how you get the answers it would really help me LO3...
If you could please explain how you get the answers it would
really help me
LO3 E2-6A. Schedule of Cost of Goods Manufactured and Sold At December 31, 2019, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2019: MBC ...... Materials inventory, January 1 .... Materials inventory, December 31..... Work-in-process inventory, January 1....... Work-in-process inventory, December 31 .. Finished goods inventory, January 1.. Finished goods inventory, December 31. Net delivered cost of materials purchased....
JUST FILL IN THE BLANK THANKS Question 1 1 pts STD MENU ITEM # ITEM ITEM...
JUST FILL IN THE BLANK THANKS
Question 1 1 pts STD MENU ITEM # ITEM ITEM MENU SOLD FOOD PRICE COSTS COST MENU REVENUES Cost % Spicy Chicken 120 $7.75 $12.5 Wings Column 1300 Totals $9,500 $21,000 Question 2 1 pts Food opening inventory $17,500 Food purchases $2,500 Food ending inventory $3,350 Cost of Goods Consumed Employee meals $250 Promotional food $125 Bar transfers $110 1. What is the actual cost of goods sold? 2. What is the actual food...
PLEASE HELP!!! (the incone tax and net income are wrong because im unsure how to get...
PLEASE HELP!!! (the incone tax and net income are wrong
because im unsure how to get the correct income tax!)
hp. 7, 8 and 9) Saved Help Save & Exit Subm Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $120,000 $10,000 81,000 203 Sales Revenue...
QW EP Garda Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family...
QW EP Garda Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes in northern New Jersey and southern New York. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020, and Jim Alcide, controller for Garcia, has gathered the following data concerning inventory At May 31, 2020, the balance in Garcia's Raw Material Inventory account was $276,500 and the Allowance to Reduce...
Please help me understand this problem. Thank you for your help. Please show all supporting computations....
Please help me understand this problem. Thank you for
your help.
Please show all supporting computations. Points will be deducted if you do not show your work. 1. Presented below is the unadjusted trial balance for Steven's Industries: Steven's Industries Trial Balance Credit Debit $ 6,000 18.000 S 500 5.000 2.000 84.000 Cash. Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies..... Equipment Accumulated Depreciation - Equipment. Notes Payable.. Accounts Payable. Common Stock Retained Earnings Sales Revenue Cost of Goods Sold...
Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost NRV 12/31/20 $650,200 $650,200 12/31/21 778,000 705,000 12/31/22 958,800 878,200 Your answer is correct. Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of- goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when amount is...
Question 3 (12 marks) Davy Company began operations in 2019 and determined its ending inventory at cost and at NRV at December 31, 2019, and December 31, 2020. This information is presented below. Net Realizable Value Cost December 31, 2019 $520,000 December 31, 2020 $605,000 Allowance to Reduce Inventory to NRV $24,000 (2) $585,000 Required (a) Compute (1) and (2) in the table above. (4 marks) (b) Prepare the journal entries required at December 31, 2019, and December 31, 2020,...
Problem 9-2
Pina Home Improvement Company installs replacement siding, windows,
and louvered glass doors for single-family homes and condominium
complexes. The company is in the process of preparing its annual
financial statements for the fiscal year ended May 31, 2017. Jim
Alcide, controller for Pina, has gathered the following data
concerning inventory.
At May 31, 2017, the balance in Pina’s Raw Materials Inventory
account was $493,680, and Allowance to Reduce Inventory to NRV had
a credit balance of $27,670. Alcide...
I also tried crediting inventory but it wasn't correct either.
help please
Brief Exercise 9-03 Your answer is partially correct. Try again. Metlock Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $215,557,300 at both cost and realizable value. At December 31, 2020, the inventory was $283,513,700 at cost and $259,822,800 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is...
If you could please explain how you get the answers it would
really help me
LO3 E2-6A. Schedule of Cost of Goods Manufactured and Sold At December 31, 2019, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2019: MBC ...... Materials inventory, January 1 .... Materials inventory, December 31..... Work-in-process inventory, January 1....... Work-in-process inventory, December 31 .. Finished goods inventory, January 1.. Finished goods inventory, December 31. Net delivered cost of materials purchased....
JUST FILL IN THE BLANK THANKS
Question 1 1 pts STD MENU ITEM # ITEM ITEM MENU SOLD FOOD PRICE COSTS COST MENU REVENUES Cost % Spicy Chicken 120 $7.75 $12.5 Wings Column 1300 Totals $9,500 $21,000 Question 2 1 pts Food opening inventory $17,500 Food purchases $2,500 Food ending inventory $3,350 Cost of Goods Consumed Employee meals $250 Promotional food $125 Bar transfers $110 1. What is the actual cost of goods sold? 2. What is the actual food...
PLEASE HELP!!! (the incone tax and net income are wrong
because im unsure how to get the correct income tax!)
hp. 7, 8 and 9) Saved Help Save & Exit Subm Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $120,000 $10,000 81,000 203 Sales Revenue...
QW EP Garda Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes in northern New Jersey and southern New York. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020, and Jim Alcide, controller for Garcia, has gathered the following data concerning inventory At May 31, 2020, the balance in Garcia's Raw Material Inventory account was $276,500 and the Allowance to Reduce...
Please help me understand this problem. Thank you for
your help.
Please show all supporting computations. Points will be deducted if you do not show your work. 1. Presented below is the unadjusted trial balance for Steven's Industries: Steven's Industries Trial Balance Credit Debit $ 6,000 18.000 S 500 5.000 2.000 84.000 Cash. Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies..... Equipment Accumulated Depreciation - Equipment. Notes Payable.. Accounts Payable. Common Stock Retained Earnings Sales Revenue Cost of Goods Sold...
Most questions answered within 3 hours.
-
Write a program to solve the Josephus problem, with the following
modification:
Sample Input:
./a.out n...
asked 2 hours ago -
At the start of a CD it is spinning at a rate of 525 rpm
(revolutions...
asked 2 hours ago -
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 3 hours ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 5 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 4 hours ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 4 hours ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 5 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 6 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 6 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 6 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 6 hours ago -
Why are polymers not typically casted into products?
asked 6 hours ago