Homework Answers
32) Answer is Option b.
(200*6) + (300*6.6) = $1200+$1980 = 3180/500 = $6.36
33) answer is Option b.
(30*6+ 120*6.45) + (300-100-30-120)*6.3 = $1269
34) Answer is Option b.
In LIFO, the inventory flow assumption will result in lowest amount of income tax expense.
35) Answer is Option d.
conservatism is the concept which values the inventory at lower of Cost of market basis.
36) Answer is Option a.
When applying the lower of Cost of market rule to inventory valuation market generally means Current replacement cost.
37) Answer is Option d.
Bakery has the highest inventory when compared to other options given.
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The average 100 6.0 d. 36.60 A Nov. 1 l e Audio the following that 25...
Question 1 Part A Part B Part C Part D Periodic Inventory Using FIFO, LIFO, and...
Question 1
Part A
Part B
Part C
Part D
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $174 Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 6 units at $29 18 units at $32 14 units at $33 576 462 38 units $1,212 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $29 $290 Aug. 7 Purchase 19 units at $31 589 Dec. 11 Purchase 10 units at $32 320 39 units $1,199 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
1) 2) Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity Cost per...
1)
2)
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Item $47 143 295 $44 23 BJ54 21 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during...
problem D and problem E EME Assuming periodic inventory methods. Show work and circle your answers...
problem D and problem E
EME Assuming periodic inventory methods. Show work and circle your answers Rock Shop shows the following data related to an item of inventory Inventory, January 1 300 units @ $10.00 Purchase, January 9 700 units @ $11.00 Purchase, January 19 140 units @ $13.00 Ending Inventory, January 31 250 units OW CALCULATIONS structions What value should be assigned to the ending inventory and cost of goods (a) using FIFO? Cost of Goods Sold = Endimg...
MASTERY PROBLEM ,250Hurst Company's beginning inventory and purchases during the fiscal year end December 31, 20-2,...
MASTERY PROBLEM ,250Hurst Company's beginning inventory and purchases during the fiscal year end December 31, 20-2, were as follows: Units 1,500 500 Unit Price Total Cost January 1, 20-2 January 12 February 28 June 29 August 31 October 29 November 30 December 2:1 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase $10.00 $15,000 5,750 8,700 15.00 18,000 16.50 13,200 5,400 18.50 12,950 8,000 $87,000 11.50 14.50 1,200 800 300 18.00 400 20.00...
A company just starting business made the following four inventory purchases in June cases in June:...
A company just starting business made the following four inventory purchases in June cases in June: $ 390 June June June June 1 10 15 28 150 units 200 units 200 units 150 units 598 630 510 $2.128 that there are 200 units on hand. The inventory A physical count of merchandise inventory method which results in the highest gross profit for June is the FIFO method b. the LIFO method. c. the weighted average unit cost method. d. not...
26 An everstatement of ending ivry wll e A An overstatement of asts and ty n...
26 An everstatement of ending ivry wll e A An overstatement of asts and ty n e balanee sheet B.An understatement of amet and eqity on the balance sheet. CAaoverstatement of s D. An understatement of ats and an atement of equity on the balance sheet E No effect on the balance sheet sets and an uderstatement of equity on the balance sheet 27. The investery valeation method tet deetie ch item in ending inventory with a specific parchase and...
Clipboard Font A B C D E F G H I KLIM 1 Problem 7-5B For...
Clipboard Font A B C D E F G H I KLIM 1 Problem 7-5B For use with Name: Wade Bradford Accounting, 250 3 Section: and Financial Accounting, 13e 5 Score: 0% Warren/Reeve/Duchac 7 Kary Code Meycode Instruetions 9 Answers are entered in the cells with gray backgrounds 10 Cells with non gray backgrounds are protected and cannot be edited. 11 Anastank will appear to the night of an incorrect entry 1. First In, First Out Methodist most recent purchases...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
Question 1
Part A
Part B
Part C
Part D
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: $174 Jan. 1 Aug. 7 Dec. 11 Inventory Purchase Purchase 6 units at $29 18 units at $32 14 units at $33 576 462 38 units $1,212 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
1)
2)
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Item $47 143 295 $44 23 BJ54 21 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. Periodic Inventory Using FIFO, LIFO, and weighted Average Cost Methods The units of an item available for sale during...
problem D and problem E
EME Assuming periodic inventory methods. Show work and circle your answers Rock Shop shows the following data related to an item of inventory Inventory, January 1 300 units @ $10.00 Purchase, January 9 700 units @ $11.00 Purchase, January 19 140 units @ $13.00 Ending Inventory, January 31 250 units OW CALCULATIONS structions What value should be assigned to the ending inventory and cost of goods (a) using FIFO? Cost of Goods Sold = Endimg...
MASTERY PROBLEM ,250Hurst Company's beginning inventory and purchases during the fiscal year end December 31, 20-2, were as follows: Units 1,500 500 Unit Price Total Cost January 1, 20-2 January 12 February 28 June 29 August 31 October 29 November 30 December 2:1 Beginning inventory 1st purchase 2nd purchase 3rd purchase 4th purchase 5th purchase 6th purchase 7th purchase $10.00 $15,000 5,750 8,700 15.00 18,000 16.50 13,200 5,400 18.50 12,950 8,000 $87,000 11.50 14.50 1,200 800 300 18.00 400 20.00...
A company just starting business made the following four inventory purchases in June cases in June: $ 390 June June June June 1 10 15 28 150 units 200 units 200 units 150 units 598 630 510 $2.128 that there are 200 units on hand. The inventory A physical count of merchandise inventory method which results in the highest gross profit for June is the FIFO method b. the LIFO method. c. the weighted average unit cost method. d. not...
26 An everstatement of ending ivry wll e A An overstatement of asts and ty n e balanee sheet B.An understatement of amet and eqity on the balance sheet. CAaoverstatement of s D. An understatement of ats and an atement of equity on the balance sheet E No effect on the balance sheet sets and an uderstatement of equity on the balance sheet 27. The investery valeation method tet deetie ch item in ending inventory with a specific parchase and...
Clipboard Font A B C D E F G H I KLIM 1 Problem 7-5B For use with Name: Wade Bradford Accounting, 250 3 Section: and Financial Accounting, 13e 5 Score: 0% Warren/Reeve/Duchac 7 Kary Code Meycode Instruetions 9 Answers are entered in the cells with gray backgrounds 10 Cells with non gray backgrounds are protected and cannot be edited. 11 Anastank will appear to the night of an incorrect entry 1. First In, First Out Methodist most recent purchases...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
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