Homework Answers
Given that:
Using the lower-of-cost-or-market approach applied on an individual-item basis, determine if Acme needs to make an entry to write her inventory down.
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As of 12-31-15, Acme Company has three different inventory items on hand. Data on the three...
The inventory for Ji-Leng Company on 12/31/17 consists of the following items: Part No. Quantity Cost...
The inventory for Ji-Leng Company on 12/31/17 consists of the following items: Part No. Quantity Cost per Unit Replacement Cost per Unit 1062 900 $135 $150 1153 1500 90 78 1249 750 120 114 1350 300 255 270 Required: Please show all calculations a) Determine the lower-of-cost-or-net-realizable-value value of the inventory by applying the valuation method to each item. b) Determine the lower-of-cost-or-net-realizable-value value of the inventory by applying the valuation method to the total inventory (ie: to the inventory...
Lower of Cost or Market Palmquist Company has five different inventory items that it values by th...
Lower of Cost or Market Palmquist Company has five different inventory items that it values by the lower of cost or market rule applied on an individual item basis. The normal markup on all items is 20% of cost. The following information is obtained from the company’s records: Item Units Cost Replacement Cost Net Realizable Value 1 500 $10.00 $ 9.10 $ 9.20 2 400 8.00 8.10 7.80 3 300 15.00 13.50 14.00 4 200 18.00 12.00 17.00 5 100...
Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @ $20...
Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @ $20 12 units @ $21 Mason sold 15 units on December 20. Determine the cost of goods sold for the month under the LIFO inventory method. Cost of goods sold On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Apr....
2. At 12/31/20, the end of Jenner Company's first year of business, inventory was $6,100 and...
2. At 12/31/20, the end of Jenner Company's first year of business, inventory was $6,100 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory Item Per Unit Value Normal Profit Value $.65 $.45 45 .70 .75 .75 .65 .90 Cost .40 .85 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal"...
2. At 12/31/20, the end of Jenner Company's first year of business, inventory was $6,100 and...
2. At 12/31/20, the end of Jenner Company's first year of business, inventory was $6,100 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory Item Per Unit Value Normal Profit Value $.65 $.45 .45 .70 .75 .75 .65 .90 Cost .40 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @ $20 12 units @ $21 Mason sold 15 units on December 20. Determine the cost of goods sold for the month under the LIFO inventory method. Cost of goods sold On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Apr....
2. At 12/31/20, the end of Jenner Company's first year of business, inventory was $6,100 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory Item Per Unit Value Normal Profit Value $.65 $.45 45 .70 .75 .75 .65 .90 Cost .40 .85 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal"...
2. At 12/31/20, the end of Jenner Company's first year of business, inventory was $6,100 and $5,100 at cost and at market, respectively. Following is data relative to the 12/31/21 inventory of Jenner: Original Net Net Realizable Appropriate Cost Replacement Realizable Value Less Inventory Item Per Unit Value Normal Profit Value $.65 $.45 .45 .70 .75 .75 .65 .90 Cost .40 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a "normal" profit...
1) 1) Goods in transit are automatically included in inventory regardless of whether title has passed to the buyer. A) True B) False 2) 2) An advantage of FIFO is that it assigns the most recent costs to cost of goods sold, and does a better job of matching current costs with revenues on the income statement. A) True B) False 3) 3) Errors in the period-end inventory balance only affect the current period's records and financial statements. A) True...
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