I would like to know whether the answer I have chosen is correct or incorrect.
My answer: A
Question:
Homework Answers
correct option is "D"
The question says which of the following entry is not correct.
Why other option is correct
Option 1)since the market value is lower than cost ,loss due to market valuation will be debited and allowance to reduce inventory to market will be credited by [1100-1060] 40
Option 2)At december 2004 ,since cost is equal to market value ,no loss is recorded.
At december 2005 ,since market value is lower than cost by 1000-940=60 (entry made :,loss due to market valuation will be debited and allowance to reduce inventory to market will be credited by 60]
At december 2006 ,since market value is lower than cost by 1100-1060=40 (however there is already a balance in allowance account amounting to 60 made in 2005 ,so allowance for 20 will be reversed (60-40) since excess]
option C)At december 2006 ,since market value is lower than cost by 1100-1060=40 (however there is already a balance in allowance account amounting to 60 made in 2005 ,so gain due to revaluation of inventory will be made by 20 ]
This 3 enteries are correct only entry incorrect is "D"
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I would like to know whether the answer I have chosen is
correct or incorrect.
My...
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...
Novak Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO...
Novak Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Lower-of-Cost-or- Market $357,400 371,940 Cost $375,880 386,720 12/31/19 12/31/20 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (Credit account titles are automatically indented when amount is entered....
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...
Hi I would like some help with answering the problems and a brief explanation on how...
Hi I would like some help with answering the problems and a brief explanation on how its done so I'm able to study, thank you Question 9 If the cost of an item of inventory is $80 and the current replacement cost is $70, the amount included in inventory according to the lower of cost or market is $10 $70 $150 $80 Question 11 On the basis of the following data, what is the estimated cost of the merchandise inventory...
Problem 9-04 a Your answer is incorrect. Try again. Pearl Home Improvement Company installs replacement siding,...
Problem 9-04 a
Your answer is incorrect. Try again.
Pearl 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,
2020. Jim Alcide, controller for Pearl, has gathered the following
data concerning inventory.
At May 31, 2020, the balance in Pearl’s Raw Materials Inventory
account was $456,960, and Allowance to Reduce Inventory to Market...
am I using the incorrect numbers? & Answer is complete but not entirely correct. Complete this...
am I using the incorrect numbers?
& Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Compute Inventory turnover and days' sales in inventory for the three months ended March 31, 2020. - Inventory Turnover Choose Numerator: Cost of goods sold Inventory Turnover Choose Denominator: Average inventory 20,1725 492 Inventory Turnover Choose Numerator: Ratio Days Sales In Inventory Choose Denominator Cost of goods sold 41 X S...
As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost...
As a result of its annual inventory count, Bridgeport Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bridgeport’s first year end. This
information is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,800
$283,450
Dec. 31, 2020
385,600
352,150
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
I need help with the incorrect answers. I also need to know the amount for incorrect...
I need help with the incorrect
answers. I also need to know the amount for incorrect depreciation
part.
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 100,000 Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour $3.ee $650,0e0 Required 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was...
Your answer is partially correct The following information is for Flounder Corporation as of December 31,...
Your answer is partially correct The following information is for Flounder Corporation as of December 31, 2017 Restricted Cash for Retirement of long-term debt $54,500 Equipment (cost) 71,700 59,000 17.800 Inventory (work in process) Cash (unrestricted) Inventory (finished goods) Equity Investments (cost) Customer Advances Unearned Service Revenue $25,200 Additional Paid-in Capital 113,000 Accounts Receivable 14,200 Inventory (raw materials) 23,100 Supplies Expense 33,300 Cost of Goods Sold 8.200 Allowance for Doubtful Accounts 13,200 Licenses 35,700 Notes Receivable Treasury Stock 404.100 3.200...
I prepared an income statement for the following information given and I know my income statement...
I
prepared an income statement for the following information given
and I know my income statement is correct because I checked my work
using the resources provided online. However, my question is where
does the balance of the Income From Operations (78,800) on the
income statement come from? i.e... How was this number, 78,800
decided?
BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $478,800 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses...
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...
Novak Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Lower-of-Cost-or- Market $357,400 371,940 Cost $375,880 386,720 12/31/19 12/31/20 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (Credit account titles are automatically indented when amount is entered....
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...
Problem 9-04 a
Your answer is incorrect. Try again.
Pearl 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,
2020. Jim Alcide, controller for Pearl, has gathered the following
data concerning inventory.
At May 31, 2020, the balance in Pearl’s Raw Materials Inventory
account was $456,960, and Allowance to Reduce Inventory to Market...
am I using the incorrect numbers?
& Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Compute Inventory turnover and days' sales in inventory for the three months ended March 31, 2020. - Inventory Turnover Choose Numerator: Cost of goods sold Inventory Turnover Choose Denominator: Average inventory 20,1725 492 Inventory Turnover Choose Numerator: Ratio Days Sales In Inventory Choose Denominator Cost of goods sold 41 X S...
As a result of its annual inventory count, Bridgeport Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bridgeport’s first year end. This
information is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,800
$283,450
Dec. 31, 2020
385,600
352,150
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
I need help with the incorrect
answers. I also need to know the amount for incorrect depreciation
part.
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 100,000 Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour $3.ee $650,0e0 Required 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was...
Your answer is partially correct The following information is for Flounder Corporation as of December 31, 2017 Restricted Cash for Retirement of long-term debt $54,500 Equipment (cost) 71,700 59,000 17.800 Inventory (work in process) Cash (unrestricted) Inventory (finished goods) Equity Investments (cost) Customer Advances Unearned Service Revenue $25,200 Additional Paid-in Capital 113,000 Accounts Receivable 14,200 Inventory (raw materials) 23,100 Supplies Expense 33,300 Cost of Goods Sold 8.200 Allowance for Doubtful Accounts 13,200 Licenses 35,700 Notes Receivable Treasury Stock 404.100 3.200...
I
prepared an income statement for the following information given
and I know my income statement is correct because I checked my work
using the resources provided online. However, my question is where
does the balance of the Income From Operations (78,800) on the
income statement come from? i.e... How was this number, 78,800
decided?
BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $478,800 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses...
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