Cost per unit =$39
NRV =Selling price - estimated selling costs
NRV =$49-$15 =$34
Lower of cost or NRV to be considered for inventory valuation so, $34 per unit to be considered for reporting purposes
Net income for 2017 is overstated by $3,960
Explanation
=990 Units x ($38-$34)
Net income for 2018 is understated by$3,960
Explanation
=990 Units ($34-$38)
Kieso, Intermediate Accounting, 16e Help I NMENT Question1 mpany uses the LCNRV metho d, on an...
Shamrock Company uses the LCNRV method, on an individual-item
basis, in pricing its inventory items. The inventory at December
31, 2017, included product X. Relevant per-unit data for product X
are as follows.
Estimated selling price
$49
Cost
39
Estimated selling costs
15
Normal profit
9
There were 990 units of product X on hand at December 31, 2017.
Product X was incorrectly valued at $38 per unit for reporting
purposes. All 990 units were sold in 2018.
Compute the...
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Pharoah Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below Item D Item E Item F Item G $97 86 Item H Estimated selling price Cost Cost to complete Selling costs $130 81 32 $119 86 32 19 $103 86 27 Item I $97 39 32 $119S 54 32 Using...
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Required information [The following information applies to the questions displayed below.) Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a...
Problem 5-31 Comprehensive accounting cycle problem (uses percent of revenue allowance method) LO 5-1, 5-4, 5-5 The following trial balance was prepared for Tile, Etc., Inc. on December 31, 2017, after the closing entries were posted: Account Title Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $175. eee 138,000 $ 24,500 451, eee 1e8,eee 515, eee 116, see Tile, Etc. had the following transactions in 2018 1. Purchased merchandise on account for $645.000 2....
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ACCT 102-Fundamentals of Accounting II Test 1 Review Study Guide (1) For both companies for 2018, compute the: (a) Current ratio (b) Acid-test ratio (c) Accounts receivable turnover (d) Inventory turnover (e) Days' sales in inventory (1) Days' sales uncollected (8) Profit margin ratio (h) Return on total assets (1) Return on common stockholders' equity 6) Debt to equity ratio Kouris Company Consolidated Balance Sheets(in millions) May 31 2018 2017 Assets...
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Version 1 Company -Matisse Company Reporting Year - 2016 (Corporation Uses a Calendar Year Jan. 1 through Dec. 31st List of Accounts Common Stock, Total Dividends Other Expense Trading Securities Sales Tax Payable Purchase Discounts General Expense Rent Revenue Purchase Returns & Allowances Accounts Payable Interest Payable (Current) Estimated Warranty Liability Deferred Income Tax Unearned Revenue Capital Lease Obligation O.G 132.00 8S 982. CD $1,200.0 135.00 1949.00 2.000.OO 2.245.00 of Chapter Material Hll...
DOLL 58 MANCOSA: POSTGRADUATE DIPLOMA IN BUSINESS MANAGEMENT DUE DATE: 26 AUGUST 2019 ASSESSMENT 5 CCOUNTING AND FINANCIAL MANAGEMENT (20) QUESTION1 The following information was extracted from the accounting records Statement of Comprehensive Income for the year ended 31 December 2017 (R) 2018 (R) 1 856 000 1 2000 Sales (750 000 (1 280 000) F3 Cost of sales 450 000 576 000 Gross profit (212 000 (291 200) Operating expenses 26 30000 Depreciation 2 186 0 261 200 Other...
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need the income statement and balnce sheet only....please
help!!!
Version 1 Company -Matisse Company Reporting Year- 2016 (Corporation Uses a Calendar Year Jan. 1 through Dec. 31st List of Accounts Common Stock, Total Dividends Other Expense Trading Securities Sales Tax Payable Purchase Discounts General Expense Rent Revenue Purchase Returns & Allowances Accounts Payable Interest Payable (Current) Estimated Warranty Liability Deferred Income Tax Unearned Revenue Capital Lease Obligation 8S 132.00 苓982. CO $1,200.0 1315.00 2.000.0O Chapter Material of Education redesigned...
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The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets $ 65,000 437,760 90,200 Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets 308,028 900,988 630,000 165,00 Equipment, gross Accumulated depreciation Equipment, net 465,000 1,365,988 Total assets Liabilities and Equity $ 204, 500 Accounts payable Short-term notes payable Total current liabilities 27,000 231,500 Long-term...