Homework Answers
| Account Titles | Debit | Credit |
| Cost of goods sold [{6-5} x 5000] | $5,000 | |
| Merchandise Inventory | $,5000 |
Option E is correct answer.
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15) A company's current inventory consists of 5,000 units purchased at S6 per unit Replacement cost...
A company's normal selling price for its product is $30 per unit. However, due to market...
A company's normal selling price for its product is $30 per unit. However, due to market competition, the selling price has fallen to $25 per unit. This company's current inventory consists of 300 units purchased at $26 per unit. Replacement cost has fallen to $23 per unit. Calculate the value of this company's inventory at the lower of cost or market.
Intermediate accounting Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal...
Intermediate accounting Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,700 $7.95 $8.90 $11.13 $1.59 $1.91 B 1,400 8.69 8.37 9.96 0.95 1.27 C 1,600 5.94 5.72 7.63 1.22 0.64 D 1,600 4.03 4.45 6.68 0.85 1.59 E 2,000 6.78 6.68 7.10 0.74 1.06 Greg Forda is an accounting clerk in the accounting department of Crane Co., and he cannot understand why the market value keeps changing from replacement cost to...
Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost...
Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June, (1) the company purchased 338 units at $77 each on account, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent...
Concord Company uses a perpetual inventory system. Its beginning inventory consists of 63 units that cost...
Concord Company uses a perpetual inventory system. Its beginning inventory consists of 63 units that cost $43 each. During June (1) the company purchased 188 units at $43 each on account, (2) returned 8 units for credit, and (3) sold 156 units at $63 each. Journalize the June transactions. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually)...
Metlock Company uses a perpetual inventory system. Its beginning inventory consists of 75 units that cost...
Metlock Company uses a perpetual inventory system. Its beginning inventory consists of 75 units that cost $51 each. During June, (1) the company purchased 225 units at $51 each on account, (2) returned 9 units for credit, and (3) sold 188 units at $75 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent...
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for...
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Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 5,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
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5,000
11
55,000
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11,000
115,000
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Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
6,000 units were on...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May, 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending inventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units 5401 Cost...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to...
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
Learning Objectives 1,4 P6-30A Accounting principles for inventory and applying the lower-of-cost- or-market rule Some of...
Learning Objectives 1,4 P6-30A Accounting principles for inventory and applying the lower-of-cost- or-market rule Some of Mand C Electronics's merchandise is gathering dust. It is now December 31, 2018, and the current replacement cost of the ending merchandise inventory is $24,000 below the business's cost of the goods, which was $97,000. Before any adjust- ments at the end of the period, the company's Cost of Goods Sold account has a bal- ance of $380,000 Requirements 1. Journalize any required entries....
A company's normal selling price for its product is $30 per unit. However, due to market competition, the selling price has fallen to $25 per unit. This company's current inventory consists of 300 units purchased at $26 per unit. Replacement cost has fallen to $23 per unit. Calculate the value of this company's inventory at the lower of cost or market.
Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June, (1) the company purchased 338 units at $77 each on account, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent...
Concord Company uses a perpetual inventory system. Its beginning inventory consists of 63 units that cost $43 each. During June (1) the company purchased 188 units at $43 each on account, (2) returned 8 units for credit, and (3) sold 156 units at $63 each. Journalize the June transactions. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually)...
Metlock Company uses a perpetual inventory system. Its beginning inventory consists of 75 units that cost $51 each. During June, (1) the company purchased 225 units at $51 each on account, (2) returned 9 units for credit, and (3) sold 188 units at $75 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent...
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for sale during the year were 3,900 units at a total cost of $43,200. In May 1,800 units were purchased at a total cost of $19,800. The only other purchase transaction occurred during October. Ending inventory was 1,650 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October Purchased in October Number of units 900 Cost...
Ferris Company began 2018 with 5,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
5,000
11
55,000
Totals
11,000
115,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
6,000 units were on...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May, 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending inventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units 5401 Cost...
Learning Objectives 1,4 P6-30A Accounting principles for inventory and applying the lower-of-cost- or-market rule Some of Mand C Electronics's merchandise is gathering dust. It is now December 31, 2018, and the current replacement cost of the ending merchandise inventory is $24,000 below the business's cost of the goods, which was $97,000. Before any adjust- ments at the end of the period, the company's Cost of Goods Sold account has a bal- ance of $380,000 Requirements 1. Journalize any required entries....
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