Homework Answers
Ending inventory = Cameras +Blu ray players + ipods
= (111 units * $67) + (153 units * $58) + (142 units * $71)
= $7,437 + $8,874 + $10,082
= $26,393
Add Answer to:
Exercise 6-12 Charapata Company applied FIFO to its inventory and got the following results for its...
Exam #1, Chapters 2-6 Page 12 9. Foley Company applied FIFO to its inventory and got the following results for its...
Exam #1, Chapters 2-6 Page 12 9. Foley Company applied FIFO to its inventory and got the following results for its ending, inventory. DVRs 140 units at a cost per unit of $59 DVD players 210 units at a cost per unit of $75 iPods 175 units at a cost per unit of $80 The cost of purchasing units at year-end was DVRs $71, DVD players $68, and iPods $78. Instructions Determine the amount of ending inventory at lower-of-cost-or-market.
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 7 $178 153 $149 161 Canon 153 Light Meters Vivitar 136 111 Kodak 111 141 What amount should be reported on Blossom Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ 4425
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Cost per Unit Net Realizable Value per Unit Cameras Minolta 5 $178 $149 Canon 7 153 161 Light Meters Vivitar 13 136 111 Kodak 10 111 141 What amount should be reported on Blossom Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $
Max Company sells furniture. At year-end, Max uses the FIFO method to value its inventory and...
Max Company sells furniture. At year-end, Max uses the FIFO method to value its inventory and got the following results for its ending inventory. Number of Units Cost per unit Wall Units 800 $200 Chairs 200 $160 Tables 400 $150 The net realizable value of each of these products at year-end was Wall Units $190 per unit Chairs $150 per unit Tables $170 per unit. If Max prepares its financial statements using generally accepted accounting principles, what is the proper...
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. uses the lower-of-cost-or-net realizable value...
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 7 $179 $153 Canon 10 149 172 Light meters: Vivitar 13 136 108 Kodak 19122 128 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6627) 6627
73) Ending inventory for Commodity X consists of 20 units. Under the FIFO method, the cost...
73) Ending inventory for Commodity X consists of 20 units. Under the FIFO method, the cost of the 20 units is $5 each. Current net realizable value is $4.75 per unit. Using the lower-of-cost-and-net -realizable-value rule to value inventory, the balance sheet would show ending inventory of: A) $5.00 B) $4.75 C) $95.00 D) $100.00 74) Piggly Wiggly Sales had six CD players in inventory on December 31. They were purchased in November for $170 each. A quoted price received...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for...
eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 36 units $56 30 units 10 Sale 15 Purchase 18 units $58 20 Sale 10 units 24 Sale 9 units 30 Purchase 24 units o $61 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after...
Exercise 6-05 Larkspur, Inc. uses a periodic inventory system. Its records show the following for the...
Exercise 6-05 Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold. Units Unit Cost Date May 1 Explanation Inventory Purchase Purchase Total Total Cost $306 260 440 $1,006 24 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost. LINK TO TEXT LINK TO VIDEO Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost...
A physical Inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost...
A physical Inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units $ 98 335 250 316 194 $ 90 111 86 52 100 95 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 470 281 2e2 150 93 310 125 84 322 175 160 78 97 84 185 Required: 1. Calculate the lower of cost or market for the Inventory applied separately to each item....
Exam #1, Chapters 2-6 Page 12 9. Foley Company applied FIFO to its inventory and got the following results for its ending, inventory. DVRs 140 units at a cost per unit of $59 DVD players 210 units at a cost per unit of $75 iPods 175 units at a cost per unit of $80 The cost of purchasing units at year-end was DVRs $71, DVD players $68, and iPods $78. Instructions Determine the amount of ending inventory at lower-of-cost-or-market.
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 7 $178 153 $149 161 Canon 153 Light Meters Vivitar 136 111 Kodak 111 141 What amount should be reported on Blossom Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ 4425
Max Company sells furniture. At year-end, Max uses the FIFO method to value its inventory and got the following results for its ending inventory. Number of Units Cost per unit Wall Units 800 $200 Chairs 200 $160 Tables 400 $150 The net realizable value of each of these products at year-end was Wall Units $190 per unit Chairs $150 per unit Tables $170 per unit. If Max prepares its financial statements using generally accepted accounting principles, what is the proper...
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 7 $179 $153 Canon 10 149 172 Light meters: Vivitar 13 136 108 Kodak 19122 128 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6627) 6627
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
eBook Show Me How Calculator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 36 units $56 30 units 10 Sale 15 Purchase 18 units $58 20 Sale 10 units 24 Sale 9 units 30 Purchase 24 units o $61 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after...
Exercise 6-05 Larkspur, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 80 units were sold. Units Unit Cost Date May 1 Explanation Inventory Purchase Purchase Total Total Cost $306 260 440 $1,006 24 Calculate the weighted average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average unit cost. LINK TO TEXT LINK TO VIDEO Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost...
A physical Inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Cost Market Units $ 98 335 250 316 194 $ 90 111 86 52 100 95 Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers 470 281 2e2 150 93 310 125 84 322 175 160 78 97 84 185 Required: 1. Calculate the lower of cost or market for the Inventory applied separately to each item....
Most questions answered within 3 hours.
-
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 54 minutes ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 1 hour ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 1 hour ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 1 hour ago -
When a metal rod is heated, not only its resistance but also its
length and cross‐sectional...
asked 1 hour ago -
write a c++ program that computes the L^1 - Norm of a given
vector (L^1 norm...
asked 2 hours ago -
A manufacturer of banana chips would like to know whether its
bag filling machine works correctly...
asked 2 hours ago -
Complete the chapter case, "Turnover Analysis".
Chapter Case
Turnover Analysis
You recently completed your company’s new...
asked 2 hours ago -
What is the pH of solutions having the following H3O+
concentrations? Identify each as acidic, basic,...
asked 2 hours ago -
How does over-voltage of the diode usually occur?
asked 2 hours ago -
If you step on a dirty nail, your doctor will recommend you
update your Tetanus vaccination....
asked 2 hours ago -
Suppose that decreases in the price of milk lead to decrease s
in the retail prices...
asked 2 hours ago