Homework Answers
1.
Conservatism Principle
2.
Value of inventory to be reported = $55,000
3.
| Account Titles | Debit | Credit |
| Cost of Goods Sold | $ 13,900 | |
| Inventory | $ 13,900 |
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HELP Forester Company has five products in its inventory. Information about the December 31, 2018, inventory...
HELP
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Unit Replacement Cost Selling Price Product Quantity 1,000 800 Cost A S 14 $16 $20 22 B 19 7 15 C 700 6 12 D 600 11 8 10 E 800 18 16 17 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 35 percent of the selling...
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows...
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Problem 9-3 (Algo) Lower of cost or market; by product and by total inventory (LO9-1] Forester...
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Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each...
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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information
about the December 31, 2021, inventory is as follows:
latum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $149,000 102 110,800 103 73, 800 104 37,500 Total Replacement Cost $136,100 104,600 49,200 35,000 Total Net Realizable Value $123,700 135,400 62,100 62,800 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of inventory at...
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows....
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity Unit Cost Unit Replacement Cost Unit Selling Price A 900 $ 29 $ 31 $ 35 B 900 34 30 37 C 900 22 21 27 D 900 26 23 25 E 1,000 33 31 32 The cost to sell for each product consists of a 20 percent sales commission. The normal profit for each product is 40 percent of the selling...
Can you explain. Question2 and LIFO method. As of December 31, 2018, the inventory subsidiary ledger...
Can you explain.
Question2 and LIFO method. As of December 31, 2018, the inventory subsidiary ledger shows the following ending inventory for a particular product: Lion Inc., uses perpetual inventory system Purchase date Unit Unit cost June 3 August 14 78 S.7 December5 45 $1.8 234 S1. A year-end ending inventory at December 31, 2018, however, 421 units on hand. In its financial statements, Lion Inc. values its inventories at lower-of-cost -or market (LCM). As of December 31, 2018, replacement...
Forester Company has five products in its inventory. Informationabout the December 31, 2021, inventory follows....
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows.ProductQuantityUnitCostUnitReplacementCostUnitSellingPriceA800$27$29$33B800322835C600201925D800242123E500312930The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 percent of the selling price.Required:1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule...
Camp Site USA, Inc. uses the LEO inventory method and values its inventory using the lower of cost-or-market (LCM) Camp She USA Inc. has the following account balances at December 31, 2018, before releasing its financial statements for the year (Click the icon to view the accounts The accountant for Camp Site USA, Inc., has determined that the replacement cost current market value of the ending inventory as of December 31, 2018 is 559.100 Read the requirements Requirement 1. Which...
Problem 9-3 Lower of cost or market [LO9-1 Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Unit Replaceent Selling Product Quantity Cost s 17 Cost $19 Price $23 25 1,000 700 1,000 900 600 18 10 14 21 15 13 19 20 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 40 percent of the selling price...
HELP
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. Unit Unit Unit Replacement Cost Selling Price Product Quantity 1,000 800 Cost A S 14 $16 $20 22 B 19 7 15 C 700 6 12 D 600 11 8 10 E 800 18 16 17 The cost to sell for each product consists of a 15 percent sales commission. The normal profit percentage for each product is 35 percent of the selling...
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows Unit Unit Replacement Selling Price Unit Cost Quantity 900 900 Cost Product $31 $ 25 30 $27 26 A 33 B 23 17 19 18 500 C 21 22 700 D 28 27 29 500 E The cost to sell for each product consists of a 10 percent sales commission. The normal profit percentage for each product is 35 percent of the selling price....
Problem 9-3 (Algo) Lower of cost or market; by product and by total inventory (LO9-1] Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product A Unit Cost $ 30 35 23 27 Quantity 600 1,000 900 800 700 Unit Replacement Cost $32 31 22 24 32 Unit Selling Price $36 38 28 26 33 B с D E 34 The cost to sell for each product consists of a 10 percent sales...
Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: (Click the icon to view the records.) Read the requirements Requirement 1. Prepare Golf Unlimited's perpetual inventory record for the puters assuming Gof Unlimited uses the weighted average Inventory costing method. Round weighted average cost per unit to the nearest cent and all other amounts to the nearest...
Tatum Company has four products in its inventory. Information
about the December 31, 2021, inventory is as follows:
latum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $149,000 102 110,800 103 73, 800 104 37,500 Total Replacement Cost $136,100 104,600 49,200 35,000 Total Net Realizable Value $123,700 135,400 62,100 62,800 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of inventory at...
Can you explain.
Question2 and LIFO method. As of December 31, 2018, the inventory subsidiary ledger shows the following ending inventory for a particular product: Lion Inc., uses perpetual inventory system Purchase date Unit Unit cost June 3 August 14 78 S.7 December5 45 $1.8 234 S1. A year-end ending inventory at December 31, 2018, however, 421 units on hand. In its financial statements, Lion Inc. values its inventories at lower-of-cost -or market (LCM). As of December 31, 2018, replacement...
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