Homework Answers
Answer: $2,050
.
.
| Working note - Calculation of value of inventory inventory | |||||
| Inventory (a x b) |
Quantity (a) |
Cost | NRV |
Lower of Cost or NRV (b) |
Ending Inventory (a x b) |
| Item A | 20 | $20 | $35 | $20 | $400 |
| Item B | 50 | 30 | 25 | $25 | $1,250 |
| Item C | 40 | 10 | 15 | $10 | $400 |
| Total |
$2,050 [$400 + $1,250 + $400] |
Add Answer to:
Saved Help Save & Exit Submit Maxwell Corporation has the following inventory information at the end...
Saved Help Save & Exit Submit Required information A Clarke Corporation subsidiary buys marketable equity securities...
Saved Help Save & Exit Submit Required information A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017 for 100,000 won cach. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates for 1 won follow: S0.45 von January 1, 2017 Apr 1, 2017 June 1, 2017 December 31, 2017 0.491 Assume that the US dollar...
Help Save & Exit Submit Given the following information, determine the cost of the inventory at...
Help Save & Exit Submit Given the following information, determine the cost of the inventory at June 30 using the perpetual LIFO inventory method June 1 Beginning inventory 20 units at $20 Bach Sale of 12 units for $50 each 12 units at $25 June 29 Purchase each June 15 The cost of the ending inventory is Multiple Choice $240 $500 ooooo $300 $400 O $460 Prey 34 of 47 Next >
Saved Help Save & Exit Submit A company has beginning inventory of 12 units at a...
Saved Help Save & Exit Submit A company has beginning inventory of 12 units at a cost of $28 each on February 1. On February 3, it purchases 38 units at $30 each. 17 units are sold on February 5. Using the periodic FIFO inventory method, what is the cost of the 17 units that are sold? Multiple Choice Ο Ο $490 Ο $486 Ο Ο $504 Ο () $514 Ο 4476 31 of 47 Next >
Saved 6252F Help Required information [The following information applies to the questions displayed below.) Home Furnishings...
Saved 6252F Help Required information [The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 250 55 Unit Cost $ 90 450 Unit NRV $105 325 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments Cost of ending inventory (before adjustment)
Wk. 5- Apply: Exercisei Saved Help Save & Exit Submit 9 For the current fiscal year,...
Wk. 5- Apply: Exercisei Saved Help Save & Exit Submit 9 For the current fiscal year, Purchases were $305,000, Purchase Returns and Allowances were $9,100, Purchase Discounts were $3,100 and Freight In was $41,000. If the beginning merchandise inventory was $66,000 and the ending merchand ise inventory was $87,000, the Cost of Goods Sold is: points Skipped Multiple Choice Mc Graw Hill Education Next> Prev 9 of 10 12
Required information The following information applies to the questions displayed below.) Home Furnishings reports inventory using...
Required information The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Unit Cost Furniture 250 Electronics Unit NRV $105 325 $ 90 450 55 ed 2. Calculate ending inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Furniture Electronics $ 0
I need a more detailed answer Inventory Project i Saved Help Save & Exit Submit Check...
I need a more detailed answer
Inventory Project i Saved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.) Part 3 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. points Date Activities Units Sold at Retail Mar. Beginning inventory Mar. 5 Purchase Units Acquired at Cost 100 units@ $50.00 per unit 400 units@ $55.00 per eBook 400 units...
ALC02889694 Online (Fall 2020) Connect 13 quiz16 Saved Help Save & Exit Submit Tyare Corporation had...
ALC02889694 Online (Fall 2020) Connect 13 quiz16 Saved Help Save & Exit Submit Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $27,500 $34,000 Finished Goods $77,000 $70,000 Work in Process $15,500 $16,808 09:48 During May, $60,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15...
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on...
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women CEO department Realizable value Quantity Unit Cost 249 $28 $31 159 Accessories Item 620 Item 621 Women CEO Item 726 Item 727 199 101 139 1. What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and...
MHE ter 4 Quiz 5 Help Save&Exit Submit Walbin Corporation uses the weighted-average method in its...
MHE ter 4 Quiz 5 Help Save&Exit Submit Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory ina particular department consisted of 13,000 units, 100% complete with respect to materials cost and 20% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $23,200. A total of 43,000 units were transferred out of the department the month. The costs per equivalent unit were computed to...
Saved Help Save & Exit Submit Required information A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017 for 100,000 won cach. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates for 1 won follow: S0.45 von January 1, 2017 Apr 1, 2017 June 1, 2017 December 31, 2017 0.491 Assume that the US dollar...
Help Save & Exit Submit Given the following information, determine the cost of the inventory at June 30 using the perpetual LIFO inventory method June 1 Beginning inventory 20 units at $20 Bach Sale of 12 units for $50 each 12 units at $25 June 29 Purchase each June 15 The cost of the ending inventory is Multiple Choice $240 $500 ooooo $300 $400 O $460 Prey 34 of 47 Next >
Saved Help Save & Exit Submit A company has beginning inventory of 12 units at a cost of $28 each on February 1. On February 3, it purchases 38 units at $30 each. 17 units are sold on February 5. Using the periodic FIFO inventory method, what is the cost of the 17 units that are sold? Multiple Choice Ο Ο $490 Ο $486 Ο Ο $504 Ο () $514 Ο 4476 31 of 47 Next >
Saved 6252F Help Required information [The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 250 55 Unit Cost $ 90 450 Unit NRV $105 325 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments Cost of ending inventory (before adjustment)
Wk. 5- Apply: Exercisei Saved Help Save & Exit Submit 9 For the current fiscal year, Purchases were $305,000, Purchase Returns and Allowances were $9,100, Purchase Discounts were $3,100 and Freight In was $41,000. If the beginning merchandise inventory was $66,000 and the ending merchand ise inventory was $87,000, the Cost of Goods Sold is: points Skipped Multiple Choice Mc Graw Hill Education Next> Prev 9 of 10 12
Required information The following information applies to the questions displayed below.) Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Unit Cost Furniture 250 Electronics Unit NRV $105 325 $ 90 450 55 ed 2. Calculate ending inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Furniture Electronics $ 0
I need a more detailed answer
Inventory Project i Saved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.) Part 3 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. points Date Activities Units Sold at Retail Mar. Beginning inventory Mar. 5 Purchase Units Acquired at Cost 100 units@ $50.00 per unit 400 units@ $55.00 per eBook 400 units...
ALC02889694 Online (Fall 2020) Connect 13 quiz16 Saved Help Save & Exit Submit Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $27,500 $34,000 Finished Goods $77,000 $70,000 Work in Process $15,500 $16,808 09:48 During May, $60,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15...
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women CEO department Realizable value Quantity Unit Cost 249 $28 $31 159 Accessories Item 620 Item 621 Women CEO Item 726 Item 727 199 101 139 1. What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and...
MHE ter 4 Quiz 5 Help Save&Exit Submit Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory ina particular department consisted of 13,000 units, 100% complete with respect to materials cost and 20% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $23,200. A total of 43,000 units were transferred out of the department the month. The costs per equivalent unit were computed to...
Most questions answered within 3 hours.
-
A hawk is flying horizontally at 24.0 m/s in a straight line,
185 m above the...
asked 4 minutes ago -
Draw a Supply and Demand Graph for yourself. Now draw a dashed
line vertically down through...
asked 1 minute ago -
A 3.15-g bullet embeds itself in a 1.17-kg block, which is
attached to a spring of...
asked 3 minutes ago -
1a. An aqueous solution of calcium hydroxide is
standardized by titration with a 0.116 M solution...
asked 6 minutes ago -
In response to concerns about nutritional contents of fast
foods, McDonald's has announced that it will...
asked 22 minutes ago -
A gun with inertia 5.5 kg fires a 13-g bullet at a stationary
target located 1.0...
asked 24 minutes ago -
A box contains twenty-five screws which are identical in size,
but 13 of which are copper...
asked 26 minutes ago -
“Is it possible that objectively
a product is high quality but subjectively low
quality?”
Please support...
asked 28 minutes ago -
OCHEM LAB
Why does hydration of 2-methyl-3-butyn-2-ol give the ketone,
3-hydroxy-3-methyl-2-butanone (4), rather than the aldehyde,...
asked 37 minutes ago -
A sample of gas at 15 ⁰C and 0.988 atm has a volume of 2.58
liters....
asked 44 minutes ago -
Enzymes are required in retroviruses because the genome
is not used directly as mRNA (T/F)
Please...
asked 43 minutes ago -
An AC generator supplies an rms voltage of 240 V at 50.0 Hz. It
is connected...
asked 55 minutes ago