What is the gain on reversal of inventory writedown on December 31, 2018?
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What is the gain on reversal of inventory writedown on December 31, 2018?
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Product Cost $ 230 270 150 210 130 Per Unit Selling Price $250 290 270 370 170 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 10% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Product Cost $100 140 100 80 20 Per Unit Selling Price $120 160 140 110 40 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows Per Unit Product Cost Selling Price $ 80 $ 60 100 A 120 c 60 60 100 D 90 20 30 Costs to sell consist of a sales commission equal to 10 % of selling price and shipping costs equal to 5% of cost Required: What unit value should Royal Decking use for each of its products when applying the lower...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Per Unit Product Cost Selling Price A $ 120 $ 140 B 160 180 C 80 160 D 80 120 E 20 40 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018 inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018 inventory is as follows: Per Unit Selling Price $ 75 115 95 145 45 Product Cost $ 55 95 Replacement Cost $ 50 85 70 85 115 35 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal gross profit percentage is 30% of selling price Required What unit value should Royal Decking use for each...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $461,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $61,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,500 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $452,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $52,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $21,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
The December 31, 2018 inventory of the COYOTE Co. consisted of 3 products, for which the...
The December 31, 2018 inventory of the COYOTE Co. consisted of 3 products, for which the following information is provided. Original Replacement Est. Disposal Selling Normal Profit Product Cost Cost Cost Price on Sales A $300 $280 $100 $500 30% B 400 350 90 600 15 C 500 600 120 700 10 Instructions:...
Basking Company adopted the dollar-value LIFO method in 2018. At December 31, 2018, ending inventory was...
Basking Company adopted the dollar-value LIFO method in 2018. At December 31, 2018, ending inventory was $104,000, with a price index of 1.00, using dollar-value LIFO. At December 31, 2019, the ending inventory using FIFO is $122,000 and the price index is 1.18. Round all dollar amounts to the nearest dollar. Basking Company's ending inventory at December 31, 2019 on a dollar-value LIFO basis is ________. $104,000 $103,390 $103,280 $122,000
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Product Cost $ 230 270 150 210 130 Per Unit Selling Price $250 290 270 370 170 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 10% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows: Product Cost $100 140 100 80 20 Per Unit Selling Price $120 160 140 110 40 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018, inventory is as follows Per Unit Product Cost Selling Price $ 80 $ 60 100 A 120 c 60 60 100 D 90 20 30 Costs to sell consist of a sales commission equal to 10 % of selling price and shipping costs equal to 5% of cost Required: What unit value should Royal Decking use for each of its products when applying the lower...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2018 inventory is as follows: Per Unit Selling Price $ 75 115 95 145 45 Product Cost $ 55 95 Replacement Cost $ 50 85 70 85 115 35 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal gross profit percentage is 30% of selling price Required What unit value should Royal Decking use for each...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $461,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $61,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,500 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
The December 31, 2018, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a supplier at the end of the month that cost $60,000. The purchase was recorded and paid for in 2019. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2018. However, the merchandise, shipped FOB shipping point, was not received until 2019 and was incorrectly omitted from the...
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