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Lower of Cost or Market Chart Of Accounts First Question General Journal Instructions Number of Units...
Exercise 6-47 (Algorithmic) Lower of Cost or Market Meredith's Appliance Store has the following data for...
Exercise 6-47 (Algorithmic) Lower of Cost or Market Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period: Item Number of Units Historical Cost per Unit Market Value per Unit Window air conditioner 15 $194 $110 Dishwasher 34 240 380 Refrigerator 27 392 605 Microwave 19 215 180 Washer (clothing) 36 195 290 Dryer (clothing) 21 168 245 1. Compute the carrying value of Meredith's ending inventory using the lower...
Lower of Cost or Market Shaw Systems sells a limited line of specially made products, using...
Lower of Cost or Market Shaw Systems sells a limited line of specially made products, using television advertising campaigns in large cities. At year-end, Shaw has the following data for its inventory: Item Number of Historical Cost per Market Value per Units Unit Unit Phone 600 $18 Stereo 180 190 Electric shaver 220 MP3 alarm clock 430 Handheld game 570 system 1. Compute the carrying value of the ending inventory using the lower of cost or market rule applied on...
Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the...
Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Cost per Unit N et Realizable Value Item RSK-89013 $38 $44 Units 450 329 462 LKW-91247 QEC-57429 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. < 2. Prepare the journal entry required to value the inventory at lower of cost or...
Lower of Cost or Market General Journal Instructions Chart of Accounts Next Level Instructions The inventories of Berr...
Lower of Cost or Market General Journal Instructions Chart of Accounts Next Level Instructions The inventories of Berry Company for the years 2016 and 2017 are as follows: Cost Market January 1, 2016 $10,000 $10,000 December 31, 2016 13,000 11,500 December 31, 2017 16,000 14,000 Berry uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2016 was sold in 2017. Prepare the necessary journal entries at the end of each year to record...
A. perpetual inventory using FiFO B. lower of cost or market method Perpetual Inventory Using FIFO...
A. perpetual inventory using FiFO
B. lower of cost or market method
Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 61 units @ $21 7 Sale 43 units 15 Purchase 59 units @ $22 24 Sale 25 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods...
ntries for installment note transactions Instructions Chart of Accounts Amortization Table Journal Final Question Instructions On...
ntries for installment note transactions Instructions Chart of Accounts Amortization Table Journal Final Question Instructions On January 1 of Year 1, Bryson Company obtained a $150,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $46,300, beginning on December 31 of Year 1. Required: a. Prepare a table for this installment note, similar to the one presented in Exhibit 4. b. Journalize the entries for the issuance of the note and the four annual note payments....
Question 2 Swifty Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
Question 2
Swifty Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2020.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,200
$8.70
$9.74
$12.18
$1.74
$2.09
B
900
9.51
9.16
10.90
1.04
1.39
C
1,100
6.50
6.26
8.35
1.33
0.70
D
1,100
4.41
4.87
7.31
0.93
1.74
E
1,500
7.42
7.31
7.77
0.81
1.16...
Lower of Cost or Market Shaw Systems sells a limited line of specially made products, using television advertising campaigns in large cities. At year-end, Shaw has the following data for its inventory: Item Number of Historical Cost per Market Value per Units Unit Unit Phone 600 $18 Stereo 180 190 Electric shaver 220 MP3 alarm clock 430 Handheld game 570 system 1. Compute the carrying value of the ending inventory using the lower of cost or market rule applied on...
Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Cost per Unit N et Realizable Value Item RSK-89013 $38 $44 Units 450 329 462 LKW-91247 QEC-57429 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied on an item-by-item basis. < 2. Prepare the journal entry required to value the inventory at lower of cost or...
Lower of Cost or Market General Journal Instructions Chart of Accounts Next Level Instructions The inventories of Berry Company for the years 2016 and 2017 are as follows: Cost Market January 1, 2016 $10,000 $10,000 December 31, 2016 13,000 11,500 December 31, 2017 16,000 14,000 Berry uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2016 was sold in 2017. Prepare the necessary journal entries at the end of each year to record...
A. perpetual inventory using FiFO
B. lower of cost or market method
Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 61 units @ $21 7 Sale 43 units 15 Purchase 59 units @ $22 24 Sale 25 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods...
ntries for installment note transactions Instructions Chart of Accounts Amortization Table Journal Final Question Instructions On January 1 of Year 1, Bryson Company obtained a $150,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $46,300, beginning on December 31 of Year 1. Required: a. Prepare a table for this installment note, similar to the one presented in Exhibit 4. b. Journalize the entries for the issuance of the note and the four annual note payments....
Question 2
Swifty Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2020.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,200
$8.70
$9.74
$12.18
$1.74
$2.09
B
900
9.51
9.16
10.90
1.04
1.39
C
1,100
6.50
6.26
8.35
1.33
0.70
D
1,100
4.41
4.87
7.31
0.93
1.74
E
1,500
7.42
7.31
7.77
0.81
1.16...
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