Basic inventory data for Great Deal Company as of June 30 are presented below: Item Quantity...
Basic inventory data for Great Deal Company as of June 30 are presented below: Item Quantity Unit Cost Unit Market Value Sporting Goods: Baseballs 20 $ 36 $ 32 Footballs 40 $110 $116 Basketballs 10 $ 40 $ 50 Electronics: CD Players 20 $164 $150 DVD Players 30 $116 $110 Assume Great Deal Company applies the Lower of Cost or Market method for the inventory by major category. Determine the amount of inventory adjustment required at the end of the year
Homework Answers
Quantity Unit cost Unit marketLower of cost or Inventory value Item value (c)market value (d)(e)- (a) * (d) Baseballs Footballs Basketballs CD Players DVD Players Total 20 40 10 20 30 $36 $110 $40 $164 $116 $32 $116 $50 $150 $110 $32 $110 $40 $150 $110 $640 $4,400 $400 $3,000 $3.300 $11,740 Amount of inventory adjustment required at the end of the year is S 11,740.
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Basic inventory data for Great Deal Company as of June 30 are
presented below: Item Quantity...
Brooks Company carries three inventory items. The following information pertains to the ending inventory Item А...
Brooks Company carries three inventory items. The following information pertains to the ending inventory Item А F K Quantity 120 170 110 Unit Cost $60 80 30 Unit Market Value $55 75 40 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or. market rule to individual inventory items. b. Calculate the adjustment required assuming the decline in value is immaterial a. Ending inventory b. Adjustment
Q18 Please help me solve this asap. have less than 1 hour left. Thanks in advance! Question 18 Basic inventory data for...
Q18
Please help me solve this asap. have less than 1 hour left.
Thanks in advance!
Question 18 Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category. Inventory Commodity Cost per Unit Market Value per Unit Quantity $ 521 $ 55 What is the amount of reduction in the inventory at April 30 attributable to market decline? O $14 $40 $180 O $220
Beginning inventory, purchases, and sales data for DVD players are as follows: november 1 Beginning inventory,...
Beginning inventory, purchases, and sales data for DVD players
are as follows: november 1
Beginning inventory, purchases, and sales data for DVD players are as follows: Inventory 120 units at $39 November 1 90 units 10 Sale 140 units at $40 15 Purchase 110 units 20 Sale Sale 45 units 24 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
Herman Company has three products in its ending inventory. Specific per unit data at the end...
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 20 $ 90 $ 50 Replacement cost 18 85 40 Selling price 40 120 70 Selling costs 6 40 10 Normal profit margin 5 30 12 Required: What unit values should Herman use for each of its products when applying the lower of cost or...
P6-5B Information for BigFishTackle Co. Ltd. is presented in P6.4B. Use the same inventory data and...
P6-5B Information for BigFishTackle Co. Ltd. is presented in P6.4B. Use the same inventory data and assume that the company uses the perpetual inventory system. Date Explanation Units Unit Cost Total Cost Apr. 1 Beginning inventory 50 $230 $11,500 6 Purchases 35 240 8,400 9 Sales (55) 14 Purchases 40 245 9,800 20 Sales (50) 28 Purchases 30 250 7,500 Instructions (a) Determine the cost of goods sold and cost of ending inventory using average cost. (Use unrounded numbers in...
The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza...
The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20xx Credit Account number 100 110 120 130 Debit 42,350 450 679 1,366 995 586 2,127 19,290 140 150 160 170 171 180 181 200 210 12,137 32,750 11,360 14,767 1,356 17,735 60,275 280 41,127 300 310 400 410 420 183,203 48 522 430 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid...
SYD HASAN CPA ACCT 330 CH 6 DEMO PROBLEM P1 Inventory Methods Given below is data for the Zee Company for the curre...
SYD HASAN CPA ACCT 330 CH 6 DEMO PROBLEM P1 Inventory Methods Given below is data for the Zee Company for the current year: Cost per Unit $20 $22 $23 Units Item Beginning Inventory 1/1 Purchase 2/1 Purchase 8/1 1 7 2 $40 3 Sales 3/1 $40 3 Sales 9/1 Assume that the firm uses the Periodic System of maintaining inventory, compute ending inventory and cost of goods sold under each of the following methods: A. Specific Identification: The units...
help G H А B D E 1 Presented below is information related to Meghani Company....
help
G H А B D E 1 Presented below is information related to Meghani Company. 2 Ending Date Inventory 3 (End-of-Year) (FIFO) Price Index 4 2020 $128,000 100 5 2021 212,000 105 6 2022 218,658 110 7 2023 282,500 115 8 2024 300,500 125 9 10 11 Instructions: 12 Compute the ending inventory for Meghani Company for 2020 through 2024 using the dollar-value LIFO method. 13 Inventory at end-of-year prices Inventory at base-year Price Indes price Layers Index Value...
Brooks Company carries three inventory items. The following information pertains to the ending inventory Item А F K Quantity 120 170 110 Unit Cost $60 80 30 Unit Market Value $55 75 40 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or. market rule to individual inventory items. b. Calculate the adjustment required assuming the decline in value is immaterial a. Ending inventory b. Adjustment
Q18
Please help me solve this asap. have less than 1 hour left.
Thanks in advance!
Question 18 Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category. Inventory Commodity Cost per Unit Market Value per Unit Quantity $ 521 $ 55 What is the amount of reduction in the inventory at April 30 attributable to market decline? O $14 $40 $180 O $220
Beginning inventory, purchases, and sales data for DVD players
are as follows: november 1
Beginning inventory, purchases, and sales data for DVD players are as follows: Inventory 120 units at $39 November 1 90 units 10 Sale 140 units at $40 15 Purchase 110 units 20 Sale Sale 45 units 24 30 Purchase 160 units at $43 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of goods sold for each sale...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
The trial balance for Mario's Pizza Palace at 30 June 20XX is presented below: Mario's Pizza Palace Trial balance as at 30 June 20xx Credit Account number 100 110 120 130 Debit 42,350 450 679 1,366 995 586 2,127 19,290 140 150 160 170 171 180 181 200 210 12,137 32,750 11,360 14,767 1,356 17,735 60,275 280 41,127 300 310 400 410 420 183,203 48 522 430 Account Cash Cash float Accounts receivable Inventory - food Inventory - packaging Prepaid...
SYD HASAN CPA ACCT 330 CH 6 DEMO PROBLEM P1 Inventory Methods Given below is data for the Zee Company for the current year: Cost per Unit $20 $22 $23 Units Item Beginning Inventory 1/1 Purchase 2/1 Purchase 8/1 1 7 2 $40 3 Sales 3/1 $40 3 Sales 9/1 Assume that the firm uses the Periodic System of maintaining inventory, compute ending inventory and cost of goods sold under each of the following methods: A. Specific Identification: The units...
help
G H А B D E 1 Presented below is information related to Meghani Company. 2 Ending Date Inventory 3 (End-of-Year) (FIFO) Price Index 4 2020 $128,000 100 5 2021 212,000 105 6 2022 218,658 110 7 2023 282,500 115 8 2024 300,500 125 9 10 11 Instructions: 12 Compute the ending inventory for Meghani Company for 2020 through 2024 using the dollar-value LIFO method. 13 Inventory at end-of-year prices Inventory at base-year Price Indes price Layers Index Value...
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