The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Derzon, Inc. for an operating period.Beginning InventorySale No. 1Purchase No. 1Sale No. 2Purchase No. 2TotalsSelect one:OA. $1,474B. $1,488C. $2,200D. $1,520Units Unit Cost Total Cost Units Sold30$28 $ 840OOO502010040442,0002040Assuming Derzon, Inc. uses weighted-average (periodic) inventory procedures, the ending inventory cost is:880$3,720 60

Name: The following data represent the beginning inventory and, in order of
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Description: The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Derzon, Inc. for an operating period.Beginning InventorySale No. 1Purchase No. 1Sale No. 2Purchase No. 2TotalsSelect one:OA. $1,474B. $1,488

calculation of weighted average Price per unit = 30 × $28 + 50 ×$40+ 20×$44100 units =…

Answered: 20 100 44 40 880 $3,720 60 c. uses…

Business

Accounting

20 100 44 40 880 $3,720 60 c. uses weighted-average (periodic) inventory procedures, the end

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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13
Q9
2. Jackson Company had the following ending inventory costs: Units on Hand 10 Required: Product ABU C 50 35 Unit Cost $5 8 10 Market Value $6 7 11 (a) Calculate the lower of cost or market (LCM) value for the inventory as a whole. (b) Calculate the lower of cost or market (LCM) value for each individual item.
A6
PROBLEMS Problem 12-1 (IAA) The inventory of Horny Company at the end of the current year is to be recorded at the lower of cost and net realizabla value. Cost Estimated sales price Cost of sell Item Units 120 180 30 1,000 1,500 1,200 1,800 1,700 A B 110 140 20 30 170 190 C 150 140 30 D E 130 200 40 Required: Determine the inventory value applying the lower of cost and net realizable value.
(11. Gamal Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Cost to Complete Part No. Quantity| Cost per Unit Selling Price and Sell 1320 1,200 $3.20 $4.50 $1.60 1333 900 2.70 3.40 1.00 1426 800 4.50 5.00 1.40 1437 1,000 3.60 3.20 1.35 1510 700 2.25 3.25 1.40 1522 500 3.00 3.90 0.80 1573 3,000 1.80 2.50 1.20 1626 1,000 4.70 6.00 1.50 Instructions From the information above, determine the amount of Gamal Company inventory.
16. Use the following information to calculate inventory applying LCNRV by item: Recorded cost $12 $22 $17 $42 $32 $18 Еxpected sales price $16 $24 $19 Disposal Costs $2 $5 Item A Item B Item C $2 Item D $60 $40 $6 Item E $6 Item F $24 $7
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26. The following data refer to Issue Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $56 $59 Medium 420 38 44 Large 600 44 42 Extra-Large 220 64 67 How much is the inventory if the lower of cost or market rule is applied to each item of inventory?