3a) Complete the chart below for the ending inventory of Samuel Corporation.                   NRV Less   Designated   Final         Replacemt   NRV   Profit Margin   Market   Inventory Item   Cost   Cost   (Ceiling)   (Floor)   Value   Value ABC             80,000         92,000     100,000       90,000                                   DEF             90,000         98,000       95,000       91,000                                   GHI             75,000         85,000       80,000       65,000                                   JKL             85,000         78,000       95,000       80,000                                   Total          330,000                       (3b) Using the Loss Method, what adjusting journal entry?

Q: The following data refer to Brompton Company's ending inventory: Item Code Quantity Unit Cost Unit…

A: Here is the step-by-step verification:For each item, select the lower value between the unit cost…

Q: ONETTE Company uses the FIFO approach in stimating its inventory. The following information is made…

A: The cost of ending inventory is calculated as difference between cost of goods available for sale…

Q: Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales…

A: The approaches is given as,

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A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

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A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending…

A: SOLUTION COST OF GOOD SOLD- IT REFERS TO THE DIRECT COSTS OF PRODUCING THE GOOD SOLD BY THE COMPANY.

Q: National Company wrote off P200,000 in obs curnover ratio would: * O remain unchanged. decrease.…

A: Inventory Turnover Ratio: This ratio indicates the relationship between the cost of revenue from…

Q: A company reported the following data related to its ending inventory 95% 95 Product Units Per…

A: IN CASE OF INVENTORY AS WHOLE :  = LOWER IS COST SR3,680   PRODUCT UNITS ON HAND  PER UNIT COST…

Q: On 31/12/2020, ABC Company had inventory costing $10000. The estimated selling price was $10000, the…

A: The "Lower of Cost and Net Realizable Value" (LCNRV) method is an accounting principle used in…

Q: ABC Co. has the following information: Inventory, beg. 80,000 Inventory, end. 128,000 Purchases…

A: Cost of sales refers to the total amount incurred by an entity for producing the product and selling…

Q: How much loss should Nyx recognize

A: Net realisable value (NRV) means money received in hands after deducting expenses in relation to…

Q: Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net…

A: Ratios are used by the firms to know the exact situation of the firm in comparison to the industry…

Q: An analysis of the inventory owned by Owens Company as of the Company's fiscal closing date is shown…

A: Inventory includes both raw materials for manufacturing and finished products for sale. Inventory is…

Q: The inventory of Tamarisk Company on December 31, 2022, consists of the following items. Part No.…

A: LCNRV is the short form of lower of cost or net realizable value (NRV). This followed under the…

Q: 2) Compute days in inventory for each company. (Round answers to O decimal plac Wildhorse Company…

A: Inventory turnover is the average number of times a company sells and replaces its inventory in a…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: Sales Cost of goods sold Gross Profit Operating expenses P800,000 480,000 320,000

A: Formula used: Each line item value % = ( Each line item value / Sales value ) x 100

Q: Compute the lower-of-cost-or-net realizable value valuation for Gantner Company's total inventory…

A: Inventory valuation is the process of computing the economic value of the inventory purchased or the…

Q: atum Company has four products in its inventory. Information about ending inventory is as follows:…

A: Lower of cost or market is an approach to valuation of inventory. The concept of lower of cost and…

Q: The inventory of Oheto Company on December 31, 2020, consists of the following items. Part…

A: Solution: Part No. Quantity Per Unit Cost Market Total Cost Total Market Lower of Cost or Market…

Q: Inventory Stiles Corporation uses the LIFO cost flow assumption and is in the process of applying…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased last will be sold out…

Q: Winners Inc. has three items in its ending inventory. The company's inventory information is…

A: As per the Cost Concept of Accounting, assets are to be recorded at their cost at the time of…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value…

A: The principle is inventory should be valued at lower or cost of reliasable value which ever is lower…

Q: Decker Company has five products in its inventory. Information about ending inventory follows. Unit…

A: LCNRV: The inventory is recorded at the purchase cost initially but, it is adjusted to the lower…

Q: Tatum Company has four products in its inventory. Information about ending inventory is as follows:…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: 7. AHR Company has provided the following data: Inventory and prepaid expenses, P35,000, Current…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: What amount should be reported as inventory? a. 720,000 b. 728,000 c. 676,000 000.00 00.00

A: Solution Concept Lower of cost or net realizable value                 As per the accounting…

Q: Required Inventory turnover the current ratio is current ratio is current ratio is the current ratio…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Account Cost of goods sold Inventory Company X $1,980,000 $ 175,000 Company Y $4,338,000 $ 295,000…

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Q: Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson…

A: Inventory valuationInventory valuation method is an accounting practice that is followed by each and…

Q: What amount should ABC report its total cost of inventory on the 12/31/2020 Balance Sheet?

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Q: Compute the Inventory turnover ratio from the following information: Opening Stock =P50,000 Closing…

A: Inventory turnover ratio = Cost of raw material consumed / Average stock of raw material Average…

Q: normation about an item of inventory is given below: Inventory cost Replacement cost Selling price…

A: It is a formula for figuring out the price of goods sold that backs up the cost flow assumptions.…

Q: Calculate the following: Company A Mark -  up                             25 percent Sales…

A: Gross profit is the difference between sales and the cost of sales. Mark up is always calculated on…

Q: Mannisto Incorporated uses the FIFO inventory cost flow assumption. In a year of rising costs and…

A: Answer:- LIFO method is an inventory valuation method where inventory purchased last sold first.…

Q: Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific…

A: LCNRV ( Lower of Cost and Net Realizable Value): Generally Accepted Accounting Principles (GAAP)…

Q: RJ Corporation has provided the following information about one of its inventory items: Number of…

A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Q: Tatum Company has four products in its inventory. Information about ending inventory is as follows:…

A: Lower of cost or market value states that business entity should record the inventory at whichever…

Q: S At the end of the year, Randy's Parts Company had the following items in inventory: Item P1…

A: The inventory is a balnce sheet item that is shown at cost, howevere the inventory may be presented…

Q: At 12/31/20, the end of Lincoln Company's first year of business, inventory was $6,100 and $5,100 at…

A: The lower-of-cost-or-market (LCM) approach is predicated on the idea that when stock is valued by…

Q: The management of Aspen company believes that under the lower of cost or market rule, the 2 items…

A: a.   Merchandise inventory to be shown at cost or market price(NRV) which ever is lower .…

Q: Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost…

A: Under the lower of cost and NRV method of recording the inventory, the inventory is recorded at the…

Q: mated net realizable value method to allocate the joint cost. The cost of product E sold for the…

A: As per NRV method, the net realizable value at split off point is used to allocate the joint cost.

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.