4) The data below is the stock record for item 345DateReceipts14/310Unit cost11salesbalance1012/43722/52510/65151030/617/73275What is the value of the inventory based on:FIFO costingAverage costingLIFO costing

Step 1: Calculation of inventory using FIFOFormula table:The value of ending inventory under FIFO…

Answered: 4) The data below is the stock record…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11PB: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company,...

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Similar questions

Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Based on the data in Exercise 6-15 part (a) and assuming that cost was determined by the FIFO method, show how the inventory would appear on the balance sheet.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
On the basis of the following data: Product InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Model A 42 $74 $90 Model B 45 181 202 Model C 29 166 171 Model D 12 130 112 Model E 24 159 158 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory at the Lower of Cost or Market Product Total Cost Total Market Lower of Total Cost or Total Market A $ $ $ B C D E Total $ $ $
On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.
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 10. Product InventoryQuantity Cost PerUnit Market Value per Unit(Net Realizable Value) Class 1: Model A 16 $162 $169 Model B 32 190 198 Model C 34 152 148 Class 2: Model D 31 298 309 Model E 42 72 78 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product InventoryQuantity Costper Unit Market Valueper Unit(Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in…
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 10. Product InventoryQuantity Cost PerUnit Market Value per Unit(Net Realizable Value) Class 1: Model A 25 $113 $127 Model B 13 274 289 Model C 17 217 195 Class 2: Model D 31 70 59 Model E 39 61 45 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product InventoryQuantity Costper Unit Market Valueper Unit(Net RealizableValue) Cost Market Lower ofCost orMarket Model A Model A $Model A $Model A $Model A $Model A $Model A Model B Model B Model B Model B Model B Model B Model B Model C Model C Model C…

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4) The data below is the stock record for item 345 Date Receipts 14/3 10 Unit cost 11 sales balance 10 12/4 3 7 22/5 2 5 10/6 5 15 10 30/6 17/7 32 7 5 What is the value of the inventory based on: FIFO costing Average costing LIFO costing