A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units Required 1 342 257 Required 2 323 201 477 288 209 182 167 Cost $97 118 93 59 157 100 317 77 104 Market $ 105 107 102 48 132 91 329 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventa account. 91 112 Complete this question by entering your answers in the tabs below. Compute the lower of cost or market for the inventory applied separately to each item.

A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units Required 1 342 257 Required 2 323 201 477 288 209 182 167 Cost $97 118 93 59 157 100 317 77 104 Market $ 105 107 102 48 132 91 329 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventa account. 91 112 Complete this question by entering your answers in the tabs below. Compute the lower of cost or market for the inventory applied separately to each item.

Name: oblems Chapter 5A physical inventory of Liverpool Company taken at De
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Description: oblems Chapter 5A physical inventory of Liverpool Company taken at December 31 reveals the following.ItemCar audio equipmentSpeakersStereosAmplifiersSubwoofersSecurity equipmentAlarmsLocksCamerasBinocular equipmentTripodsStabilizersRequired 1UnitsRe

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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Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 1. 2. 3. Beginning Inventory 4. (a) Purchase 4. (b) Purchase Purchase Units Unit Cost 100 400 Answer the following independent questions. 200 300 1,000 $4 $6 $7 $8 Total Cost A physical count of inventory on December 31 revealed that there were 400 units on hand. $400 2,400 1,400 2,400 $6,600 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? $ $ $ $
tem Units Cost Market Car audio equipment Speakers 335 $ 90 $ 98 Stereos 250 111 100 Amplifiers 316 86 95 Subwoofers 194 52 41 Security equipment Alarms 470 150 125 Locks 281 93 84 Cameras 202 310 322 Binocular equipment Tripods 175 70 84 Stabilizers 160 97 105 Required:1. Calculate the lower of cost or market for the inventory applied separately to each item.2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
Tamarisk, Inc. reports the following for the month of June. June 1. Inventory 364 12 23 30 Purchase Purchase Inventory Units 728 Cost of goods sold 546 182 Cost of the ending inventory eTextbook and Media $ LA Unit Cost $ $4 7 11 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Total Cost $ 1,456 FIFO 5,096 6,006 B Which costing method gives the higher ending inventory? LIFO
Your answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80
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13. Using the following information calculate the Cost of Goods Sold (COGS) and Ending Inventory (El) using the "FIFO Periodic/Perpetual" method. Beginning Inventory 2,400 units @$46 each Jan 5th Sold 2,000 units Jan 10th Purchased 4,000 units @, $50 Jan 15th Sold 3,500 units Jan 20th Purchased 2,000 units @$55 13. Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Periodic" method. 13 Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Perpetual" method. Note: This method requires a little more thought but is more in line with the actual events, in chronological order.
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Someone gave me this answer : cost of ending inventory : 26,300 Cost of goods sold: 36,370 And it is not correct
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
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The Rock Shop shows the following data related to one of the minerals in inventory: Inventory, January 1 300 units @ $5.00 900 units @ $5.40 Purchase, January 9 Purchase, January 19 Total available 210 units @ $6.00 1,410 units O $1,500 $5,874 = If there are 300 units in inventory on January 31, what value should be assigned to cost of goods sold using FIFO? O $1,746 $6,120 $1,500 $4,860 $1,260 $7,620
Per Unit Iten Unita Cont Market Car audio equipment Speakers Stereos 341 $.96 $104 256 117 106 Amplifiers 322 92 101 Subwoofers 200 58 47 Security equipment Alarma 476 156 131 Locks 207 99 90 Cameras 208 316 328 Binocular equipment Tripods 101 76 90 Stabilizers 166 103 111 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.