レ %24 B5 Chapter 10 Lab application-A X Bb Chapter 10 Lab application -A X * CengageNOWv2 | Online teach x keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... * eBook Show Me How The following information is taken from a company's records. Cost Market value per Unit per Unit Inventory Item 1 (9 units) $32 $31 Inventory Item 2 (21 units) 6 - 6- Inventory Item 3 (12 units) 9. 8. Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? S7IOIA Show All Check Mv Work 4 more Check My Work uses remainina Sample Proble....docx Sample Proble...docx Proble....docx

レ %24 B5 Chapter 10 Lab application-A X Bb Chapter 10 Lab application -A X * CengageNOWv2 | Online teach x keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... * eBook Show Me How The following information is taken from a company's records. Cost Market value per Unit per Unit Inventory Item 1 (9 units) $32 $31 Inventory Item 2 (21 units) 6 - 6- Inventory Item 3 (12 units) 9. 8. Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? S7IOIA Show All Check Mv Work 4 more Check My Work uses remainina Sample Proble....docx Sample Proble...docx Proble....docx

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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BIU A Paste $ % Merge & Ceter v Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? 1 fx Formula: Multiply; Cell Referencing A B. D. E H. J K L M N. Formula: Multiply; Cell Referencing Using Excel to Determine Ending Inventory Student Work Area PROBLEM In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: Required: Provide input into cells shaded in yellow in this template. Use a cell references and mathematical formulas for calculations. Purchase $ 1. Units 300 Unit Cost 24 %$4 24 Units Unit Cost Total Cost at 6.00 a. FIFO 200 2. 400 at 8.00 3. 500 at 9.00 b. LIFO 200 McLanie uses a periodic inventory system. It also provided the following information: Units on hand 200 Compute the cost of the ending inventory under the a. FIFO method b. LIFO method
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Saved to my Mac Design Layout References Mailings Review View Q Tell me | 11 A^ A Aa v AaBbCcDdE ab X2 x A v Av 三三三=| 三。 Normal 3. Given the following financial data below prepare the appropriate closing journal entries Owner's Capital Ending Inventory $ 50,000 18,000 Owner's Withdrawals 23,000 Sales Revenue 500,000 Purchases 110,000 20,000 కంకిలో Sales Returns and Allowances Freight Hn 5,400 Sales Discounts 7,500 Purchase returns and Allowances Beginning inventory Freight-Out Advertising Expense Interest Expense 4,000 17,000 2,300 15,000 19,200 53,000 Salaries and Wages Expense Utilities Expense 18,000 9,000 Depreciation Expense Interest Revenue 18,000 Required: Prepare the closing entries
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1/1 CengageNOWv2| Online teachirs x cengagenow.com/ilm/takeAssignment/takeAssignmentMan.uo?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse 田 eBook Prepare the journal entry to record the sale of 1,700 units that cost $9 per unit and sold for $15 per unit. If an amount box does not require an entry, leave it blank.
+ II 立 LE x v-V40ZDZ - ajnpaya O Connect A https://ezto.mheducation.com/ext/map/index.html?_con%3con&external_browser%3D0&launchUrl=https%253A%252F%252Fnew... Chapter 20 Homework penes Help Problem 20-1 (Algo) Change in inventory costing methods; comparative income statements [LO20-2] 3. The Cecil-Booker Vending Company changed its method of valuing inventory from the average cost method to the FIFO cost method at the beginning of 2021. At December 31, 2020, inventories were $119,000 (average cost basis) and were $123,000 a year earlier. Cecil-Bookers accountants determined that the inventories would have totaled $153,000 at December 31, 2020, and $158,000 at December 31, 2019, if determined on a FIFO basis. A tax rate of 25% is in effect for all years. 25 polnts Skipped One hundred thousand common shares were outstanding each year. Income from continuing operations was $390,000 in 2020 and %24515,000 in 2021. There were no discontinued operations either year. eBook Print Required: 1.…
tel) RE 17 Gen File Paste N20 22 23 24 25 26 27 28 29 30 31 32 33 mm m 34 35 9.2. 36 mm Home 37 38 X Cut LB Copy Format Painter Clipboard M Insert : N Purchase $ 1 2 3 Page Layout Liberation Sans BIU с A B 1 Formula: Multiply; Cell Referencing 2 3 Using Excel to Determine Ending Inventory PROBLEM Units on hand 66°F Rain off and on Units 300 4 5 In its first month of operations, McLanie Company made 6 three purchases of merchandise in the following sequence: 7 8 Formulas 400 500 Enter Answer Ready Accessibility: Investigate h Font + D 9 10 11 12 13 McLanie uses a periodic inventory system. It also provided 14 the following information: 15 16 17 18 19 20 21 12 at at at bal Data A A E 200 Review Unit Cost $ 6.00 $ 8.00 $ 9.00 = = = === F View G Help Wrap Text 33Merge & Center Alignment H Tell me what you want to do FIFO J LIFO Custom $ - % - -0 KI Units 200 Number M N N Compute the cost of the ending inventory under the a. FIFO method Conditional Format as Formatting Table Student Work…
Mail - Edjouline X Bb Content - ACG2 X CengageNOWv. x (58) YouTube from Towards a + x owerPoint genow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=Dassignment-take&inpro.. Q < Maps eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 120 units at $26 Sale 90 units 15 Purchase 140 units at $28 Sale 110 units 24 Sale 40 units Purchase 160 units at $30 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cos of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of…
CengageNOWv2 | Online teachin x 2 MindTap - Cengage Learning * + https://v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession L... A Classwork eBook Cost of Materials Issuances Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July: a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Issued Quantity Issued Balance Amount Date Balance Quantity Balance Amount Balance Unit Price 309 200 $7.00 July 1 July 5 125 $750 $ 6.00 125 V 750 V 6.00 7401 240 July 10 422 400 $8.00 July 201 7639 325 July 26 b. Determine the balance of wire cable at the end of July, 1,280 c. Determine the total amount of materials transferred to Work in Process for July. 4.070 Check My Work Q Search 8 144 0 P…
O x ezt.prod.mheducation.com/Me × ezt.prod.mheducation.com/Me x ezt.prod.mheducation.com/Me + io.com/secured #lockdown d: Exam 5 i Saved NEXIGO Help ☆ Save & Exit ssume a company is considering using available space to make 10,000 units of a component part that it has been buying from a supplier for a price of $40.75 per mit. The company's accounting system estimates the following costs of making the part: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead, traceable Fixed manufacturing overhead, allocated Total cost Per 10,000 Units Unit per Year $ 17 $ 170,000 12 120,000 2 20,000 8 80,000 4 40,000 $ 45 $ 430,000 D One-half of the traceable fixed manufacturing overhead relates to a supervisor that would have to be hired to oversee production of the part. The remainder of the raceable fixed manufacturing overhead relates to depreciation of equipment that the company already owns. This equipment has 20,000 units of unused capacity. mo resale…
Chapters 10 and 11 HOMEWORK X CengageNOWv2| Online teachin x ô https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.. Chapters 10 and 11 еBook Show Me How Print Item Bennett Enterprises issues a $396,000, 30-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. > b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2.
Problem 2 parts 1,2,3,4