Window Help Meeting 5.pdf (page 7 of 7) 4. At December 31, 2020, ABC Corporation has 9,800 units of model 63 and 7,000 units of model 64 in its ending inventory. Specific data with respect to each product is as follows: Model 63 Model 64 Original cost €7,800 €8,700 Net realizable value €7,700 €8,800 What amount should be reported for the total inventory on ABC's statement of financial position? A) €136,360,000 B) €138,040,000 C) €151,900,000 D) €137,060,000 100 units MacBook Air

Window Help Meeting 5.pdf (page 7 of 7) 4. At December 31, 2020, ABC Corporation has 9,800 units of model 63 and 7,000 units of model 64 in its ending inventory. Specific data with respect to each product is as follows: Model 63 Model 64 Original cost €7,800 €8,700 Net realizable value €7,700 €8,800 What amount should be reported for the total inventory on ABC's statement of financial position? A) €136,360,000 B) €138,040,000 C) €151,900,000 D) €137,060,000 100 units MacBook Air

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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Stigma industries has the following beginning inventory and purchases for 2020: 12each 4,800 14each 8,40d 13,200 Beginning inventory 400 Inventory purchased 600 Cost of goods availablel,000units It sells 600 of these units in 2020. compute its cost of goods sold for 2020 and the ending inventory reported on its 2020 balance sheet under each of the following inventory costing methods: FIFO LIFO Cost of goods soldAnswerAnswer Ending inventory AnswerAnswer
Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing. Cost ReplacementCost SalesPrice Net RealizableValue NormalProfit Aluminum siding $ 70,000 $ 62,500 $ 64,000 $ 56,000 $ 5,100 Cedar shake siding 86,000 79,400 94,000 84,800 7,400 Louvered glass doors 112,000 124,000 186,400 168,300 18,500 Thermal windows 140,000 126,000 154,800 140,000 15,400 Total $408,000 $391,900 $499,200 $449,100 $46,400 Instructions a. 1. Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. 2. For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Prior to adjustment, the Allowance account had a balance of $27,500. b. Explain the rationale for the use of the lower-of-cost-or-market rule as it…
The following information is available for Mikell Corporation from their inventory records as of the first quarter of 2023 for Product X: \table[[,(,(
Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's ending inventory records appear as follows: Year Current Cost Index 2018 $41,800 100 2019 57,540 120 2020 60,710 130 2021 73,640 140 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Required: Compute the ending inventory for the years 2018, 2019, 2020, and 2021, using the dollar-value LIFO method. Year Ending inventory 2018 41,800 V 2019 69,048 X 2020 60,710 x 2021 $ 73,640 x
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Data for Al-Riyadh Company for the year ending in 2020: (10 Marks) Date Explanation Beginning Inventory Jan 1 Units Unit Cost Total Cost 150 April 20 August 3 Purchase 10 1,500 4,800 5,600 2,400 14,300 400 Purchase 12 400 14 Dece15 Purchase 150 16 Total Units Available for sale 1,100 Additional Information: Total sales is 800 units. Price per unit sold is $30. Operational Expenses is $2,500. Instruction: 1. Find the units of the ending inventory. 2. Find the cost of ending inventory using: A. FIFO B. LIFO. C. Weighted Average. 3. Find the cost of sales using: A. FIFO. B. LIFO. C. Weighted Average. 4. Find the net profit using: A. FIFO. B. LIFO. C. Weighted Average.
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Splish Brothers, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2020. Item Quantity UnitCost ReplacementCost/Unit Estimated SellingPrice/Unit Completion & DisposalCost/Unit Normal ProfitMargin/Unit X490 8,976 $11.00 $10.52 $12.32 $2.64 $2.99 X512 4,356 6.16 6.60 7.83 0.22 1.58 X682 15,840 16.72 16.37 27.76 2.86 7.92 Z195 11,000 12.54 12.32 17.42 1.23 5.06 Z846 7,568 10.56 11.22 12.28 1.85 0.97 (a) Correct answer icon Your answer is correct. Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75.) (b) Partially correct answer icon Your answer is partially correct. Show the journal entries Splish Brothers, Inc. will…
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