anuary 1 inventory under FIFO 7,100,000
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Q: Snyder’s ending inventory using the FIFO method would be:a. $1,500.b. $1,800.c. $7,400.d. $9,200.
A: Units in ending inventory = Units in beginning inventory + Purchases - Sales…
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A: FIFO (First-In, First-Out) is a method of inventory management where the first items added are the…
Q: $81,367 Beginning merchandise inventory Net purchases 15,139 Cost of merchandise available for sale
A: Cost of merchandise available for sale = Beginning merchandise inventory + Net purchases
Q: Music Unlimited carries a large inventory of guitars and other musical instruments. The store uses a…
A: Sales = total 6 units x 1640 = 9840
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Q: E19 Closing Inventory Dec Type Qty Price 1 Op Inv 65 $34.00 1 Purchase 79 $36.25 11 Purchase 72…
A: FIFO Method It is a costing method used to measure Inventory. Under this method, the goods which are…
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A: Note: As per Generally accepted accounting policies, inventories are reported at a lower of cost or…
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A: Goods and Services Tax (GST) : GST is a summation of all indirect taxes which a customer have to pay…
Q: FE9 Advice the closing inventory value as at July 31st Product Qty On Hand Cost NRV WJ01 225 $0.05…
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A: Units sold=Opening units+Purchase-Ending units=200+100+100-120=280 units
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Q: i) Inventory = (60.83 – 54.75) ´ $32,876.7123 = $199,890.41. (ii) Receivables = (73 – 65.70) ´…
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Q: Which of the following items will be included in the inventory note?
A: Inventory note includes the details of all types of inventories.
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Q: E9.3B (L0 1) (LCNRV) Sunshine Company follows the practice of pricing its inventory at LCNRV, on an…
A: Calculate the amount of Sunshine Company inventory using the LCNRV method.
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A: LCM stands for Lower of cost or market method which states that when valuing the inventory of…
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A: Cost of Goods Available for Sale=Beginning Inventory+PurchasesCost of Goods Sold=Cost of Goods…
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A: FIFO method uses the price of the first batch of materials purchased for all issues, until all…
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Q: If the cost of an item of inventory is $60 and the current replacement cost is $75, the amount…
A: Note: Under the lower of Cost or market-value inventory method, inventory is valued on the basis of…
Q: Date 01/01/2024 12/31/2024 12/31/2025 12/31/2026 12/31/2027 Inventory Layers Converted to Base Year…
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- Business purchased inventory $ 2700 from slientsolar ltd.terms 1/5,n/10,FOB . what is the merchandise inventory entry?M7-14 Reporting Inventory under Lower of Cost or Market/Net Realizable Value LO 7-4 The Jewel Fool had the following inventory items on hand at the end of the year. Quantity Cost per Item Value per Item 10 $75 $70 50 40 60 Necklaces Bracelets Determine the lower of cost or market/net realizable value per unit and the total amount that should be reported on the balance sheet for each item of inventory.Seahawks, Inc. had the following consignment transactions during December: No sales of consigned goods were made through December 31. Seahawks' December 31 balance sheet should include consigned inventory at
- Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold (a1) Flint Company Inventory turnover $46,000 197,500 243,500 55.000 $188,500 Pina Colada Company $72,500 Flint Company 294,000 366,500 73,000 Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) $293,500 Pina Colada CompanyPARRISH Pg. 167 INVENTORY Please explain the following as to why the Purchase Allowance and Inventory accounts were credited. Periodic Inventory AP or Cash 10 Purchase Allowances 10 Perpetual Inventory AP or Cash 10 Inventory 10Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %$4 Item F 24 Item G %24 Item H %24
- E8.3B (LO 2) (LCM) Sunshine Company follows the practice of pricing its inventory at LCM, on an individual-item basis. Item No. A B с Ꭰ E F G H Cost per Quantity Unit 1,200 $8.10 600 6.00 200 5.50 700 7.25 1,000 2.10 500 4.05 2,000 8.75 300 9.95 Cost to Replace $8.00 5.60 5.00 7.50 2.00 4.00 8.15 9.00 Estimated Selling Price $9.00 6.00 7.00 8.00 2.80 5.00 9.00 10.50 Cost of Completion and Disposal $0.35 0.45 0.40 0.50 0.65 0.40 0.60 0.30 Instructions From the information above, determine the amount of Sunshine Company inventory. Normal Profit $0.90 0.50 1.00 0.90 0.20 0.75 0.50 1.00Ayayai has the following individual inventory items at cost and net realizable value: Part Units Unit Cost X123 Y135 Z246 A369 B258 (a) 21 30 27 9 14 $4.80 3.15 4.60 1.10 2.25 NRV per Unit $4.30 3.90 5.35 1.10 1.95 Determine the lower of cost and net realizable value of the ending inventory for Ayayai. (Round answers to 2 decimal places, e.g. 15.25.) Lower of cost and net realizable value $After the business combination on the basis of full-goodwill approach, what amount of inventory will be reported? a. P179,000 b. P200,000 c. P210,500 d. P215,000