At a lump -sum cost of $69,000 , Kyla Company recently purchased the following items for resale: Item M N No. of Items Purchased 4,000 2,000 6,000 Resale Price Per Unit $3.75 12.00 6.00 he appropriate cost per unit of inventory is : m n o 5.75. 5.75`. 5.75 3.75. 12.00. 6.00 3.38. 10.80. 5.40 3.45. 11.04. 5.52

At a lump -sum cost of $69,000 , Kyla Company recently purchased the following items for resale: Item M N No. of Items Purchased 4,000 2,000 6,000 Resale Price Per Unit $3.75 12.00 6.00 he appropriate cost per unit of inventory is : m n o 5.75. 5.75`. 5.75 3.75. 12.00. 6.00 3.38. 10.80. 5.40 3.45. 11.04. 5.52

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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Sheridan Combines, Inc. has $12000 of ending finished goods inventory as of December 31, 2022. If beginning finished goods inventory was $7000 and cost of goods sold was $42000, how much would Sheridan Combines, Inc. report for cost of goods manufactured? O $54000 O $7000 O $47000 O $37000 Save for Later Attempts: 0 of 1 used Submit Answer
d t nces SLR Corporation has 500 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 $ 53 51 73 Required 1 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment? Complete this question by entering your answers in the tabs below. Product Cost 9 13 Required 2 Product 2 $ 37 29 39 7 11 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. Market Per Unit Inventory Value Unit Cost Lower of Cost or Market
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Part Two: Work Out Problem One: Tale Company had the following beginning inventory and purchases during 2002: Item X Unit cost Date Unit's Br. 14 Jan. 1 Inventory 400 15 March 10 Purchase 200 16 May 9 Sep. 22 Purchase 300 Purchase 250 20 Nov. 28 Purchase 100 21 At december 31, 2002, there were 550 units of X on hand. Sales of units were as follows: Jan. 15 200 units at Br. 30 April 1 200 units at Br. 30 Nov. 1 300 units at Br. 35 Required: Apply the four different methods of inventory costing to calculate ending inventory & Cost of merchandise sold under: Periodic inventory system i) ii) Perpetual inventory system
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Chamiching makes hacksaw blades. Inventory values are determined using the first in, first out (FIFO) method. Production and sales data for the first three years appear below. Hacksaw blades Sold Produced Yr 1 18,000 22,000 Yr 2 25,000 23,000 Yr 3 37,000 35,000 Sales price Full cost Yr 1 $10.00 $6.00 Yr 2 $11.00 $6.60 Yr 3 $12.00 $7.60 In the first year, variable costs accounted for half of the full costs. Total fixed production costs increased each subsequent year by 20%, as a result of step-fixed costs and a general inflationary price increase. For Chamiching, which of the following is true? Variable costing income (VCI) exceeds full costing income (FCI) every year VCI exceeds FCI in Yrs 1 and 2 only VCI exceeds FCI in Yrs 2 and 3 only VCI never exceeds FCI
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