Beginning inventory Net purchases $127,600 231,240 $256, 800 393,600 Assume that In addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your Intermedlate calculetlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round vour Intermediete celculetlone end finel eneware to 2 daclnel plecee

Beginning inventory Net purchases $127,600 231,240 $256, 800 393,600 Assume that In addition to estimating its ending inventory by the retall method, Harmony Co. also took a physical Inventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your Intermedlate calculetlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 inventory shrinkage from breakage, theft, or other causes at retal and at cost. (Round vour Intermediete celculetlone end finel eneware to 2 daclnel plecee

Name: AL LUSEAL RELdiBeginning inventoryNet purchases$127, 600231,240$256,
Uploaded: 2024-03-20T06:32:37.000Z
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Description: AL LUSEAL RELdiBeginning inventoryNet purchases$127, 600231,240$256, 800393, 600Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at themarked selling prices of the Inventory

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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Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 Cost Retail $39,000 $ 52,000 96,920 114,000 $102,775 $118,600 2,600 3,100 2022 13,000 2,600 111,010 2,200 2022 Cost Retail Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 9,200 2,800 108,840 4,960 1.00 1.08 1.10
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I computed 72,540 but is checked wrong why?
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