Below is a statement of inventory for acandle shop, given on January 31.a) Calculate the lower of cost or netrealizable value for the inventory,applied separately to each product, andby inventory group.CostProductRed Sand CandlesRed Votive Candles,Green Votive Candles,10Purple Sand Candles13Purple Unscented Candles 29TotalsQuantity1413DateDate:General JournalAccount/ExplanationPer Unit10.259.358.058.655.35General JournalAccount/ExplanationTotal forproductPage GJ8Debit Creditb) Prepare any required adjusting entryassuming LCNRV is applied to eachitem. Dates must be entered in theformat dd/mmm (15/Jan). Leave theentry blank if no adjusting entry isrequired.Per UnitPage GJ89.459.807.658.206F Debit CreditNRVTotal forproductc) Prepare any required adjusting entryassuming LCNRV is applied to thewhole group. Dates must be entered inthe format dd/mmm (15/Jan). Leavethe entry blank if no adjusting entry isrequired.LCNRV applied toGroupItems.

Name: Below is a statement of inventory for acandle shop, given on January
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Below is a statement of inventory for acandle shop, given on January 31.a) Calculate the lower of cost or netrealizable value for the inventory,applied separately to each product, andby inventory group.CostProductRed Sand CandlesRed Votive Candles,G

Inventory should be recorded at the lowest of cost or net realizable value. Accounting standards…

Business

Accounting

Below is a statement of inventory for a candle shop, given on January 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost Product Red Sand Candles Red Votive Candles Green Votive Candles, Purple Sand Candles Purple Unscented Candles Totals Date Quantity 14 13 10 13 29 Date General Journal Account/Explanation Per Unit 10.25 9.35 8.05 8.65 5.35 Total for product General Journal Account/Explanation b) Prepare any required adjusting entry assuming LCNRV is applied to each. item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. Page GJ8 F Debit Credit Per Unit 9.45 9.80 7.65 8.20 6 Page GJ8 Debit Credit NRV Total for product c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. LCNRV applied to Items. Group

Below is a statement of inventory for a candle shop, given on January 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost Product Red Sand Candles Red Votive Candles Green Votive Candles, Purple Sand Candles Purple Unscented Candles Totals Date Quantity 14 13 10 13 29 Date General Journal Account/Explanation Per Unit 10.25 9.35 8.05 8.65 5.35 Total for product General Journal Account/Explanation b) Prepare any required adjusting entry assuming LCNRV is applied to each. item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. Page GJ8 F Debit Credit Per Unit 9.45 9.80 7.65 8.20 6 Page GJ8 Debit Credit NRV Total for product c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. LCNRV applied to Items. Group

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format
Please see image
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of units Unit cost Sales Beginning inventory 800 $ 50 purchased 600 52 Sold 400 $ 80 Sold 350 90 Ending inventory 650 Use this chart: FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Beginning Purchase Sale…
Nathan Upton earns $11.80/hour, and worked 42 hours during the most recent week. He does not make any voluntary deductions each period. Nathan Upton is married, and claims three withholding allowances for both federal and state. His year-to-date taxable earnings for Social Security tax, prior to the current pay period, are $137,220, and he is paid with check #0502. Social Security Tax= Medicare Tax=
Dhapa
Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 24 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Date January 1 April 1 June 1 September 1 Total Units purchased Cost per unit 42 32 54 47 175 FIFO. Cost of Goods Sold. Ending Inven LIFO Average cost Total cost $ 6.20 6.20 5.20 6.20 $260.40 198.40 280.80 291.40 $ 1,031.00
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Particulars Date Total Cost Units 35 35 Unit Cost 9. May 1 Inventory Purchases 315 245 17 20 Total Purchases 10 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance 25 units at $41 6 Sale 20 units 8 Purchase 20 units at $42 16 Sale 10 units 20 Purchase 20 units at $43 23 Sale 25 units 30 Purchase 15 units at $45 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (a) FIFO (b) LIFO
Sunland Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 200 $5.00 Purchases: September 8 900 6.00 September 18 900 7.00 A physical inventory on September 30 shows 520 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $ +A
Weat