Expert help to get answer this Birk Camera Shop Inc, uses the lower-of-cost-or-market basis for itsinventory. The following data are available at December 31.UnitsCost/UnitMarket Value/UnitCamerasMinolta5$ 167$ 152Canon8146162Light MetersVivitar13129Kodak13118120143What amount should be reported on Birk Camera Shop's financialstatements, assuming the lower-of-cost-or-market rule is applied?

To calculate the ending inventory value using the lower-of-cost-or-market (LCM) method, applied on…

Answered: Birk Camera Shop Inc, uses the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following details. Particulars HCA – OMR Price Index Stock on 01-01-2019 160,000 100 Purchases 960,000 Stock on 31-12-2019 240,000 150 a. What is the value of closing stock under LIFO as per CPP Method? b. What is the value of Cost of Goods Sold under LIFO as per CPP Method?
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The following information is available for Ayayai Corp. for 2023: Payment for goods during year Accounts Payable, beginning Inventory, beginning Accounts Payable, ending Inventory, ending Cost of goods sold for 2023 is $106100. $120600. $137700. $106300. $106200 14200 31500 14100 17000
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What is the correct amount of accounts payable? Delish Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from accounting records on December 31, 2020 are as fallows: Inventory on December 31 based on physical count Accounts payable Sales 1 250 000 1 000 000 9 000 000 A. Parts held on consignment from another entity to Delish, the consignee, amounting to P165 000, were included in the physical count on December 31, 2020,and In accounts payable on December 31, 2020. B. P20 000 of parts which were purchased and paid for in December 2020, were sold in the last week of 2020 and appropriately recorded as sales of P28 000. The parts were included in the physical count on December 31, 2020 because the parts were on the loading dock waiting to be picked up by the customer, C. Parts in transit an December 31, 2020, shipped FOB shipping point on December 28, 2020, amounted to P34 000. The customers received the parts on lanuary 6, 2021. Sales of P40 00 to…
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Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO number Current ratio Inventory turnover Days' sales in inventory Answer is not complete. (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Current ratio Inventory turnover Days' sales in inventory Current ratio Inventory turnover Days' sales in inventory $ $ $ $ Year 2 $ 290 870 360 825 350 420 170 Numerator 1 Denominator 350.0 / $ $ 870.0 111.0 X $ $ $ Numerator 1 350.0 / (a) Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers.…
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