None Blossom Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medicaltreatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information isavailable regarding the inventory on hand at year end, December 31:Types:UnitsUnit CostUnit NetRealizable ValueMarilyn12$130$127Farrah10200210Jane75075J-Lo6181197Cpt. Kirk9145103Assuming Blossom values each type of wig separately, determine the lower of cost and net realizable value of the endinginventory.Lower of cost and net realizable value$

Step by step calculation for each type:Marilyn:Unit Cost: $130Unit Net Realizable Value: $127Lower…

Answered: Blossom Wig Shoppe carries a number of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 8Q: Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...

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Sheridan Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Types: Marilyn Farrah Jane J-Lo Cpt. Kirk Units 13 11 9 6 9 Unit Cost $146 217 55 198 153 Unit Net Realizable Value $141 222 89 207 111
Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Types: Units Marilyn 15 Farrah 13. 10 Jane J-Lo Cpt. Kirk (a) (b) 6 11 Unit Cost $134 209 51 192 159 Your answer is incorrect. Unit Net Realizable Value $131 218 75 211 106 Prepare the journal entry required, if any, to record the adjustment at year end. (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
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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
Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Please help me. Thankyou.
Please help me. Thankyou.
Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…
Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 30 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Units purchased Cost per unit $6.80 Date Total cost January 1 April 1 48 $ 326.40 38 6.80 258.40 June 1 60 5.80 348.00 September 1 53 6.80 360.40 Total 199 $1,293.20 Cost of goods sold Ending inventory FIFO LIFO Average cost
Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 36 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units purchased 43 38 53 48 182 Cost of goods sold Cost per unit $7.10 6.35 6.10 6.60 Ending inventory Total cost $305.30 241.30 323.30 316.80 $ 1,186.70
You are provided with the following information for Lily Inc. for the month ended June 30, 2020. Lily uses the periodic method for inventory. Date Description Quantity Unit Cost or Selling Price June 1 Beginning inventory 39 $40 June 4 Purchase 135 44 June 10 Sale 112 71 June 11 Sale return 18 71 June 18 Purchase 56 45 June 18 Purchase return 12 45 June 25 Sale 66 76 June 28 Purchase 25 48 (a1) Your Answer Correct Answer Correct answer icon Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $Enter the weighted-average cost per unit in dollars eTextbook and Media Solution Attempts: 3 of 3 used (a2) Incorrect answer icon Your answer is incorrect. Calculate ending inventory, cost of goods sold, gross profit…
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 28 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Date Units purchased Cost per unit Total cost January 1 46 $ 6.60 $ 303.60 April 1 36 6.60 237.60 June 1 58 5.60 324.80 September 1 51 6.60 336.60 Total 191 $ 1,202.60 Cost of goods sold Ending inventory FIFO $1,017.80 $184.80 LIFO $1,017.80 $184.80 Average cost

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