Bramble Company determined its ending imventory at cost and at LCNRV at December 31. 2020. December 31. 2021. and December 31, 2022. as shown below. Cost NRV 12/31/20 S667,900 $667,900 12/31/21 724,700 661.500 12/31/22 816,400 745.900 Prepare the journal entries required at December 31. 2021. and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts Prepare the journal entries required at December 31. 2021, and at December 31, 2022, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts

Bramble Company determined its ending imventory at cost and at LCNRV at December 31. 2020. December 31. 2021. and December 31, 2022. as shown below. Cost NRV 12/31/20 S667,900 $667,900 12/31/21 724,700 661.500 12/31/22 816,400 745.900 Prepare the journal entries required at December 31. 2021. and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts Prepare the journal entries required at December 31. 2021, and at December 31, 2022, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 List of Accounts

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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The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method a used Given the following December 31 2021 $4.200 6,300 5,100 6,000 2020 2022 $11,650 $2,500 Costs incumed to dute Esbinated costs to compiete Bitingu to date Collections to date 7,600 4.000 3,800 12,000 11,900 The 12/31/21 belance of Construction in Progress is Select one O. $4300 Ob S5040 O $5.000 Od $4200 O $4800
View Policies Current Attempt in Progress The following information relates to the inventories on hand at 30 June 2020 held by Canberra Ltd. Cost of completion and disposal 2$ Estimated Cost per unit 2$ Cost to replace 2$ selling price 2$ Item no. Quantity A1458 541 2.30 2.64 3.62 0.48 A1965 777 3.70 3.25 3.60 0.54 B6730 677 7.5 7.65 9.00 1.01 D0943 103 1.34 1.16 1.00 0.12 G8123 141 3.68 3.87 6.10 0.71 W2167 1,477 6.10 6.62 7 0.34 Calculate the value of inventories on hand at 30 June 2020. (Enter your answer to the nearest cent.) 2$ Total inventories on hand at 30 June 2020 Save for Later Attempts: 0 of 3 used Submit Answer
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7
Make a system for recording the cost of raw materials using the complete Perpetual method
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Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000 $ 74000 Work in process inventory 114000 126000 Finished goods inventory 100000 92000 During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000