Bramble Corp. accumulates the following cost and net realizable value data on December 31. Inventory Categories Cost Data Net Realizable Value Cameras $ 10,280 $ 11,520 Camcorders 8,410 9,170 DVDs 11,570 10,430 Compute the lower-of-cost-or-net realizable value for the company's inventory.
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- The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Cox, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $72 $2,304 Sale No. 1 10 Purchase No. 1 28 80 2, 240 Sale No. 2 32 Purchase No . 2 20 76 1,520 Totals 80 $6,064 42 Assuming Cox, Inc. uses weighted - average (periodic) inventory procedures, the ending inventory cost is: Select one: A. $2,888.00 B. $2,880.40 C. $2,884.00 D. $3,189.60Trìni Company had the following transactions for the month. Number Cost of Units per Unit Total Beginning inventory 1,050 $22 $23,100 Purchased May 31 1,040 23 23,920 Purchased Jul. 15 1,340 26 34,840 Purchased Nov. 1 1,210 27 32,670 Totals (goods available) 4,640 114,530 Ending inventory 910 Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24please solve and explain
- Presented below is information related to Blue Company. cost Retail Begininng Inventory $59,780 $98,000 Purchases (net) $132,070 196,100 Net markups 11,067 Net markdowns 23,589 Sales Revenue 176,870 Compute the ending inventory at retail.Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220Masthead Company's comparative balance sheets included an inventory of $180,400 at December 31, 2009, and $241,200 at December 31, 2010. Masthead's comparative balance sheets also included accounts payable of $85,400 at December 31, 2009, and $78,400 at December 31, 2010. Masthead's accounts payable balances are composed solely of amounts due to suppliers for purchases of inventory on account. Cost of goods sold, as reported by Masthead on its 2010 income statement, amounted to $1,200,000. What is the amount of cash payments for inventory that Masthead will report in the Operating Activities category of its 2010 statement of cash flows assuming that the direct method is used?
- The inventory of LA VIDA Company at the end of the year is to be recorded at the lower of cost and net realizable value . Ending inventory data per unit are as follow: Item Unit Cost Est. Sales Price Cost of Disposal A 200 150 200 20 B 130 220 300 100 C 150 120 180 30 D 300 180 150 30 Determine the inventory value applying the lower of cost and net realizable value.A business using the retail method of inventory costing determines that merchandise inventory at retail is $565,900. If the ratio of cost to retail price is 67%, what is the amount of inventory to be reported on the financial statements?Akira Company had the following transactions for the month. Number of units Cost per Unit Beginning inventory 150 $ 10 Purchased Mar. 31 160 12 Purchased Oct. 15 130 15 Ending inventory 50 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)
- LOVING-KINDNESS Corp’s inventory records revealed the following: Date Transaction Number of Units Unit Cost August 1 Beginning inventory 500 P8.50 August 20 Purchase 400 P8.90 The company sold 700 units of inventory during the month. The company uses weighted-average costing. What is cost of the ending inventory? Round weighted-average unit cost to four decimals and final answer to the nearest whole peso.The following information was available from the inventory records of the Lunacia Company for January 2021: Units Unit Cost Total CostBalance, January 01, 2021 2000 9,775.00 19,550.00 Purchases: January 06, 2021 1500 10,300.00 15,450.00 January 26, 2021 3400 10,750.00 36,550.00 Sales January 07, 2021 1800 January 31, 2021 3200 Balance, January 31, 2021 1900 Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?Vaughn Video Center accumulates the following cost and net realizable data at December 31. Inventory Categories Cameras Camcorders Blu-ray players Cost Data $13,100 9,800 14,200 Net Realizable Value Data $13,700 10,200 13,100 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value $