Campbell Corporation sells three different products. The following information isavailable on December 31:Inventory ItemProduct AProduct BProduct CUnits$1,450$1,650$1,700$1,90010025075Cost per unit Net realizable valueper unit$1.50$5.00$4.00$2.00$4.00$6.00When applying the lower of cost or net realizable value rule to each item, what willbe Campbell's total ending inventory balance?

The "Lower of Cost or Net Realizable Value" (LCNRV) rule is an accounting principle used to value…

Answered: Campbell Corporation sells three…

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 help me
The following amounts and costs of platters were available for sale by Sierra Pottery during the year: Beginning inventory 10 units at $41 First purchase 15 units at $55 Second purchase 30 units at $70 Third purchase 25 units at $65 Sierra Pottery has 35 platters on hand at the end of the year. How much is cost of goods sold in dollars at the end of the year according to the weighted-average cost method? Select one: a. $4,960 b. $1,732.50 C. $2,790 d. $1,860
Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases: 1st purchase: 500 units at $3 each 2nd purchase: 400 units at $4 each Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
What is the Weighted average cost per unit?
A company sells three different products.The following inventory information is available on December 31: Inventory Item Units Cost per unit $4.00 Market value unit per $3.50 $1.50 300 Y 600 $2.00 1,500 $3.00 $4.00 After applying the lower of cost or market (LCM) rule to inventory, what amount should be reported for total ending inventory on its Dec. 31 balance sheet? O a. $6,600 O b. $6,450 O c. $6,900 O d. $7,950
Sheffield Corp. sells three different products. The following information is available on December 31: Inventory item Units Cost per unit Market value per unit X 320 $4.20 $3.50 Y 640 $2.00 $1.50 Z 1590 $3.00 $4.00 After applying the lower-of-cost-or-net-realizable-value rule to each item, what will Sheffield total ending inventory balance be? $6850 $8435 $7394 $7010
Whispering Winds Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $4 $1,200 12 Purchase 600 $9 $5400 23 Purchase 450 $10 $4500 30 Inventory 150 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost ? Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory ? The cost of goods sold ? Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is (higher or lower) than FIFO $? and (higher or lower) than LIFO $? In contrast, cost of goods sold is (higher or lower) than FIFO $? and (higher or lower) than LIFO $?
The inventory of Royal decking consisted of five products. Information about the December 31. 2021, inventory is as follows: Per Unit Product Cost Replacement Cost Selling Price A. $ 45 $ 40 $ 65 B. 85 75 105 C. 45 60 85 D. 105 75 135 D. 25 33 35 Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of cost. The normal profit is 25% of selling price. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost…
Vishanu
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS