account question Capaldo Music Center has five CD players onhand at the balance sheet date that cost $400each. The current replacement cost is $350per unit. Under the lower-of-cost-or-marketbasis of accounting for inventories, what valueshould Capaldo report for the CD players onthe balance sheet? Why?Question: Account

Under the lower-of-cost-or-market (LCM) rule, inventory must be reported at the lower of its…

Answered: Capaldo Music Center has five CD…

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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Under FIFO method, if you sold on credit at a unit price of $20, first 4 units at a cost of $10 each, then 4 units at a cost of $12 each and finally 4 units at a cost of $15 each, what accounting entry should be recorded if 6 units are returned that are not reusable (at a loss), which you consider normal or customary activity? (NOTE: this case is so different if it were an unusual recording issue).
Given the following data, what is the cost of goods sold as determined under the LIFO method if ABC Home Improvements sold 350 air freshener systems for $28 per unit? Information Number of Units Unit Cost Beginning Inventory on 1/1 150 $14 Inventory Purchases on 1/5 250 $17 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 E3 4. 8. 80 96 5 图

The following data represent the inventory figures for 55-gallon fish tanks at an aquarium. *Chart Attached* (D): Calculate the value of the 88 tanks by using LIFO (in $). $__________ (E): Calculate the dollar value of the 88 tanks by using the average cost method (Round your answer to the nearest cent). $___________
Given the following data, what is the cost of goods sold as determined under the FIFO method if XYZ Auto Parts sold 350 units at $59 per unit? Number of Units Unit Cost Information Beginning Inventory on 1/1 100 $25 Inventory Purchases on 1/5 300 $23 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f6 E3 f7 f8 f9 f10 f11 & 4 5 7 8 9 C 6 远 15 图

One hundred units of inventory on hand at the end of the year are recorded at their cost of $10each using LIFO. Current replacement cost is $8.00.How would the Gross profit be affected by the adjusting entry needed under lower-of-cost-or-market?
A company has the following per unit original costs and replacement costs for its inventory. LCM is applied to individual items. Part A: 50 units with a cost of $5, and a replacement cost of $4.50. Part B: 75 units with a cost of $6, and a replacement cost of $6.50. Part C: 160 units with a cost of $3, and replacement cost of $2.50. Under the lower of cost or market method, the total value of this company's ending inventory is
please solve
Can you please solve these financial accounting question?
Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.
A woodland furniture trading company sells furniture to its customers. A table that cost ed the company OMR 2,250. This type of table usually sells for OMR 2,895 but it was damaged in a flood and will therefore be sold at a significant discount. It is expected to sell for OMR 1,950 and cost of repair to make it sell is OMR 35. The value of inventory in the books of woodland furniture trading company shall be; I of estion
Please help me with show all calculation thanku
Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $20; replacement cost, $18; selling price, $30; selling costs, $4. The normal profit is 30% of selling price.What unit value should Ross use when applying the lower of cost or market (LCM) rule to ending inventory?

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