Castle TV, Inc. purchased 3,000 monitors on January 5 at a per-unit cost of $238, and another 3,000 units on January 31 at a per-unit cost of $310. In the period from February 1 through year-end, the company sold 5,450 units of this product. At year-end, 550 units remained inventory. Assume that Castle TV, Inc. uses the FIFO flow assumption. What is the cost of the 550 units in inventory at year-end?
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What is the cost of the 550 units in inventory at year-end?
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- Castle TV, Incorporated purchased 1,400 monitors on January 5 at a per-unit cost of $126, and another 1,400 units on January 31 at a per-unit cost of $246. In the period from February 1 through year-end, the company sold 2,500 units of this product. At year-end, 300 units remained in inventory. Assume that the replacement cost of this monitor at year-end is $240 per unit. Using the first-in, first-out (FIFO) flow assumption and the lower-of-cost-or-market rulle, Castle TV should write down the carrying value of this inventory by: Multiple Choice O O O $2,700. $0. $900. $1,800.Castle TV, Inc. purchased 1,000 monitors on 5 January at a per-unit cost of $185, and another 1,000 units on 31 January at a per-unit cost of $230. In the period from 1 February through year-end, the company sold 1,800 units of this product. At year-end, 200 units remained in inventory. Assume that the net realizable value of this monitor at year-end is $210 per unit. Using weighted average cost flow assumption and the lower-of-cost-and-net-realizable-value rule, the ending inventory amounts to: O A. $46,000 O B. $41,500 O C. $83,000 O D. $42,000ACME Company purchases for resale 1,000 widgets for $64 each. At year- end, the replacement cost is $63 per widget, the estimated selling price is $68 per widget, the disposal cost is $7 per widget, and the estimated markup is $10 per widget.[General Account] If ACME uses LCM costing by item, at what amount will the widgets be reported on the balance sheet? a. $63,000 b. $51,000 c. $64,000 d. $62,500 e. $61,000
- Bridgeport Company sells goods that cost $258,000 to record company for $352,600 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $34,400. The standalone selling price of the goods is $318,200. The installation is considered a separate performance application and is expected to take six months to complete (installation was completed on June 18, 2025). How much income should Bridgeport report related to its sale to Ricard in its income statement prepared for the quarter ended March 31, 2025? Gross profit:Assume that 4,500 units of the halogen light have been produced and sold during the current year. Analysis of the domestic market indicates that 3,600 additional units of the halogen light are expected to be sold during the remainder of the year at the normal product price determined under the total cost concept. Twilight Lumina Company received an offer from Contech Inc. for 1,400 units of the halogen light at $202.50 each. Contech Inc. will market the units in Southeast Asia under its own brand name, and no selling and administrative expenses associated with the sale will be incurred by Twilight Lumina Company. The additional business is not expected to affect the domestic sales of the halogen light, and the additional units could be produced using existing capacity. a. Prepare a differential analysis report of the proposed sale to Contech Inc. $Revenue from sale of additional units Variable costs of additional units Differential income (loss) from accepting offerNovak Corp. began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 34 unit at $16; July 16, 17 units at $21; and December 7, 22 units at $25. Assume there are 29 units on hand at the end of the period. Novak uses the periodic approach. What is the average cost of cost of good sold: $__
- Novak Corp. began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 34 unit at $16; July 16, 17 units at $21; and December 7, 22 units at $25. Assume there are 29 units on hand at the end of the period. Novak uses the periodic approach. Determine the cost of goods sold under LIFO:Please give answer of the questionsACME company's financial account details
- Crane Marine Products began the year with 10 units of marine floats at a cost of $13.60 each. During the year, it made the following purchases: May 5, 30 units at $19.80; July 16, 15 units at $24.20; and December 7, 20 units at $29.50. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Crane uses the periodic approach. FIFO LIFO Average-cost $ LA LA tA $ Cost of Goods SoldAnswer and solution please. Thank you! Assume that Whitehall Corporation agreed to sell AM-12 to Flank Corporation after further processing forP5.50 per unit. During the first month of production, Whitehall sold 50,000 units with 10,000 units remainingin inventory at the end of the month. Joint costs attributable to AM-12 were P180,000, and costs ofprocessing AM-12 further were P90,000. With respect to AM-12, which one of the following statements iscorrect?a. The operating profit last month was P50,000 and the inventory value is P15,000b. The operating profit last month was P50,000 and the inventory value is P45,000c. The operating profit last month was P125,000 and the inventory value is P30,000d. The operating profit last month was P200,000 and the inventory value is P45,000CSGNR Inc. purchased 100,000 units costing P1,000,000, and paid P10,000 freight for its shipment. After a day, the company consigned these goods to OIEE Inc. stating that the consignee is entitled to10% of the revenue from all sold units. The shipment from the consignor to the consignee amounted toP5,000 with payment terms freight collect. With a standard retail price of P19, the consignee remitted a total of P1,306,000. Other notable expenses paid by the consignee on the consignor’s behalf wereP12,000 advertising expense, P3,000 delivery charges to customers, P7,800 installation fee on the customer’s premises. How much was the cost of goods still out on consignment? A. 220,000 B. 221,100 C. 222,200 D. 223,300