Accounting charapata company applied fifo Charapata Company applied FIFO to its inventory and go, the followingresults for its ending inventory.Cameras - 105 units at a cost per unit of $69Blu-ray players - 169 units at a cost per unit of $80iPods 142 units at a cost per unit of $88The net realizable value of units purchased at year-end was cameras $75, Blu-ray players $56, and iPods $71. Determine the amount of ending inventory atlower-of-cost or market.

Step 1:- Define Inventory ValuationThe inventory value for a firm may be ascertained by using…

Answered: Charapata Company applied FIFO to its…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 400 units of inventory that cost $15.00 each. At a later date during the year, the company purchased an additional 800 units of inventory that cost $18.00 each. Vargas sold 500 units of inventory for $27.00. What is the amount of cost of goods sold that will appear on the current year's income statement? Multiple Choice ο ο ο ο $4,500 $6,000 $7,800 $5,700
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?
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Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): Action Date Amount Cost Purchase 1/15/XX 150 Widgets $10 per Widget Purchase 2/15/XX 250 Widgets $11 per Widget Purchase 3/15/XX 600 Widgets $12 per Widget Total 1,000 Widgets Sell 3/20/XX 400 Widgets $20 per Widget Sell 3/25/XX 300 Widgets $20 per Widget 700 Widgets FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =
Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Selling price Costs to sell Product 1 Product 2 Product 3 $ 25 $ 55 55 85 5 15 Product Cost 1 2 3 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? $.95 135 50 NRV Per Unit Inventory Value A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on that date indicated the following: Estimated loss from fire Merchandise inventory, January 1, 2024 Purchases to date Freight-in Sales to date $ 1,970,000 5,870,000 470,000 8,900,000 The gross profit ratio has averaged 20% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 20 units at $45 Sale 10 units at $72 First purchase 19 units at $46 Sale 16 units at $72 Second purchase 17 units at $48 Sale 14 units at $74 The firm uses the perpetual inventory system, and there are 16 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.
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units @ $40 Sale 19 units @ $56 First purchase 29 units @ $41 Sale 14 units @ $57 Second purchase 27 units @ $42 Sale 22 units @ $59 The firm uses the perpetual inventory system, and there are 25 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?$fill in the blank 1 b. What is the total cost of the ending inventory according to LIFO?$fill in the blank 2
Presented below is information related to Rembrandt Inc.’s inventory. (per unit) Skis Boots Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to sell 19.00 8.00 2.50 Cost to complete 32.00 29.00 21.25 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV.
Akira Company had the following transactions for the year. Sales for the year are $25 per unit. Number of units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 12 Purchased Oct. 15 130 15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$".…
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 32 units at $46 Sale 29 units at $69 First purchase 20 units at $47 Sale 15 units at $70 Second purchase 24 units at $50 Sale 13 units at $72 The firm uses the perpetual inventory system, and there are 19 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? Sfill in the blank 1 b. What is the total cost of the ending inventory according to LIFO? Sfill in the blank 2
Sunland Company had 140 units in beginning inventory at a total cost of $11,200. The company purchased 280 units at a total cost of $30,800. At the end of the year, Sunland had 75 units in ending inventory. (a) Partially correct answer icon Your answer is partially correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $ $ $ The cost of goods sold $ $ $

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