Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Calculate the total amount to be reported for ending inventory. Inventory Quantity Unit Cost NRV Optima cameras Inspire speakers 110 50 $45 55 $75 45

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: Weighted average  cost is the  average  cost of goods  purchased/manufactured

Q: Denger

A: Notes:We increased Expenses (with a negative sign) because expenses typically have a negative impact…

Q: Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at…

A: Inventory is valued in financial accounting at the lowest of cost or NRV. By using this method, the…

Q: A company has four types of products in its inventory as shown below: Product Quantity Cost Net…

A: According to inventory valuation, inventory is valued at lower of cost or net realizable value. The…

Q: Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1      Beginning…

A: Inventory is one of the important current asset of the business, which includes inventory of raw…

Q: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to…

A: LIFO: Last-In First Out:- As per LIFO method, units purchased last are sold first. Hence, March .2…

Q: Anderson Company had the following information for the year ending December 31: Units Unit Cost…

A: LIFO - last in first out -  Under LIFO, the costs of the most recent products purchased (or…

Q: Maxwell Corporation has the following inventory information at the end of the year: Multiple Choice…

A: The ending inventory comprises the units that remain unsold at the end of the accounting period. The…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: A company has four types of products in its inventory as shown below: Product Quantity Cost Net…

A: The objective of the question is to calculate the year-end adjustment to write down inventory for a…

Q: i. Determine the cost assigned to the ending inventory by using FIFO method of inventory valuation…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below…

A: According to Accounting Standard “inventory valuation”, inventory is valued at lower of cost or net…

Q: Presented below is information related to Splish Company. Price Ending Inventory (End-of-Year…

A: Last-in, First-out method, also known as LIFO, is the method used for inventory valuation. This…

Q: Given the following data, calculate the cost of goods sold for the 04/15 sale using the…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using average…

Q: Use the weighted-average inventory method to calculate the cost of the ending inventory for the ind…

A: Weighted average method means where the cost of inventory is valued at average price using quantity…

Q: Dollar-Value LIFO On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory…

A: DVL stands for Dollar value LIFO method. Using LIFO method, the newer inventory is sold first. The…

Q: Presented below is information related to Crane Company. Date   Ending Inventory (End-of-Year…

A: Date Ending Inventory(End-of-Year Prices) PriceIndex Inventory at base year price Change from the…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39 $…

A:

Q: Kimberly Young Company was formed on December 1, 2019. The following information is available from…

A: Under periodic inventory system the cost of goods sold and inventory are not updated simultaneously.…

Q: You are provided with the following information for Concord Inc. for the month ended June 30, 2020.…

A: SOLUTION-                                   COST OF GOODS AVAILABLE FOR SALE      DATE…

Q: The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First…

A: According to LIFO last purchased good will be utlised firstly.   Units Rate/unit Amount From…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: Calculate the cost of goods sold dollar value for B65 Company for the month, considering the…

A: $6,975 Last in First Out method, in Lifo cost of Goods Sold is valued at latest price and closing…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: LIFO method stands for the last in first out method. Here it is assumed that the units sold will…

Q: What amount should ABC report its total cost of inventory on the 12/31/2020 Balance Sheet?

A: The inventory data for ABC company on 12/31/2020 in table format. The value reported is the lower of…

Q: need answer

A: Perpetual Inventory MethodThe perpetual inventory method is an accounting system used to…

Q: Compute the value of the 2025 and 2026 inventories using the dollar-value LIFO method.

A: Dollar value LIFO method is one of the methods of inventory valuation, which measures the value of…

Q: urchases 1 inventory . 9 er 30 10 15 Units 4 11 11 16 17 21 31 17 Unit cost $ 2.50 3.00 3.50 3.75…

A: Cost of goods sold refers to the form of expenses born by a company incurred in producing a lot of…

Q: Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to…

A:

Q: During 2024, a company sells 20 units of inventory. The company has the following inventory purchase…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: es From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: Undet LIFO Method of Inventory valuation, company maintain inventory under last in first out way.…

Q: Presented below is information related to Novak Company. December 31, 2017 December 31, 2018…

A: The valuation of ending inventory can be carried out by 3 methodsFIFO Method LIFO MethodWeight…

Q: dollar-value LIFO method

A: Year Inventory  (end Year) (Actual Cost) Price Index nventory  (end Year) (base year Cost)…

Q: Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.