Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end Inventory.InventoryOptima camerasInspire speakersQuantity10040InventoryOptima cameraInspire speakersUnit Cost$5060Calculate the total amount to be reported for ending inventory.QuantityNRV$8050Lower of Cost andNRV per unitEndingInventory During the year. Wright Company sells 370 remote control airplanes for $120 each. The company has the following inventory purchasetransactions for the year.DateTransactionJan. 1 Beginning inventoryMay 5PurchaseNov. 3PurchaseFIFOBeginning InventoryPurchasesMay 5Nov 3Number ofUnits40210160410TotalCalculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO.UnitCost$747782# of units Cost per unitCost of Goods Available for SaleTotal Cost$ 2,96016,17013,120$32,250Cost of GoodsAvailable for Sale#of unitsCost of Goods SoldCost per unitCost of GoodsSold# of unitsEnding InventoryCost per unitEndingInventory

Name: Creative Technology reports inventory using the lower of cost and net
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Description: Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end Inventory.InventoryOptima camerasInspire speakersQuantity10040InventoryOptima cameraInspire speakersUnit Cost$

As per IAS inventory to be valued at cost or NRV which ever is lower

Business

Accounting

Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end Inventory. Inventory Optima cameras Inspire speakers Quantity 100 40 Inventory Optima camera Inspire speakers Unit Cost $50 60 Calculate the total amount to be reported for ending inventory. Lower of Cost and NRV per unit Quantity NRV $80 50 Ending Inventory

Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end Inventory. Inventory Optima cameras Inspire speakers Quantity 100 40 Inventory Optima camera Inspire speakers Unit Cost $50 60 Calculate the total amount to be reported for ending inventory. Lower of Cost and NRV per unit Quantity NRV $80 50 Ending Inventory

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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Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, tocalculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering thefollowing transactions. Number of units unit cost Beginning inventory 105 $40 Purchased March 2 150 42 Sold march 21. 31 for 75 dollars spent 88
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Vishanu
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3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as follows: Oct. 1 Inventory 480 units at $14 13 Sale 280 units 22 Purchase 600 units at $16 29 Sale 450 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.
TAMMY CORP HAS THE FOLLOWING INVENTORY DATA FOR FEBRUARY 2018: BEGINNING UNITS 2,200 ENDING UNITS 2,360 COST IN EXCESS OF NRV PER/UNIT AT JANUARY 31ST 1.40 NRV PER UNIT AT FEBRUARY 28TH 20.00 INCREASE IN FEBRUARY COGS ASSOCIATED WITH LCNRV 1,050 REQUIRED: WHAT IS INVENTORY COST PER UNIT AT FEBRUARY 28TH? (DON'T ROUND) Please don't provide solution in image format thanku
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