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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Down Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 160 46 Unit Cost $81 360 Unit NRV $96 310 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. 2. Calculate ending inventory using the lower of cost and net realizable value. 3. Record any necessary adjusting entry for inventory. 4. Determine the impact of the adjusting entry in the financial statements.
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 Inventory Quantity Unit Cost 110 50 Optima camera Inspire speakers Calculate the total amount to be reported for ending inventory. $79 49 Quantity NRV $49 59 Lower of Cost and NRV per unit Ending Inventory
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LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof units Unit Cost Total Cost Numberof units Unit Cost Total Cost Numberof units Unit Cost
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 35 units at $43 Sale 28 units at $65 First purchase 30 units at $45 Sale 25 units at $67 Second purchase 26 units at $46 Sale 19 units at $67 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? b. What is the total cost of the ending inventory according to LIFO?
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Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Ending inventory at September 30 eTextbook and Media × Your answer is incorrect. FIFO 3683 $ LIFO 3591 SA AVERAGE-COST 3643 Compute the cost of goods sold for the month using the FIFO, LIFO, and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold SA $ FIFO $ +A LIFO SA AVERAGE-COST
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units at $41 10 units at $64 36 units at $43 34 units at $65 Second purchase 25 units at $46 Sale 20 units at $66 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. Sale First purchase Sale a. What is the total cost of the ending inventory according to FIFO? X b. What is the total cost of the ending inventory according to LIFO?
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
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 23 units at $42 Sale 20 units at $67 First purchase 22 units at $43 Sale 17 units at $67 Second purchase 17 units at $44 Sale 13 units at $68 The firm uses the perpetual inventory system, and there are 12 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?
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
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