Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medicaltreatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information isavailable regarding the inventory on hand at year end, December 31:Types: UnitsMarilyn15Farrah13.10JaneJ-LoCpt. Kirk(a)(b)611Unit Cost$13420951192159Your answer is incorrect.Unit NetRealizable Value$13121875211106Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the

Name: Cullumber Wig Shoppe carries a number of wigs that are made specifica
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Description: Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medicaltreatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information

The expected selling price of an item or collection of assets less the estimated costs of completing…

Business

Accounting

Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Unit Net Types: Units Unit Cost Realizable Value 15 $134 13 209 In 10 51 6 192 11 159 Marilyn Farrah. Jane J-Lo Cpt. Kirk (a) (b) Your answer is incorrect $131 218 75 211 106 BUREAU 4 Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are automatically indented ad select "No Entry for the account titles and enter O for the

Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Unit Net Types: Units Unit Cost Realizable Value 15 $134 13 209 In 10 51 6 192 11 159 Marilyn Farrah. Jane J-Lo Cpt. Kirk (a) (b) Your answer is incorrect $131 218 75 211 106 BUREAU 4 Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are automatically indented ad select "No Entry for the account titles and enter O for the

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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Uramilaben
Mario's Nursery uses a perpetual inventory system. At December 31, the perpetual inventory records indicate the following quantities of a particular blue spruce tree: Quantity Unit Cost Total Cost First purchase (oldest) 130 $25.00 $3,250 Second purchase... 120 28.50 3,420 Third purchase.. 100 39.00 3,900 Total ........ 350 $10,570 A year-end physical inventory, however, shows only 310 of these trees on hand. In its financial statements, Mario's values its inventories at the lower-of-cost-or-market. At year-end, the per-unit replacement cost of this tree is $40. (Use $3,500 as the "level of materiality" in deciding whether to debit losses to Cost of Goods Sold or to a separate loss account.) Instructions Prepare the journal entries required to adjust the inventory records at year-end, assuming that: a. Mario's uses: 1. Average cost. 2. Last-in, first-out. b. Mario's uses the first-in, first-out method. However, the replacement cost of the trees at year- end is $20 apiece, rather than…
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Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase Sale October 13 October 20 October 28 October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19,230 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
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