Current Attempt in ProgressCrane Corporation had the following items in inventory as at December 31, 2023:UnitItem No. QuantityCostNRVA1120$3.00$3.50B41402.202.10C21508.209.40D31707.206.80Assume that Crane uses a periodic inventory system, and that none of the inventory items can be grouped together for accountingpurposes. The opening inventory on January 1, 2023, was $3,200 in total.(a)Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)SUPPORThp

To prepare the year-end adjusting entries required to adjust the inventory to the lower of cost or…

Answered: Current Attempt in Progress Crane…

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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Crane Company uses a periodic inventory system and the average cost method. At December 31, 2025, the following information has been compiled for its finished goods inventory: Replacement value Cost Expected selling price Normal profit margin Selling costs $13100 $14900 $15380 15% 5% of expected selling price After applying LCNRV, Crane, which uses the cost of goods sold method to record inventory write-downs, will make an entry O crediting Inventory for $480. O debiting Cost of Goods Sold for $289. O crediting Cost of Goods Sold for $1800. O debiting Inventory Loss for $480.
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The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number Unit Total Cost Date of Units Cost 1/1 Transaction Beginning inventory Purchase 150 $ 30 $ 4,500 1/24 70 33 2,310 2/22 Sale (100) 3/7 90 40 3,600 Purchase. Purchase 4/10 140 36 5,040 6/11 Sale 9/28 Purchase (100) 50 (100) 39 1,950 12/4 Sale Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory
RJ Corporation has provided the following information about one of its inventory items: Number of Date Transaction Cost per Unit Units 1/1 460 $3,000 Inventory 6/6 Purchase 815 $3,675 9/10 Purchase 1,215 $4,225 11/15 Purchase 875 $4,500 During the year, RJ sold 2,970 units. What was ending inventory using the LIFO cost flow assumption under a periodic inventory system? Beginning
Vermont Resources, which uses the FIFO inventory costing method, has the following account balances at October 31, 2025, prior to releasing the financial statements for the year: $ Merchandise Inventory, ending Cost of Goods Sold Net Sales Revenue 15,500 72,000 122,000 Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Accounts and Explanation Date Oct. 31 Debit Vermont has determined that the current replacement cost (current market value) of the October 31, 2025, ending merchandise inventory is $12,000. Read the requirements. Credit
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Crane Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. Net Realizable Cost Value 12/31/20 $354,700 $331,550 12/31/21 413,510 394,540 (a) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount Is entered. Do not indent manually. If no entry is required, select "No entry"for the account titles and enter O for the amounts.) (b) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (Credit account titles are automatically indented when amount Is entered. Do not indent manually. If no entry is required, select "No entry"for the account titles and enter O for the…
Subject: accounting
Please do not provide answer in image formate thank you. Suppose that on October 21, 2019, both Company A and Company B sold inventory with a cost of $61,700. The updated balance of inventory as at October 1 for both companies was $146,900. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at October 21 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on October 21 A Perpetual $Answer B Periodic $Answer
JBD, Inc. has the following information pertaining to it 2025 ending inventory. Requirements: Calculate the value of ending inventory using the following methods: LCM for each individual inventory item LCM for aggregated inventory. Record any necessary journal entries for each of the above methods, assuming the amount is material. Explain the purpose of applying the LCM rule to inventory Item Quantity Cost per Each Market Cost per Each Records Market LCM Each LCM Total R55 300 10 7.5 S49 150 15 12 T21 350 8 6 E33 600 33 35 Date Account Debit Credit
Current Attempt in Progress Marigold Inc. uses a perpetual inventory system. At January 1, 2025, inventory was $368,080 at both cost and net realizable value. At December 31, 2025, the inventory was $491,920 at cost and $455,800 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) e Textbook and Media List of Accounts Save for Later Debit Credit Attempts: 1 of 3 used Submit Answer

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