Data related to the inventories of XYZ Medical Supply are presented below: Surgical Equipment Surgical Supplies Selling price $260 $ 120 Cost 170 90 Replacement cost 240 80 Disposal cost 30 5 Normal gross profit 78 36 a. In applying the LCM rule, the inventory of surgical equipment would be valued at: A. $230 B. $240 C. $170 D. $152 b. In applying the LCM rule, the inventory of surgical supplies would be valued at: A. $115 B. $90 C. $80 D. $69 E. $79

Data related to the inventories of XYZ Medical Supply are presented below: Surgical Equipment Surgical Supplies Selling price $260 $ 120 Cost 170 90 Replacement cost 240 80 Disposal cost 30 5 Normal gross profit 78 36 a. In applying the LCM rule, the inventory of surgical equipment would be valued at: A. $230 B. $240 C. $170 D. $152 b. In applying the LCM rule, the inventory of surgical supplies would be valued at: A. $115 B. $90 C. $80 D. $69 E. $79

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 9MC: Estimates of price-level changes for specific inventories are required for which of the following...

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Suppose that Ivanhoe Depot developed the following information about its inventories in applying the lower-of-cost-or-net- realizable-value (LCNRV) basis in valuing inventories: Product A B C Cost $119000 83000 166000 NRV $125000 79000 168000 After Ivanhoe Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be $368000. O $364000. O $372000. O $376000.
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Note that this was everything given for this particular item. Use the information below to figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) · Date Explanation Units Unit Cost Total Cost 1/15/2021 Beginning Inventory 10 $7 $70 2/2/2021 Purchase 35 $8 280 2/28/2021 Purchase 56 $9 504 5/15/2021 Purchase 104 $10 1,040 9/30/2021 Purchase 220 $11 2,420 Sales - 5 units for $1,300 (5 * 300)
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Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
What is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: X
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1. Calculate the number and cost of goods available to sell 2. Calculate the number of units in ending inventory 3. Calculate the cost of ending inventory and cost of goods sold use the FIFO,LIFO, Weighted cost average methods. Thank you In advance!
Explaining
In some instances, accounting principles require a departurefrom valuing inventories at cost alone. Determinethe proper unit inventory price in the following casesusing LCNRV