DATE RECEIPTS ISSUANCES BALANCES JUNE UNITS UC AMOUNT UNITS UC AMOUNT UNITS UC AMOUNT 800 38.00 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL

DATE RECEIPTS ISSUANCES BALANCES JUNE UNITS UC AMOUNT UNITS UC AMOUNT UNITS UC AMOUNT 800 38.00 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL

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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Sandvik Mining uses a periodic inventory system. One of the company’s products is a special equipment for the oil drilling rig. The inventory quantities, purchases and sales of this equipment for the most recent year are as follows: Assuming that current market price of the one unit is $225 and materiality level is set at $600, make necessary journal entry to adjust the balance of ending inventory under each cost assumption – FIFO, LIFO, Average cost.
The following transactions of West Ham Manufacturers, that uses the perpetual inventory system, took place during February 2021 in respect of a part used in production: Feb 01 Stock on hand 300 units @ R17 per unit Issued to production Purchased from supplier Issued to production Returned to supplier (purchased on 14 February 2021) 60 units Issued to production 07 210 units 14 900 units @ R17.50 per unit 15 350 units 16 400 units 25 Using the first-in-first-out (FIFO) method, the value of closing inventory as at 29 February 2021 is O A. R7 000 O B. none of the above O C. R3 060 O D. R3 150
The following are the balance, receipts and issues of stocks for Tamapo's inventory for the month of January 2019. 1 January 2019 opening balance of 2,000.00 units at P2.02 per unit 15 January 2019 receipts of 10,000.00 units at P2.20 per unit 25 January 2019 issues of 8,000.00 units Required: Calculate the closing stock using the AVCO method of inventory valuation.
Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021:Using FIFO method, the raw materials ending inventory amounts to:(two decimal places for unit cost; round of final answer - nearest peso)
AA Company reported inventory on December 31, 2018 at P6,000,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following: Included in the physical count were goods billed to a customer FOB shipping point on December 30, 2018. These goods had a cost of P125,000 and were picked up by the carrier on January 2, 2019. Goods shipped FOB shipping point on December 28, 2018 from a vendor to AA were received and recorded on January 2, 2019. The invoice cost was P300,000. What amount should be reported as inventory on December 31, 2018?
On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base year. Inventory on January 1 was $200,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year EndedDecember 31 Inventory atYear-endCosts Cost Index(Relative toBase Year) 2021 $ 259,200 1.08 2022 296,800 1.12 2023 299,000 1.15 Required:Compute inventory amounts at the end of each year using the dollar-value LIFO method. 12/31/2021 12/31/2022 12/31/2023
The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:*Goods purchased in transit, FOB shipping point, P130,000*Goods held on consignment, P56,000*Goods out on approval, at sales price of P32,500 (cost is P25,000)What is the correct amount of inventory at December 31, 2021?
A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $165,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Ending Inventory at Year-End Costs Cost Index (Relative to Base Year) 2024 $ 243,800 1.06 2025 324,500 1.18 2026 304,750 1.15 2027 299,700 1.11 Required: Calculate inventory amounts at the end of each year. (nearest whole dollars)
A physical inventory count showed ABC Company had inventorycosting $428,000 on hand at December 31, 2025. This amountdid not include the following:1. Inventory costing $39,000 that was shipped to acustomer FOB shipping point on December 30, 2025.The inventory was expected to be received by thecustomer on January 3, 2026.2. Inventory costing $17,000 that was shipped to acustomer FOB destination point on December 29, 2025.The inventory was expected to be received by thecustomer on January 6, 2026.3. Inventory costing $26,000 that ABC Company hadpurchased from one of its suppliers. The goodswere shipped to ABC Company on December 31, 2025.ABC Company expects to receive the inventory onJanuary 4, 2026. The shipping terms were FOBshipping point.Calculate the correct dollar amount of ending inventoryto be reported on ABC Company’s December 31, 2025 balancesheet.
Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021: Using FIFO method, the raw materials ending inventory amounts to: (two decimal places for unit cost; round of final answer - nearest peso) RECEIPTS DATE JUNE UNITS UC ISSUANCES AMOUNT UNITS UC BALANCES AMOUNT UNITS UC 800 38.00 AMOUNT 1 30,400.00 3 1200 40.00 4 1500 10 800 42.00 15 700 15 1500 41.00 15 1600 26 800 40.00 27 550 30 600 43.00 TOTAL
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average