December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 Date 2026 2027 LA LA $ $ Compute the ending inventory for Nash Company for 2022 through 2027 using the dollar-value LIFÖ LA $ Ending Inventory (End-of-Year Prices) LA $73,200 114,433 111,392 124,714 149,878 177,074 Price Index Ending Inventory 100 103 118 127 137 142

December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 Date 2026 2027 LA LA $ $ Compute the ending inventory for Nash Company for 2022 through 2027 using the dollar-value LIFÖ LA $ Ending Inventory (End-of-Year Prices) LA $73,200 114,433 111,392 124,714 149,878 177,074 Price Index Ending Inventory 100 103 118 127 137 142

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Description: December 31, 2022December 31, 2023December 31, 2024December 31, 2025December 31, 2026December 31, 20272022202320242025Date20262027LALA$$Compute the ending inventory for Nash Company for 2022 through 2027 using the dollar-value LIFO method.tA$LAEndin

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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Date Bought Date Sold01 March 2020 15 at N$ 12.50 06 March 2020 2005 March 2020 25 at N$ 12.80 15 March 2020 2017 March 2020 40 at N$ 13.20 24 March 2020 2023 March 2020 20 at N$ 13.60 30 March 2020 2031 March 2020 12 at N$ 14.10 Selling price: N$ 20Use the above information to calculate closing inventory that would be shown using the below methods for 31 March 2020 financial year 1. AVCO
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Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %$4 Item F 24 Item G %24 Item H %24
QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Kpogo Ltd as at 31 December 2019? b. According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in…
TRANSACTIONS DURING January 2019 Cost (OMR) Amount (OMR) 3000 3000 Date Particulars Units Beginning Inventory 300 200 10 15 January 1 January 2 January 11 Purchase January 18 Purchase Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Date Particulars Units Cost (OMR) Amount (OMR) January 8 Sales 300 30 9000 January 15 Sales 250 40 10000 Total Sales 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetual inventory method
AL LUSE AL RELdi Beginning inventory Net purchases $127, 600 231,240 $256, 800 393, 600 Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your intermedlete calculatlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retall and at cost. (Round your Intermedlate calculatlons and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage
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QUESTION 26 Use these figues to answer questions 26-29 Wickes Ltd has the following figures at December 2020 Revenue(90% credit sales) Opening Inventory Purchases-(80% on credit) 1,042,255 Trade Receivables Provision for doubtul debts 11,325 Trade payables Closing Inventory 1,936,000 145,550 237,810 160,479 160,970 Calculate the inventory turnover for Wickes Ltd for 2020
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