Make any adjustment necessary to inventoryPlease include all the calculations for my reference. Thanks! Inventory Items on HandItem #DescriptionCostSelling PriceSelling costsMarketLCM7%of selling price32,500.0032,500.0032,500.0014566SA X205 30 HP Machine13,500.00145669A X205 30 HP Machine13,500.00147502A X205 30 HP Machine13,500.0032,500.0032.500.00147503A X205 30 HP Machine13,500.00147504A X205 30 HP Machine13,500.0035,900.00360010X G350 60 HP Machine47,900.00360011X G350 60 HP Machine35,900.0047,900.00360012X G350 60 HP Machine35,900.0047,900.0047,900.00103,000.00360013X G350 60 HP Machine35,900.00598750w L500 100HP Machine98,600.00598751W L500 100HP Machine98,600.00103,000.00598752W L500 100HP Machine98,600.00103,000.00506,900.00 e. InventoryThe company has the policy of stating all inventory on hand at the lower of cost and netrealizable value. The company uses the direct method for any adjustments to inventory.NOTE – on the Statement of Earnings use "Cost of Goods Sold" from the trial balance - do notcalculate the cost of goods sold.Trial Balance - Cost of Goods Sold= 3717400In the Excel spreadsheet, see the tab “"Inventory Detail" to perform any necessary calculations.

Lower of Cost and Net Realizable Value (Market) - It is method of inventory costing that values…

e. Inventory The company has the policy of stating all inventory on hand at the lower of cost and net realizable value. The company uses the direct method for any adjustments to inventory. NOTE – on the Statement of Earnings use "Cost of Goods Sold" from the trial balance - do not calculate the cost of goods sold. Trial Balance - Cost of Goods Sold = 3717400 In the Excel spreadsheet, see the tab “"Inventory Detail" to perform any necessary calculations.

e. Inventory The company has the policy of stating all inventory on hand at the lower of cost and net realizable value. The company uses the direct method for any adjustments to inventory. NOTE – on the Statement of Earnings use "Cost of Goods Sold" from the trial balance - do not calculate the cost of goods sold. Trial Balance - Cost of Goods Sold = 3717400 In the Excel spreadsheet, see the tab “"Inventory Detail" to perform any necessary calculations.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Select the best answer for the question. Utilize Set 2 from the following PDF to answer this question: http://lessons.pennfoster edu/pdf/061006_Exam_Tables.pdf 4. Which one of the following statements is true for the ending inventory balance? *. O A. It will appear as a debit in the Adjusted, Trial Balance column. B. It will appear as a credit in the Balance Sheet column OC. It will appear as a credit in the Income Statement column. OD. It will appear as a debit in the Trial Balance column. O Mark for review (Will be highlighted on the review page) >
I am having troubke understanding how to find the ending inventory. Would you mind helping me with that?
What is just-in-time (JIT) inventory system?
Before inventory purchases are recorded, the receiving report should be reconciled to what documents?
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Which inventory system would have a purchases account? Group of answer choices Perpetual FIFO LIFO Periodic
The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and loss account(iii) Purchase returns account(iv) Furniture account
Explain how to report and analyze inventory.
Pallet live storage system can use FIFO method of inventory control. Select one: a. True b. False
How do you calculate periodic and perpetual inventory?
Discuss how discounts are recorded in a perpetual inventory system, and compare how discounts are recorded in a periodic inventory system.
How do you find an inventory report for manufacturers?