Enabled: Exam 2 (Chapters 6,7,8,9) Spring 2 0 Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopte Inventory on that date using the dollar-value LIFO method was $211,000. Inventory data Ending Inventory at Year-End Costs Rnding Invantory at Bann Yaar Coata Year $242,000 293,000 283,000 2019 $254,100 336,950 339,600 2020 2021 Required: Compute the inventory at December 31, 2019, 2020, and 2021, using the dollar-value lecimal places.) Inventory Layers Converted to Base Yoar Cost Inventory Layers Ca

Enabled: Exam 2 (Chapters 6,7,8,9) Spring 2 0 Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopte Inventory on that date using the dollar-value LIFO method was $211,000. Inventory data Ending Inventory at Year-End Costs Rnding Invantory at Bann Yaar Coata Year $242,000 293,000 283,000 2019 $254,100 336,950 339,600 2020 2021 Required: Compute the inventory at December 31, 2019, 2020, and 2021, using the dollar-value lecimal places.) Inventory Layers Converted to Base Yoar Cost Inventory Layers Ca

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Description: HelpSave &ExitSubrSevedFoctoring Enabled: Exam 2 (Chapters 6,7,8,9) Spring 2..Mercury Company has only one Inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO Inventory method. TheInventory on that date using the dollar-value

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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Problem 1A physical count of inventory on December 31, 2019 revealed that Grapes Company had inventory on hand at that date with a cost of P5,900,000. The annual examination identified that the following items were excluded from this amount: ➢Merchandise of P390,000 is held by Grapes on consignment.➢Merchandise costing P330,000 was shipped by Grapes FOB Destination to a customer on December 31, 2019. The customer was expected to receive the goods on January 5, 2020. ➢Merchandise costing P460,000 was shipped by Grapes FOB Shipping Point to a customer on December 29, 2019. The customer was expected to receive the goods on January 5, 2020. ➢Merchandise costing P930,000 shipped by a vendor Grapes Destination on December 31, 2019 was received by Grapes on Jan. 5, 2020 .➢Merchandise costing P410,000 purchased FOB Shipping Point was shipped by the supplier on December 31, 2019 and received by Grapes on January 5, 2020. What amount should appear for inventory on December 31, 2019?
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Question 3 (5%) Inventory data for Hot Buys Company for January 2020 are as follows: January I balance January 10 purchase 100 units at $28 January 15 sale January 21 purchase 90 units at $32 January 28 sale 80 units at $25 120 units 110 units Using FIFO, compute ending inventory as of January 31, 2020, and determine cost of goods sold for January.