Exam III (Multiple Choice) Question 29 of 30 < > Wildhorse Company recently purchased the following items for resale at a lump-sum cost of $73500: Item No. of Items Purchased Resale Price Per Unit M 4900 $4.20 N 2450 12.90 о 6900 The appropriate cost per unit of inventory is: M N о $5.16 $5.16 $5.16 $4.20 $12.90 $6.90 6.90 -/1 01:39:24 ° $3.02 $9.63 $4.95 SUPPORT $3.09 $9.50 $5.08

Exam III (Multiple Choice) Question 29 of 30 < > Wildhorse Company recently purchased the following items for resale at a lump-sum cost of $73500: Item No. of Items Purchased Resale Price Per Unit M 4900 $4.20 N 2450 12.90 о 6900 The appropriate cost per unit of inventory is: M N о $5.16 $5.16 $5.16 $4.20 $12.90 $6.90 6.90 -/1 01:39:24 ° $3.02 $9.63 $4.95 SUPPORT $3.09 $9.50 $5.08

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 10E: Discounts Nelson Company bought inventory for 50,000 on terms of 2/15, n/60. It pays for the first...

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10 Vargas Company uses the perpetual inventory method. Vargas purchased 2,200 units of inventory that cost $23.00 each. At a later date the company purchased an additional 2,600 units of inventory that cost $24.00 each. Vargas sold 2,300 units of inventory for $27.00. If Vargas uses a FIFO cost flow method, the amount of cost of goods sold appearing on the income statement will be: 1 nts 01:10:09 Multiple Choice $50,600. $53,000 $9,100 $6,900.
Question: 3On March 31, 2020, Sole way, Inc. sold 800 computers to Xavier Company. Prior to this sale the Sole way records for these units included the following cost layers: Purchase Date Quantity Unit Cost Total CostMar. 11, 2019500 20 10,000Mar. 19, 2019 1200 23 27,600Total on hand 1700 37,600 Required:⦁ Complete a subsidiary ledger record for the computer using each of the three inventory valuation methods listed below⦁ Average cost.⦁ FIFO. ⦁ LIFO. Your inventory records should show both purchases of this product, the sale on Mar 31, and the balance on hand on Mar 31, 2020.⦁ Which of the three cost flow assumptions will result in reporting the lowest net income for the current year? Explain
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Multiple Choice Questions If inventory was purchased for $2 288 inclusive of GST, what would the GST amount be? $22.88 $229.00 $208.00 $20.80
Ivanhoe Corporation's computation of cost of goods sold is: Beginning inventory $64200 Add: Cost of goods purchased 540000 604200 Cost of goods available for sale 93000 Less: Ending inventory $511200 Cost of goods sold The average days to sell inventory for Ivanhoe are (Hint: Round intermediate calculation and final answer to 1 decimal place, eg O.6.) O 45.8 days. O 47.5 days. O 66.4 days. O 562 days.
Question 5 options: 7565.23 7415.65 7433.44 7395.58
ENDING INVENTORY, CURRENT YEAR Quantity on Hand 50 80 Unit Cost When Acquired (FIFO) $ 15 30 48 25 Net Realizable Value (Market) at Year-End $ 12 40 52 Item A 10 D E 70 350 30 10 Required: Compute the valuation that should be used for the current year ending inventory using la an item-by-item basis. Total Net Lower of Item Quantity Total Cost Realizable Cost or NRV Value A 50 80 10 D 70 350 Total
What is the correct answer? A. P129,000 B. P135,000 C. P112,000 D. P127,600
Discounts Nelson Company bought inventory for 50,000 on terms of 2/15, n/60. It pays for the first 37,500 of inventory purchased within the discount period and pays for the remaining 12,500 two months later. Required: 1. Prepare the journal entries to record the purchase and the payment under both the (a) gross price and (b) net price methods. Assume that Nelson uses the periodic inventory system. 2. Next Level Which of the two methods yields a conceptually preferable valuation of inventory?