Exercise 5-10 Lower of cost or market LO P2Martinez Company's ending inventory includes the following items.Product Units Cost per UnitHelmets39$61799843BatsShoesUniforms325357Inventory Items UnitsHelmetsBatsShoesUniformsCompute the lower of cost or market for ending inventory applied separately to each product.335393257Cost19Per Unit$Market per Unit$57851029843Market61 $ 5779851024343CostTotalMarketLCM Appliedto Items

Name: Exercise 5-10 Lower of cost or market LO P2Martinez Company's ending
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Description: Exercise 5-10 Lower of cost or market LO P2Martinez Company's ending inventory includes the following items.Product Units Cost per UnitHelmets39$61799843BatsShoesUniforms325357Inventory Items UnitsHelmetsBatsShoesUniformsCompute the lower of cost or

The lower of cost or market (LCM) method is when valuing a company's inventory, it is recorded on…

Business

Accounting

Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Helmets Market per Unit 39 $61 $57 32 79 85 53 98 102 57 43 43 Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. Inventory Items Units Helmets Bats Shoes Uniforms 33 39 32 53 57 Per Unit Cost Market 61 $ 57 85 184 79 98 43 102 43 Cost Total Market LCM Applied to Items

Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Helmets Market per Unit 39 $61 $57 32 79 85 53 98 102 57 43 43 Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. Inventory Items Units Helmets Bats Shoes Uniforms 33 39 32 53 57 Per Unit Cost Market 61 $ 57 85 184 79 98 43 102 43 Cost Total Market LCM Applied to Items

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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Exercise 9-03 X Your answer is incorrect. Try again. Whispering Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Cost to Complete and Sell Cost Item No. Quantity per Unit Selling Price 1320 1,500 $3.55 $5.00 $1.78 1333 1,200 3.00 3.77 1.11 1426 1,100 5.00 5.55 1.55 1437 1,300 4.00 3.55 1.50 1510 1,000 2.50 3.61 1.55 1522 800 3.33 4.33 0.89 1573 3,300 2.00 2.78 1.33 1626 1,300 5.22 6.66 1.67 From the information above, determine the amount of Whispering Company inventory. The amount of Whispering Company's inventory 45,369
Exercise 5-4A ( Algo ) Effect of inventory cost flow ( FIFO , LIFO , and weighted average ) on gross margin LO 5-1 [ The following information applies to the questions displayed below . ] The following information pertains to Mason Company for Year 2 : Beginning inventory 152 units @ $ 48 430 units @ $ 72 Units purchased Ending inventory consisted of 60 units . Mason sold 522 units at $ 144 each . All purchases and sales were made with cash . Operating expenses amounted to $ 4,050 . Exercise 5-4A ( Algo ) Part a Required a . Compute the gross margin for Mason Company using the following cost flow assumptions : ( 1 ) FIFO , ( 2 ) LIFO , and ( 3 ) weighted average . ( Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount . ) Gross Margin FIFO LIFO Weighted average
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Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit $ 56 Market per Unit Helmets 28 $60 Bats 21 84 78 Shoes 42 101 97 Uniforms 46 42 42 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total LCM Applied to Items Inventory Items Units Cost Market Cost Market Helmets 28 2$ 56 2$ 60 Bats 21 84 78 Shoes 42 101 97 Uniforms 46 42 42 2$ 24
Required information Exercise 5-5 (Algo) Effect of inventory cost flow on ending inventory balance and gross margin LO 5-1 [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 September 19 Purchased 330 units @ $10 = Purchased 80 units @ $11 = Purchased 210 units @ $13 = Purchased 60 units @ $14 = During the year, The Shirt Shop sold 520 T-shirts for $19 each. Exercise 5-5 (Algo) Part b b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Gross margin FIFO LIFO $ 3,300 880 2,730 840 Difference
Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 Skip to question [The following information applies to the questions displayed below.] Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 230 items at $99 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Description March 5 Purchased 290 items @ $109 April 10 Sold 165 items @ $213 June 19 Sold 305 items @ $213 September 16 Purchased 240 items @ $114 November 28 Sold 155 items @ $218 Problem 5-20A (Algo) Part b b. Calculate the gross margin Pam’s Creations would report on the Year 2 income statement. Sales Cost of goods sold Gross margin c. Determine the ending inventory balance Pam’s Creations would report on the December 31, Year 2, balance sheet. Ending inventory
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Exercise 5-10A (Algo) Lower-of-cost-or-market rule: perpetual system LO 5-2 The following information pertains to Hagen Metal Works' ending Inventory for the current year. Unit Market Value Item Quantity Unit Cost с 120 D 110 K 42 M 20 Required $11 13 9 6 $9 11 a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual Inventory Item and (2) the inventory In aggregate. b. Prepare any necessary journal entries, assuming the decline in value is immaterial, using the (1) Individual method and (2) aggregate method. Hagen Metal Works uses the perpetual Inventory system. Individual item method Aggregate method 10 11 Complete this question by entering your answers in the tabs below. Required Required A B Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. Ending Inventory
Exercise 6-9 Moving weighted average cost flow assumption-perpetual LO2, 3 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) Date Units Mar 1 2 3 4 7 17 28 Purchases/Transportation-In/ (PurchaseReturns/Discounts) 32 Cost/Unit Brought Forward 27 $ 96.00 97.00 Total $ Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 40 (20) 47 35 Total $ Units 52 $ Balance in Inventory Avg Cost/Unit 94.00 $ Total $ 4,888.00