< > ezto.mheducation.com M Question 10- Ch 05 Quiz - Connect Hue Lind 19e Chap007 PPT Accessible.pptx: 6251-BUSI-2305-Busin Help Save & Exit Sub TB MC Qu. 05-66 (Algo) Bedrock Company reported... 10 Bedrock Company reported a December 31 ending inventory balance of $416,000. The following additional information is also available: pints Print The ending inventory balance of $416,000 included $72,800 of consigned inventory for which Bedrock was the consignor. The ending inventory balance of $416,000 incorrectly included $23,600 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is: 05 Quiz Me McGraw Hill Connect References Multiple Choice O C $416,000 Mc Graw H $343,400 о $319,800 О $309,000 $392,400 ! 2 1 F2 80 a F5 F3 $ 54 #3 % 95 MacBook Air G 20 F6 & 7 29 ^ 60 > H FB 4 DII F7 8*> = J 9 ) 0 FIO F11 P

< > ezto.mheducation.com M Question 10- Ch 05 Quiz - Connect Hue Lind 19e Chap007 PPT Accessible.pptx: 6251-BUSI-2305-Busin Help Save & Exit Sub TB MC Qu. 05-66 (Algo) Bedrock Company reported... 10 Bedrock Company reported a December 31 ending inventory balance of $416,000. The following additional information is also available: pints Print The ending inventory balance of $416,000 included $72,800 of consigned inventory for which Bedrock was the consignor. The ending inventory balance of $416,000 incorrectly included $23,600 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is: 05 Quiz Me McGraw Hill Connect References Multiple Choice O C $416,000 Mc Graw H $343,400 о $319,800 О $309,000 $392,400 ! 2 1 F2 80 a F5 F3 $ 54 #3 % 95 MacBook Air G 20 F6 & 7 29 ^ 60 > H FB 4 DII F7 8*> = J 9 ) 0 FIO F11 P

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 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...

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Saved Help Required information E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 [The following information applies to the questions displayed below.] Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year For the current year: 7,400 $ 12 Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) 19,400 10 10,400 6. 8,400 16,400 Operating expenses (excluding income tax expense) $404,000 E7-8 Part 2 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. earch 60°F
Crane Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10400 $7.00 Purchases: June 18 9700 7.60 November 8 5600 9.00 A physical inventory on December 31 shows 5600 units on hand. Under the FIFO method, the December 31 inventory is O $42560. O $39200. O $42752. O $50400. Save for Later Attempts: 0 of 1 used Submit Answer
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TB MC Qu. 8-98 (Static) A company has the following information... A company has the following information related to its ending inventory: 12/31/2023 12/31/2024 FIFO LIFO $ 400,000 $300,000 480,000 350,000 The company makes an adjusting entry with a debit to Cost of Goods Sold and a credit to LIFO Reserve for $130,000 at the end of 2024 ($480,000 - $350,000). Which of the following statements is correct? Multiple Choice The company should instead debit the LIFO Reserve. The adjusting entry should instead be made for $30,000. Cost of goods sold is higher under LIFO than under FIFO by $130,000 in 2024. < Prev 15 of 16 Next
The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
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P3-8 Books of Rose Company-show followlng.deta. Dalo 1:Nov - 15-Nov 25-Nov Transacilonis Beginning Inventory. Purchasos Sales @ P100 each" Unlts Unit Cost P50 P70 70 20 50. Roquired: Calculate the cost of goods sold and total value of.ending inventory under each of the following: methods: FIFO а.. b. LIFO Moving average 'cost C. CS Scanned with CamScanner
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Main.do?invoker-8takeAssignment ocate R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: 1TI Units Unit Price Total Cost Jan. 1- Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd Purchase 25 $14 350 Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market
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es - TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was... A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Inventory costing $43,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. • Inventory costing $35,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. • Inventory costing $51,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. • Inventory costing $25,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet? W Multiple Choice # 3 $406,000 $457,000 #103.000 20 F3 E $ 4 F4 R % 5 F5 T < Prev 7 of 16 6 87 & K F7 U Next * CO 8 DII F8 1 9 F9 1 O 0 J F10 {} 41 FIL
N7. Account Need help with Questions D and E