From the following situation find the amount of closing inventory. The inventory at 31st December 2020 is OMR 130,325. This includes OMR 1325 for items accidentally destroyed on 12th January 2020 and OMR 900 which relates to the cost of damaged inventory which can be altered at a cost of OMR 250 and which can then be sold for OMR 790.

From the following situation find the amount of closing inventory. The inventory at 31st December 2020 is OMR 130,325. This includes OMR 1325 for items accidentally destroyed on 12th January 2020 and OMR 900 which relates to the cost of damaged inventory which can be altered at a cost of OMR 250 and which can then be sold for OMR 790.

Name: From the following situation find the amount of closing inventory. Th
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: From the following situation find the amount of closing inventory. The inventory at 31st December 2020 is OMR 130,325. Thisincludes OMR 1325 for items accidentally destroyed on 12th January 2020 and OMR 900 which relates to the cost of damagedinvent

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

Chapter : Inventory San Corp. conducts an assessment of the inventory held at the end of 2022. The person in charge of the San Corp. warehouse reports some information from inventory, namely from inventory Q, R, and S The cost used to sell each inventory is $30,000 Instructions: Prepare the journal entries necessary to recognize an impairment loss on inventories, if the company uses: a. cost method
The following information was available for Bramble Company at December 31, 2020: beginning inventory $4000; ending inventory $96000; cost of goods sold $2500000; and sales $1280000. Bramble's days in inventory in 2020 was O 0.6 days. O 14.3 days. O 7.3 days. O 14.0 days. Save for Later Attempts: 0 of 1 used Submit Answer
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019 $ 42,000 100 (1.00) 2020 58,000 110 (1.10) 2021 60,100 120 (1.20) 2022 68,200 130 (1.30) Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for
Sunland Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1109000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Prices $1285000 1460000 1625000 Current Price Index 106 124 129 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?
Heinz Company began operations on January 1, 2019, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed:Final Inventory 2019 2020FIFO ₱640,000 ₱ 712,000LIFO 560,000 636,000Net Income (computed under the FIFO method) 980,000 1,030,000Based on the above information, a change to the LIFO method in 2020 would result in net income for 2020 ofa. ₱1,070,000 c. ₱954,000b. ₱1,030,000 d. ₱950,000
Please help me to solve this problem
On 31 December 2020, a company has semi-finished inventory with a cost to date of OMR 63,500. It is expected that further costs of OMR 13,800 will be incurred in order to complete the inventory. It will then be sold for OMR 112,000. Selling costs will be OMR 6,000 and an agent commission to sell inventory is OMR 3,200. The net realizable value and cost of this inventory at 31 December 2020 are: None of them OMR 92,200 and OMR 63,500 OMR 95,000 and OMR 63,500 OMR 89,000 and OMR 63,500
Problem: On December 31, 2019, the ending inventory was overstated by P6,000. What is the adjusting entry at the end of 2019? What is the adjusting entry for 2020 if not adjusted during 2019? What are the accounts affected?
JBD, Inc. has the following information pertaining to it 2025 ending inventory. Requirements: Calculate the value of ending inventory using the following methods: LCM for each individual inventory item LCM for aggregated inventory. Record any necessary journal entries for each of the above methods, assuming the amount is material. Explain the purpose of applying the LCM rule to inventory Item Quantity Cost per Each Market Cost per Each Records Market LCM Each LCM Total R55 300 10 7.5 S49 150 15 12 T21 350 8 6 E33 600 33 35 Date Account Debit Credit
From the following situation find the amount of closing inventory. The inventory at 31st December 2020 is OMR 130,325. This includes OMR 1325 for items accidentally destroyed on 12th January 2020 and OMR 900 which relates to the cost of damaged inventory which can be altered at a cost of OMR 250 and which can then be sold for OMR 790. OMR 128,640 OMR 129,140 None of them OMR 132,190 04: EN 小阪all T-YIA
Wildhorse Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. 12/31/25 $855,000 12/31/26 (a) Cost Date 1,022,000 LCNRV $809,400 986,700 Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming that the inventory is recorded at LCNRV, and that a perpetual inventory system. Using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit
Richardson’s Flower Depot uses FIFO for internal reporting purposes and LIFO for financial and income tax purposes. At the end of 2020, the following information was obtained from the inventory records: 2018 2019 2020 Ending inventory, FIFO $78,650 $82,785 $93,678 Ending inventory, LIFO 68,500 75,640 84,675 Beginning inventory, FIFO 67,535 78,650 82,785 Beginning inventory, LIFO 74,565 68,500 75,640 Required: 1. Prepare the necessary entry to convert to LIFO at the end of 2020. 2. How much would Richardson’s cost of goods sold differ in 2020 if it used FIFO for external reporting?