Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are asfollows:CostSelling priceCosts to sellRequired:Product 1$ 22468Product 2$ 9212644Product 3$ 527612What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule toending inventory?ProductCostNRVPer Unit InventoryValue123

Step 1: Enter the cost per unit of each product, as given in the problem. ($22, $92, and $52) Step…

Answered: Han Company has three products in its…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

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Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.
The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows:
A company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 Product 2 Product 3 $ 24 $ 94 52 132 10 48 Required: What unit values should the company use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost $ 54 82 14 NRV Per Unit Inventory Value
Vishanu
Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 $29 67 9 Cost Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product 2 Product 3 $ 59 97 19 NRV $99 147 58 Per Unit Inventory Value
please help me
Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product $ Cost Product 1 $ 28 26 48 5 13 28 $ 90 50 Replacement cost Product 2 $ 98 93 128 30 38 20 93 48 Required: What unit values should Han use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Product 3 $ 58 NRV 29328 48 68 10 20 NRV minus NP Market Per Unit Inventory Value
A company has four types of products in its inventory. The company applies the rules under lower of cost and net realizable value to its inventory at the end of each year as shown below: Product A B CA с D Quantity 15 10 20 15 Cost $7 15 8 11 Net Realizable Value $8 14 6 10 The year-end adjustment based upon the information above would include a:
Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Required: What unit values should Han use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Product 1 $28 26 48 5 13 28 $ 98 58 Q Search Replacement cost 26 93 48 Product 2 $98 93 128 or 30 38 NRV Product 3 $58 48 60 10 20 W ENG 4x D 4:45 PM 11/27/2023

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