Determine the total amount of ending inventory Hathaway Electronics applied FIFO to its inventory andobtained the following results for its ending inventory:•Laptops - 120 units at a cost per unit of $750Tablets - 185 units at a cost per unit of $320Smartphones - 160 units at a cost per unit of $540The net realizable value of units purchased at year-endwas:. Laptops = $720Tablets = $290. Smartphones = $500Determine the total amount of ending inventory atlower-of-cost or market.

Explanation of FIFO (First-In, First-Out): FIFO is an inventory valuation method that assumes the…

Answered: Hathaway Electronics applied FIFO to…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Crane Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 100 units at a cost per unit of $60 Blu-ray players 150 units at a cost per unit of $70 iPods 120 units at a cost per unit of $80 The net realizable value at year-end was cameras $70, Blu-ray players $65, and iPods $75.Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory
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Lily Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 135 units at a cost per unit of S65 Blu-ray players 170 units at a cost per unit of S70 iPods 125 units at a cost per unit of $85 The net realizable value at year-end was cameras S73, Blu-ray players $65, and iPods $77. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory %24
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A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory was $2,100,and costs had increased 5 % during the year.what is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
SLR Corporation has 2,500 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1Product 2Cost$80$50Selling price$145$51Costs to sell$11$3 Determine the carrying value of SLR’s inventory (i.e., ending balance) assuming that the lower of cost or net realizable value (LCNRV) rule is applied to individual products.
At year-end 20X8, Ancho Canned Chile has 8,000 units on hand at a weighted-average cost of $13 per item. Sales for the year were at $16 per item. Resellers cost Ancho an average $4 per unit. a. What is Ancho’s ending inventory applying LCNRV by item? b. If the loss is not significant enough to warrant disclosure on the income statement, what year-end journal entry does Ancho record? c. If the market value of the inventory increases in the following year, can Ancho recognize the recovery?
A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
Rizza Co. has an average age of inventory equal to 25 days. If its end ofyear inventory level is P8,500, then what does that imply for the cost ofgoods sold during the year? A. P582B. P21,250C. P124,100D. P4964

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