he following information pertains to Hagen Metal Works' ending inventory for the current year. Unit Market Item C Quantity 90 Unit Cost Value $ 24 $ 16 D 75 22 20 K 40 25 28 22 15 17 M Required 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. Complete this question by entering your answers in the tabs below. Required A Required 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

he following information pertains to Hagen Metal Works' ending inventory for the current year. Unit Market Item C Quantity 90 Unit Cost Value $ 24 $ 16 D 75 22 20 K 40 25 28 22 15 17 M Required 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. Complete this question by entering your answers in the tabs below. Required A Required 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

Name: he following information pertains to Hagen Metal Works' ending invent
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Description: he following information pertains to Hagen Metal Works' ending inventory for the current year.Unit MarketItemQuantity Unit CostValueC90$ 24$ 16D752220K402528221517MRequireda. Determine the value of the ending inventory using the lower-of-cost-or-mar

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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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
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Fine Leather Ltd. had the following inventory at December 31 of the current year. Per Unit Item Quantity Cost Net Realizable Value Leather blazers Model 154 20 $ 100 $ 120 Model 160 15 180 168 Model 165 10 250 260 Handbags Model 11 60 30 32 Model 12 40 45 42 Model 13 25 65 63 Required: 1. Determine the value of ending inventory that should be reported on the statement of financial position by applying the LC&NRV rule to Each item of inventory Each major category of inventory Total inventory
Identify which of the following statement is correct for perpetual inventory system? When valuing ending inventory under a perpetual inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. When valuing ending inventory under a perpetual inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic inventory system. When valuing ending inventory under a perpetual inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. 5 Under the perpetual inventory system, on the purchase of inventory purchase account is debited. 7
Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item ABUD A ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When on Hand Acquired (FIF0) Required: 1. Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. What will be the effect of the write-down of inventory to lower of cost or net realizable value on cost of goods sold for the year ended December 31, current year? Complete this question by entering your answers in the tabs below. Total Net tem Quantity Total Cost Realizable Value D Required 1 Required 2 Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. C D 31 31 66 46 21 $16 45 56 33 66 DE $…