The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp.:Inventory ClassificationKeyboardsStock AStock BStock CHard drivesStock XStock YCD burnersStock DStock EKeyboardsStock AStock BStock CHard drivesStock XSCost2,4962,6973,1868,3797,326Quantity Cost2429273764Per Unit96218$10493118198174Required:1-a. Determine the valuation of the above inventory at cost by individual items.89127NRV$ 777114317320764157

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Description: The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp.:Inventory ClassificationKeyboardsStock AStock BStock CHard drivesStock XStock YCD burnersStock DStock EKeyboardsStoc

Inventory Valuation Is Accounting Principle It Shows The Lower Of Cost Or Net Realizable Value. The…

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Business

Accounting

he information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp.:

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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Under a perpetual inventory system, what are the four inventory costing methods and how does each method determine to end merchandise inventory and cost of goods sold?
You are comparing two companies, Ying Ltd and Yang Corporation, in the same industry. Ying focuses on revenue expenditure and uses the periodic inventory system. Yang focuses on capital expenditure and uses the perpetual inventory system. Discuss the difference between the company’s expenditure focus and state the two reasons each company will take a physical inventory use their respective systems.
Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of units in the warehouse FIFO LIFO Average cost B. To determine cost of goods sold, begin with the earliest goods acquired FIFO LIFO Average cost C. To determine merchandise inventory balance, begin with the earliest goods acquired FIFO LIFO Average cost
The following information relates to the retail inventory method used by Jeffress Company: 1. Compute the ending inventory by the retail inventory method using the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO, b. average cost, c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail in,,entory method to produce accurate estimates of ending inventory?
The costs of ending inventory is similar under both periodic and perpetual inventory system if _________________ method is used. a. first-in, first-out (FIFO) b. standard cost c. weighted average d. last-in, first-out (LIFO)
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The inventory records of Sunshine company show the following data: UNITS UNIT COST ESTD. SALES PRICE COST OF TO SELL A 8,000 400 415 20 B 8,000 365 405 15 C 6,000 410 412 7 What amount of inventory will be presented in the statement of financial position under the lower of cost or NRV convention?
Waegelein Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking 1. Goods shipped on consignment by Waegelein to another company. 2. Goods in transit from a supplier shipped FOB destination. 3. Goods shipped via common carrier to a customer with terms FOB shipping point. 4. Goods held on consignment from another company. seek