InventoryDate Quantity Unit Cost Total CostMar. 1850$98$83,3001,275$95$121,125Mar. 8650$98$63,700Mar. 11325$98$31,850Mar. 14325$98$31,850780$103$80,340Mar. 22260$98$25,480Mar. 25260$98$25,4801,800$100$180,000Study the inventory record for March and answer the questions that follow.1. Assuming that the product sells for $155 and that 85% of sales are on account, determine the gross profit from sales for March.2. Making the same assumptions as in (1), determine the ending inventory cost for March. $3. Which inventory method is being used? LIFO

Inventory Records in an entity can be made in two ways; Periodic Inventory where no proper entries…

Answered: Inventory Date Quantity Unit Cost Total…

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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16. Use the following information to calculate inventory applying LCNRV by item: Recorded cost $12 $22 $17 $42 $32 $18 Еxpected sales price $16 $24 $19 Disposal Costs $2 $5 Item A Item B Item C $2 Item D $60 $40 $6 Item E $6 Item F $24 $7
31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 700 $1.00 $0.80 1 300 1.50 1.55 200 4.90 5.15 2 100 6.50 6.40 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A Product B Product C Product D Product E Total inventory value b. Groups of items Group 1 Group 2 Group 3 Total inventory value c. The inventory as a whole Total inventory value 24 %24 B.
个 Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places) Date 1/1 3/5 5/30 12/31 Item Beginning inventory Purchase of inventory Purchase of inventory Ending inventory OA. $351 30 OB. $420.00 OC. $330.00 OD. $300.00 Unit 60 units at $10 per unit 30 units at $10 per unit 15 units at $22 per unit 30 units
om/im/takeAssighmeny take rogress-tiue Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Market Inventory Cost per Value per Total Total Item Quantity Unit Unit Cost Market A 300 $15.00 $14.50 $4,500 $4,350 В 200 $14.00 $15.00 $2,800 $3,000 100 $17.00 $17.50 $1,700 $1,750 a. $8,850 Оь. 59,000 Oc. $9,100 Od. $9,250 Previous Next>
Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory: Category Item Quantity Unit Cost Unit Market Price A 101 84 $26.00 $25.00 A 102 40 $45.00 $40.00 A 103 125 $35.00 $32.00 B 104 55 $40.00 $42.00 B 105 55 $68.00 $70.00 C 106 70 $66.00 $77.00 C 107 20 $255.00 $245.00 Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory:
Applying the lower-of-cost-or-market Cost per Unit $14 Item A B C Inventory Quantity 218 80 56 19 method to each item of inventory, what should the total inventory value be for the following items? Market Value Total Cost Total Market per Unit Price 23 $12 15 26 $3,052 1,520 1,288 Price $2,616 1,200 1,456 Total LCM
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Units 30 Select one: O A. $1,110 O B. $1,200 O C. $840 O D. $1,260 50 20 100 $21 30 33 Total Cost $630. 1,500 660 $2,790 Units Sold 20 40 60 Assuming Galantine, Inc. uses FIFO perpetual inventory procedures, it records sale no. 2 as an entry to Cost of Goods Sold for:
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32
# of Units Unit Cost Total Cost Jan 1 Beginning Inventory 09 009$ 066$ $1,300 Jan 12 Purchase $11 06 Jan 23 Purchase $13 Jan 29 Purchase 50 $16 $800 Totals 069 Units Sold = 220 Units in Ending Inventory = 80 %3D Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the LIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the FIFO method. Calculate Cost of Goods Sold and Ending Inventory assuming a periodic inventory system under the Weighted Average method. (round to two decimal places)

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