inventory
Q: In its first month of operation, Wildhorse Company purchased 180 units of inventory for $7, then 280…
A: Step 1: Phantom profit is the apparent profit that seems to be made by the company. But this is not…
Q: Please provide correct answer solution
A: Step 1: Introduction to the Gross Profit:An integral part of the multiple-step income statement is…
Q: The inventory of Royal Decking consisted of five products. Information about ending inventory is as…
A: The inventory is valued and recorded at the lower of cost or market value. This is done to…
Q: On January 1, 2016, LABRYNTH Co. purchased 50,000 units at $10 per unit. During 2016, the entity…
A: Net income of the business means deduction of all expenses from the sales revenue. All expenses…
Q: The department had a beginning inventory of 5,500 units of product, and it started 94,500 units…
A: The equivalent units are calculated on the basis of percentage of work completed during the period.
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Total conversion cost = beginning cost+ current period cost = 9800+204125 = P213925
Q: 9 Castle TV, Incorporated purchased 1,600 monitors on January 5 at a per-unit cost of $140, and…
A: The objective of the question is to determine the amount by which Castle TV should write down the…
Q: A company purchased 50 units of merchandise for $100 each. After selling 30 units for $125 each, the…
A: Cost of goods sold is the cost of making or purchasing the units sold. The price at which the units…
Q: Lemon company purchased 400 units for $20 each on January 31. It purchased 440 units for $22 each on…
A: FIFO Method :— It is one of the methods of inventory valuation in which it is assumed that old…
Q: Monahan sold 2,000 units of inventory on account for $60 each. Monahan originally paid $30 for each…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: Storm, an entity, had 500 units of product X at 30 June 20X5. The product had been purchased at a…
A: Net realizable value is the amount which can be recovered from the units after deducting the…
Q: In its first month of operation, Blue Spruce Corp. purchased 320 units of inventory for $5, then 420…
A: In case of FIFO method, first purchased goods will be sold first and latter purchased goods will be…
Q: Schrute Company has 7,200 units of its sole product in inventory that it produced last year at a…
A: Incremental income is defined as the additional revenues from the additional quantity and it is…
Q: Varto Company has 9,600 units of its product in inventory that it produced last year at a cost of…
A: Differential analysis is a management accounting technique in which we assess only the changes in…
Q: Zaria Inc. provides the following cost information for producing 10,000 units of inventory during…
A: The objective of the question is to calculate the cost of goods sold (COGS) under variable costing…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning x = beginning inventory x 40% = 22500 x 40% = 9000 units
Q: lectronics is a manufacturer of computer components. La EIT had average inventories as described in…
A: a) Average Inventory Value = Raw Material Value + WIP Value + Finished goods Value Average…
Q: BEBE Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning units = beginning units x% Completed = 22500 x 40% = 9000
Q: X Company had $90,000 of ending finished goods inventory, beginning finished goods inventory was…
A: Gross profit can be calculated by deducting the cost of goods sold from sales revenue.
Q: The total value of ending inventory at the end of the quarter is: a. 1,140,000 b. 750,000 c.…
A:
Q: Trez Company began operations this year. During this year, the company produced 100,000 units and…
A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…
Q: Win Company, which uses the FIFO inventory method, had 300,000 units ih inventory at the beginning…
A: Given, Company follows FIFO method; Beginning Inventory = 300000 units Costing $ 50 each Details…
Q: Sandork, Inc., has 200 units of inventory which are currently priced at $4.90 per unit at the…
A: Step 1:To determine the correct entry for Sandork, Inc., we need to compare the original cost of the…
Q: The following errors took place in journalizing and posting transactions:a. Cash of $8,800 received…
A: Rectification of journal entry means to correctly record the entry which is recorded incorrect in…
Q: Donovan Company incurred the following costs while producing 500 units: direct materials, $10 per…
A: In variable costing, only the variable cost is taken into consideration while computing the value of…
Q: During July 2014, Leesburg, Inc., sold 250 units of its product Empire for $4,000. The following…
A: Inventory: Inventory is the goods and material a business holds for sale. There are two methods for…
Q: Lily Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased…
A: The choice of inventory valuation method can have a significant impact on a company's financial…
Q: Cake Co. included the following items in inventory: Materials, P1,648,000 . Advances for materials,…
A: Inventory refers to the goods, materials, or products that a business holds for sale, production, or…
Q: A firm that sells a single product had a beginning inventory of 7,000 units with a total cost of…
A: As per LIFO method goods that comes in last are sold first, so the ending inventory is valued at the…
Q: Hurricane, an entity, had 1500 units of product Y at 30 June 20X8. The product had been purchased at…
A: As per International Accounting Standards 2 in valuation of inventory Inventory need to be valued…
Q: Sanders Company has the following information for last year: Selling price $190 per unit Variable…
A: Lets understand the basics.Costing income statement can be prepared using,(1) Variable costing (2)…
Q: Several finished products are listed in the inventory account. One such product, X444, is carried at…
A: The decision with regards to the sale or further process can be taken by estimating the net cash…
Q: IS OHly p Cost $9 each. The CO petual inventory system and the FIFO cost method The following…
A: The answer is stated below:
Q: PIOLO produces a main product TEDDY BEAR together with a by-product WIRE. There was no beginning…
A: The Company produces a main product TEDDY BEAR together with a by-product WIRE. There was no…
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A: If you have any questions let me know in comment box.
Q: State Company manufactured a machine at a cost of $80,000. The product is sold for $88,000 at a 5%…
A: Inventory is defined as the tangible goods which are meant to be sold by the company with a motive…
Q: Jones Corporation had a beginning inventory of 300 units which it bought for $5 each. Jones bought…
A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…
Q: Racine Co. determined its desiccated coconut inventory on a FIFO basis at P520,000 with a…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Formula: Total units started = Total EUP - Units started and completed - Ending Work in process
Q: How many units must have been completed and transferred if beginning inventory was 75,000 units,…
A: The units completed and transferred are calculated by adding beginning units and units started and…
Forster Company produced 18,500 units at an average cost of $6.70 each. The beginning inventory of finished goods was $5,159. (The average unit cost was $6.70.) Forster sold 18,620 units. How many units remain in ending finished goods inventory?
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- A company normally sells its product for $20 per unit. This company's current inventory consists of 200 units purchased at $16 per unit. Replacement cost has now fallen to $13 per unit. Calculate the value of this company's inventory at a lower cost or market. A) $2,550 B) $2,600 C) $3,000 D) $3,200ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is $12,000. Cost of FG ending inventory under VC is $2,500. How much is FMOH deferred with ending inventory?Zaria Inc. provides the following cost information for producing 10,000 units of inventory during the current period: Cost Information Accounts Amounts Direct materials costs $30,000 Direct labor costs 55,000 Variable manufacturing overhead costs 20,000 Fixed manufacturing overhead costs 25,000 Variable Selling and Administrative expenses 15,000 Fixed Selling and Administrative expenses 10,000 There was no inventory at the beginning of the period. If 1,500 units of inventory remain unsold at the end of the period, compute the amount of inventory to be reported in the balance sheet at the end of the current month under absorption costing. Group of answer choices $15,750 $19,500 $23,250 $18,000
- Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased 200 units at a total cost of $22,000. At the end of the year, Crane had 60 units in ending inventory. Crane Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal placesAlpha places 900 units in production during the year. All 900 units are completed during the year. It had no beginning WIP inventory. Direct material costs added during the year were $81,000 and conversion costs were $9,000. 8) What is the Direct Material cost per equivalent unit for the year? 9) What is the Conversion Cost per equivalent unit for the year? 10) How much is Cost of Goods manufactured for the year? 11) Assume beginning FG inventory was 0 (zero) and that Alpha sold 10% of what it manufactured this year. How much is COGS?In its first month of operation, Waterway Industries purchased 340 units of inventory for $9, then 440 units for $10, and finally 380 units for $11. At the end of the month, 420 units remained.Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom Profit =?
- BC Company purchased inventory for $50,000 and incurred additional costs of $5,000 for transportation and storage. If the company expects to sell 1,000 units and wants to include a 20% markup on the cost, what should be the selling price per unit?Poe, Co. uses LIFO for its inventory valuation. The original cost of Item #BB-8, the only inventory item of Poe, was $12,000. The current selling price and replacement cost are $13,500 and $9,500, respectively. Costs to sell are estimated to be $2,700. The normal profit margin is 10% of the original cost.Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. The total EUP of completed and transferred units is:
- B. Massy Estate, a subsidiary of Hollywood Estate had the following inventory items at the end of its financial year 30 September 2021: Units Cost per Unit ($) Raw materials 5 000 25 Work in progress 2 000 30 Finished goods 1 000 35 Finished items usually sell for $50 per unit. However, water damage caused by improper storage of inventory will mean that 300 units of finished goods will be sold at 60% of the normal selling price less costs to sell of $5 per item. Required: In accordance with IAS 2 Inventories, at what amount should inventories be stated in the statement of financial position of Massy Estate at 30 September 2021. Complete the schedule provided. Units Cost ($) NRV ($) Total ($) Raw materials: Work in progress: Finished goods: TotalMartha Inc. had 20,000 units of ending inventory that were recorded at the cost of five dollars per unit using the FIFO method. The current replacement cost is $4.25 per unit which of the following amounts would be reported as ending merchandise inventory in the balance sheet, using the lower of cost or market rule. A) $85,000 B) $100,000 C) $120,000 D) $185,000 Sunland Company had 140 units in beginning inventory at a total cost of $11,200. The company purchased 280 units at a total cost of $30,800. At the end of the year, Sunland had 75 units in ending inventory. (a) Partially correct answer icon Your answer is partially correct. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $ $ $ The cost of goods sold $ $ $
