Lamas has the following products in inventory at the year end:ETITTSelling PriceP 65P 23P 25Selling CostP 9P 4P 6ProductQuantity1,500CostP 30P 15P 24AВ3,500700At what amount should total inventory be stated in the statement of financialposition?

Name: Lamas has the following products in inventory at the year end:ETITTSe
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Lamas has the following products in inventory at the year end:ETITTSelling PriceP 65P 23P 25Selling CostP 9P 4P 6ProductQuantity1,500CostP 30P 15P 24AВ3,500700At what amount should total inventory be stated in the statement of financialposition?

As per accounting standard 2, all inventories in the business should be valued at lower of cost or…

Business

Accounting

Lamas has the following products in inventory at the year end: Selling Price P 65 P 23 P 25 Selling Cost P 9 P 4 P 6 Product Quantity Cost P 30 P 15 P 24 1,500 3,500 700 At what amount should total inventory be stated in the statement of financial position?

Lamas has the following products in inventory at the year end: Selling Price P 65 P 23 P 25 Selling Cost P 9 P 4 P 6 Product Quantity Cost P 30 P 15 P 24 1,500 3,500 700 At what amount should total inventory be stated in the statement of financial position?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases OA. $1,750 O B. $2,040 O C. $1,600 OD. $3,200 320 units 290 units at $5 per unit 88 units at $10 per unit
Please do not give solution in image format thanku
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
The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Unit Cost Units 4,800 $7.80 9,600 8.10 6,700 8,600 8.40 14,400 16,400 8.56 14,400 9,600 8.70 1. 2. 3. 4. 5. 6. 7. Sale (at $19.80) 8. Purchase Inventory Purchase Sale (at $16.80) Purchase Sale (at $16.80) Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions a. FIFO b. Weighted average, periodic inventory system c. Moving average, perpetual inventory system Ending Inventory Units and Amounts Cost of Goods Sold Gross Margin
Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, giventhe following facts about their inventory for the period:
Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 A. P1,400,000 D. P 1,900,000
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The following table shows some selected financial information of ABC Company. Gross sales.... OMR 97000, Sales returns and discounts.... OMR 7000. Opening Inventory....OMR 4000 Total Purchases.... OMR 56000 Purchase returns... OMR 4000 Closing Inventory... OMR 8000 According to the given information, which of the following shows the correct Inventory Turnover Ratio? Select one: O a. 5 b. 8 O C. 7 d. 6
Brandeis Company's accounting records show the following for the year ending on December 31, 2022. Beginning Inventory Net Purchases Ending Inventory Using the periodic system, the cost of goods sold is $252,500 $235,000 $270,900 $208,500 $17,500 213,000 22,000 ? I hope you needed this image.
J8.
The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units@ $4.40 Sale on May 31 3,900 units @ $5.90 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 dec Multiple Choice $10.920 $17160 $6,513 O $5.850
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?