Lauer Corporation has provided the following information about one of its laptop computers:NumberDateTransactionof UnitsCost per Unit1/1Beginning Inventory2109105/5Purchase310$41,0108/10Purchase410$41,11010/15Purchase255$41,160During the year, Lauer sold 1,025 laptop computers.What was ending inventory using the FIFO cost flow assumption?Multiple Cholce$145,600.$165,600.$185,100.$185,600.

FIFO is the first in first out inventory method which says that inventory purchased first should be…

Lauer Corporation has provided the following information about one of its laptop computers: Number Date Transaction of Units Cost per Unit 1/1 Beginning Inventory 210 24 910 5/5 Purchase 310 1,010 8/10 Purchase 410 $4 1,110 10/15 Purchase 255 $4 1,160 During the year, Lauer sold 1,025 laptop computers. What wa ending invento using the FIFO cost flow assumption? Multiple Cholce $145,600. $165,600. $185,100. $185,600.

Lauer Corporation has provided the following information about one of its laptop computers: Number Date Transaction of Units Cost per Unit 1/1 Beginning Inventory 210 24 910 5/5 Purchase 310 1,010 8/10 Purchase 410 $4 1,110 10/15 Purchase 255 $4 1,160 During the year, Lauer sold 1,025 laptop computers. What wa ending invento using the FIFO cost flow assumption? Multiple Cholce $145,600. $165,600. $185,100. $185,600.

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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Lower of Cost and Net Realizable Value Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period: Item Number of Units Historical Cost per Unit Net Realizable Value per Unit Window air conditioner 18 $194 $110 Dishwasher 30 240 380 Refrigerator 27 415 405 Microwave 19 215 180 Washer (clothing) 32 195 248 Dryer (clothing) 21 197 245 Required: 1. Compute the carrying value of Meredith's ending inventory using the lower of cost and net realizable value (LCNRV) rule applied on an item-by-item basis. 2. Prepare the journal entry required to value the inventory at LCNRV.
MusicCity specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Requirement 1. Determine the amounts that MusicCity should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicCity uses a perpetual inventory system.) Start by determining the amounts that MusicCity should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Determinie the amounts that MusicCity should report for cost of goods sold and ending inventory under b. LIFO. LIFO method cost of goods sold = LIFO method ending inventory = Requirement 2. MusicCity uses the FIFO method. Prepare the company's income statement for the month ended March 31, 2021, reporting gross profit. Operating expenses totaled $260, and the income tax rate was 30%. (Round answers to the nearest dollar.)
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At thedate of this sale, Hudson's perpetual inventory records included the following cost layers for theMillennium laptops: Purchase DateApr. 9May 1Total on hand Quantity Unit Cost 70 30 $1,500$1,600 100 Total Cost$105,000 48,000$153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assumethat Hudson Computing uses the:a. Specific identification method (62 of the units sold were purchased on April 9, and the tmaining units were purchased on May 1).b. Average-cost method.c. FIFO method.d. LIFO method.e. Discuss briefly the financial reporting differences that may arise from choosing the FlFOmethod over the LIFO method.
3) Vango, Inc. sells part number 86Z to auto parts stores around the world. Information about part number 86Z is contained in the table below. Vango uses a FIFO periodic inventory system. Beginning inventory Purchase Purchase Totals Number of Units 2,000 3,000 5,000 10,000 Unit Cost Total Cost $8.00 $16,000 $8.20 $24,600 $8.60 $43,000 $83,600 Determine the cost of goods sold and ending inventory value of part 86Z, if 4,000 units remain unsold in inventory at the end of the accounting period.
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LIFO and FIFO. What is the differences? Examples
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The following information pertalns to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units on Product Hand Cost NRV Audio equipment: Wireless audio receivers Touchscreen MP3 players 332 247 $199 $188 203 223 Audio mixers 313 193 177 Audio stands 191 85 103 Video equipment: Televisions 467 253 298 5GB video cards 278 171 183 Satellite video recorders 199 613 618 Car equipment: GPS navigators 172 171 145 Double-DIN Car Deck with iPod/iPhone Control 157 213 198 and Aux Input Requlred: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, applied separately to each product. Per Unit LCNRV applied to: b. Inventory Items Separately to Each Product a. Units on Hand Cost NRV Total cost Total NRV Major Group Audio equipment: Wireless audio receivers 332 199 188 Touchscreen MP3 players 247 203 223
Journalize this transaction: Purchased from Kraft Co. $4,000 of inventory on account. Edit View Insert Format Tools Table 12pt v Paragraph |BIUAV O words MacBook Pro On-line F En ACCT 101 One Test O 10611 As Aes ferret Oul tntiers
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