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.
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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.
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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
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