Martinez Company's ending inventory includes the following items.Cost perProductUnitsUnitMarket perUnitHelmets37$ 59$ 55Bats307783ShoesUniforms5155964110041Compute the lower of cost or market for ending Inventory applied separately to each product.Per UnitTotalInventory ItemsUnitsLCM Applied toCost MarketCostMarketItemsHelmets37 $59$55Bats307783Shoes5196100Uniforms554141He

Step 1: Compute the total cost Units x Per unit cost = Total cost Helmets 3759 2,183 Bats…

Answered: Martinez Company's ending inventory…

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

A3
What is the value of ending inventory using the variable costing method?
Ames Trading Company has the following products in its ending inventory Cost per Unit Product Mountain bikes. Skateboards Gliders Inventory Items Quantity 12 22 12 Mountain bikes Skateboards Gliders $ 580 330 960 Compute lower of cost or market for inventory applied separately to each product. Units Market per Unit $ 510 370 910 Per Unit Cost Market Cost Total Market LCM applied to each product
Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Net Realizable Cost Value Small $63,300 $59,600 Medium 289,600 261,000 Large 151,300 172,500 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,500 1,200 1,100 1,300 1,000 800 3,300 1,300 Cost per Unit $3.39 2.86 4.77 3.82 2.39 3.18 1.91 4.98 Cost to Replace $3.18 2.44 3.92 3.29 2.12 2.86 1.70 5.51 Estimated Selling Cost of Completion and Price Disposal $0.37 The amount of Skysong Company's inventory $ $4.77 3.71 5.30 3.39 3.45 4.03 2.65 6.36 From the information above, determine the amount of Skysong Company inventory. 0.53 0.42 0.27 0.85 0.42 0.80 0.53 Normal Profit $1.33 0.53 1.06 0.95 0.64 0.53 0.53 1.06
sss
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 2 3 $ Cost Required: What unit values should Han use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Product 1 $28 26 48 5 13 28 $ 98 58 Q Search Replacement cost 26 93 48 Product 2 $98 93 128 or 30 38 NRV Product 3 $58 48 60 10 20 W ENG 4x D 4:45 PM 11/27/2023
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
Please do not give solution in image format thanku
Oriole Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. 1320 1333 1426 1437 1510 1522 1573 1626 Quantity 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost per Unit $3.84 3.24 5.40 4.32 2.70 3.60 2.16 5.64 Cost to Replace $3.60 2.76 The amount of Oriole Company's inventory $ 4.44 3.72 2.40 3.24 1.92 6.24 Estimated Selling Price $5.40 4.20 6.00 3.84 3.90 4.56 3.00 7.20 From the information above, determine the amount of Oriole Company inventory. Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.96 0.48 0.90 0.60 Normal Profit $1.50 0.60 1.20 1.08 0.72 0.60 0.60 1.20
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

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS