Mocha Company uses the lower of cost or net realizable value method to value inventory. Data regarding the items in work in process inventory are presented below. Tarts 240,000 360,000 48,000 208,000 Pies 188,000 250,000 50,000 168,000 Mallows 300,000 360,000 68,000 318,000 Historical cost Selling price Estimated cost to complete Replacement cost. Normal profit margin as a percentage of selling price What is the measurement of the work in process inventory? b. 694,000 25% 25% 10% a. 676,000 c. 720,000 d. 728,000

Mocha Company uses the lower of cost or net realizable value method to value inventory. Data regarding the items in work in process inventory are presented below. Tarts 240,000 360,000 48,000 208,000 Pies 188,000 250,000 50,000 168,000 Mallows 300,000 360,000 68,000 318,000 Historical cost Selling price Estimated cost to complete Replacement cost. Normal profit margin as a percentage of selling price What is the measurement of the work in process inventory? b. 694,000 25% 25% 10% a. 676,000 c. 720,000 d. 728,000

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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Please Answer 1-10
1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.
The following information applies to Swifty Corporation: Beginning Inventory Ending Inventory Units produced Direct labor per unit Direct materials per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit Variable operating expenses per unit Fixed operating expenses 0 Units O $55. O $87. O $45. O $58. 4160 units 41600 units $23 $16 $6 $13 $10 $80600 Using absorption costing, how much will the per unit product cost be?
A manufacturer has the following per-unit costs and values for its sole product: Cost $10.00 5.50 Current replacement cost Net realizable value 6.00 Net realizable value less normal profit 5.20 margin Under the first-in first-out (FIFO) cost method, what is the per-unit carrying value of inventory in the manufacturer's statement of financial position? O 55.20 $5.50 $6.00 $10.00
1. Work in process inventory, ending 2. Cost of Goods Sold
The unadjusted cost of goods sold is calculated using which of the following equations? Multiple Choice O Beginning finished goods inventory + Cost of goods manufactured + Ending finished goods inventory Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured + Ending finished goods inventory
Please refer to pictures for parts 1 and 2, here is part 3: Cost per unit of goods sold using: Absorption costing Product cost per unit Number of units sold Cost of sold goods
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 $
The amount of ending inventory if absorption costing method was used
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Suppose that Ivanhoe Depot developed the following information about its inventories in applying the lower-of-cost-or-net- realizable-value (LCNRV) basis in valuing inventories: Product A B C Cost $119000 83000 166000 NRV $125000 79000 168000 After Ivanhoe Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be $368000. O $364000. O $372000. O $376000.
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