Monty Corp. sells coffee beans, which are sensitive to pricefluctuations. The following inventory information is available for thisproduct at December 31, 2017:Coffee BeanUnitsUnit Cost MarketMarketCoffea arabica12,800 bags$ 5.40$ 5.373.403.50Coffea robusta 4,000 bagsCalculate Tascon's inventory by applying the lower-of-cost-or-marketbasis.Tascon's inventory $

Step 1: Identify the Cost and Market Value for Each Coffee Bean TypeCoffee Bean TypeUnitsUnit…

Answered: Monty Corp. sells coffee beans, which…

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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Carla Vista Co. sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2017: Coffee Bean Units Unit Cost Market Market Coffea arabica 12,000 bags $ 5.90 $ 5.87 Coffea robusta 5,000 bags 3.40 3.50 Calculate Tascon's inventory by applying the lower-of-cost-or-market basis.
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FlinFlon Limited sells three products whose prices are sensitive to price fluctuations. The following inventory information is available for these products at March 31, 2018: Product Units Unit Cost Net Realizable Value A 25 $ 7 $ 7 B 30 6 8 C 60 11 10 Instructions: Calculate FlinFlon's inventory at the Lower of Cost and Net Realizable Value (LCNRV). Prepare any journal entry required to record the LCNRV, assuming that FlinFlon uses a perpetual inventory system.
Smmons. Inc. uses the lower-of-cont-ormarket method to value s inventory that is accounted for using the FIFO method. Data regarding an tam in its inventory ls as follows Cost $26 Replacement cost 20 Selling price 30 Cost of completion and disposal 2 Normal profit margin 7. What is the lower-of-cost-or-mariket for this item?
Monty Corporation is a multi-product firm. The following information concerns one of its products, the Trinton: Price/ Date Transaction Quantity Cost Jan. 1 Beginning inventory 2,000 $14 Feb. 4 Purchase 2,880 Feb. 20 Sale 3,340 Apr. 2 Purchase 4,080 Nov. 4 Sale 3,000 དྷྱ ༈ ཨྰཿ རྨུ 8 16 32 21 (a) * Your answer is incorrect. Calculate cost of goods sold, assuming Monty uses a periodic inventory system and FIFO cost formula.
You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…
Marzan Company uses LIFO and a perpetual inventory system for its leading product, Z. Given the historical cost of product Z is $22, the selling price of product Z is $25, costs to sell product Z are $3, the replacement cost for product Z is $21, and the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? O $18 $20 $21 $22
If you give me wrong answer, I will give you UN helpful rate.
Morse Inc. is a retail company that uses the perpetual inventory method. Assume that there are no credit transactions and all amounts are settled in cash. Calculate the ending inventory for the following cost flow assumption: LIFO. You have the following information for Morse Inc. for the month of January 2014. Unit Cost or Date Description Quantity Selling Price Dec. 31 Ending inventory 140 $ 14 Jan. 2 Purchase 120 15 Jan. 6 Sale 150 30 Jan. 9 Purchase 85 17 Jan. 10 Sale 70 35 Jan. 23 Purchase 100 20 Jan. 30 Sale 110 42
Calculate the ending inventory for the following cost flow assumption: LIFO.
Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 60 $ 41 68 94 Desks Tables Accessories: Rugs Lamps Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products. (b) product categories, and (c) total inventory. 2 Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. Es Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. View transaction list View journal entry worksheet D Record the year-end adjustment for inventory assuming the lower of cost or net…
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