Please need help with this financial accounting question Oceania Tech Solutions had been selling its product for $50 per unit, but recentlylowered the selling price to $35 per unit. The company's current inventory consistsof 190 units purchased at $45 per unit. The market value of this inventory iscurrently $33 per unit. At what amount should the company's inventory bereported on the balance sheet?

Step 1: Define Lower of Cost or Market (LCM) RuleThe Lower of Cost or Market (LCM) Rule is an…

Answered: Oceania Tech Solutions had been selling…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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In March 2015, XYZ Corp. purchased an item of inventory for $30. By June, that item could be purchased for $26 and re-sold for $31. XYZ's normal profit for the item is $4. At what amount should XYZ report the item in its June 30 balance sheet? XYZ uses the LIFO inventory cost flow assumption. (omit , and $ in the answer) 30
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Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,950 units of inventory carried at LIFO cost of $69 per unit. During the first quarter, it purchased 5,550 units at an average cost of $99 per unit and sold 6,400 units at $195 per unit. 1. Assume the company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost of goods sold should be recorded for the quarter ended March 31?$608,100.$633,600.$646,400.$635,300. 2. Assume the company expects to replace the units of beginning inventory sold in April at a cost of $101 per unit and expects inventory at year-end to be between 1,500 and 2,000 units. What amount of cost of goods sold should be recorded for the quarter ended March 31?$608,100.$633,600.$646,400.$635,300.
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I need assistance with this general accounting question using appropriate principles.
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