I Want to this question answer general Accounting Pacific Electronics has gathered the following cost and net realizable value data for theirinventory on December 31, 2024:Product Category Cost Net Realizable ValueLaptopsTabletsSmartphones$24,800 $26,500$15,600 $14,900$18,900 $17,800Calculate the lower-of-cost-or-net realizable value for the company's total inventory.

Step 1: Define Lower-of-Cost-or-Net Realizable Value (LCNRV)The Lower-of-Cost-or-Net Realizable…

Answered: Pacific Electronics has gathered the…

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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Swifty Video Center accumulates the following cost and net realizable data at December 31. Net Realizable Inventory Categories Cost Data Value Data Cameras $16,800 $17,220 Camcorders 13,300 13,580 Blu-ray players 19,600 18,060 Compute the lower-of-cost-or-net realizable value valuation for the company's total inventory. The lower-of-cost-or-net realizable value
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
Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.
Cruz Video Center accumulates the following cost and net realizable data at December 31. Inventory Categories Cost Data Net Realizable Value Data Cameras Camcorders $ 14,880 $ 15,252 11,780 12,028 Blu-ray players 17,360 15,996 Compute the lower-of-cost-or-net realizable value valuation for the company s total inventory.
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Given the following information regarding to a recent period's operations: Sales - P? Beginning finished goods inventory - P12,000 Cost of goods manufactured - P36,000 Ending finished goods inventory - P6,000 Cost of goods sold - P? Gross margin - 40% of Sales Administrative and selling expenses_P10,000 Net operating income - P? Determine the following: • cost of goods sold • cost of goods available for sale • net operating income • gross margin • sales
The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order Required: a. Calculate cost of goods sold and ending Inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic Inventory system): b. Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units@ $6 220 units@ $7 Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to 2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory
Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing. Cost ReplacementCost SalesPrice Net RealizableValue NormalProfit Aluminum siding $ 70,000 $ 62,500 $ 64,000 $ 56,000 $ 5,100 Cedar shake siding 86,000 79,400 94,000 84,800 7,400 Louvered glass doors 112,000 124,000 186,400 168,300 18,500 Thermal windows 140,000 126,000 154,800 140,000 15,400 Total $408,000 $391,900 $499,200 $449,100 $46,400 Instructions a. 1. Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. 2. For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Prior to adjustment, the Allowance account had a balance of $27,500. b. Explain the rationale for the use of the lower-of-cost-or-market rule as it…
Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizabl e-value(LCNRV) basis in valuing inventories: Product Cost NRV A $114,000 $120,000 B 80,000 76,000 C 160,000 162,000 After Jenks applies the LCNRV rule, the value of the inventory reported on the balance sheet would be
Telamark Company uses the moving weighted average method for inventory costing.The following incomplete inventory sheet regarding Product W506 is available for the month of March 2020. Complete the inventory sheet. (Image 1 attached) Note: March 4 reflects a return made by a customer of incorrect items shipped on March 3; these items were returned to inventory.2. Analysis Component:The gross profit realized on the sale of Product W506 during February 2020 was 39.19%. The selling price was $166 during both February and March. Calculate the gross profit ratio for Product W506 for March 2020 and determine whether the change is favorable or unfavorable from February. (Round your intermediate calculations and final answer to 2 decimal places.) Gross Profit Ratio =?
The following information is taken from a company's records. Cost Market value per Unit per Unit Inventory Item 1 (8 units) $38 $37 Inventory Item 2 (20 units) 19 19 Inventory Item 3 (13 units) 7 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? $ %24

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