Per Unit Iten Unite Cont Car audio equipment Speakers Stereos 341 $.96 256 117 Amplifiers 322 92 Subwoofers 200 58 47 Security equipment Alarma 476 156 131 Locks 207 99 90 Cameras 208 316 328 Binocular equipment Tripods 101 76 90 Stabilizers 166 103 111 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Market $ 104 106 101

Per Unit Iten Unite Cont Car audio equipment Speakers Stereos 341 $.96 256 117 Amplifiers 322 92 Subwoofers 200 58 47 Security equipment Alarma 476 156 131 Locks 207 99 90 Cameras 208 316 328 Binocular equipment Tripods 101 76 90 Stabilizers 166 103 111 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Market $ 104 106 101

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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Cullumber Hardware reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2027 Cost of goods sold $ $30,000 175,000 205,000 35,000 $170,000 2026 2027 $ 20,000 150,000. 170,000 Cullumber made two errors: 1.2026 ending inventory was overstated by $3,100. 2.2027 ending inventory was understated by $6,100. Compute the correct cost of goods sold for each year. 30,000 $140,000 $ 2026
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tem Units Cost Market Car audio equipment Speakers 335 $ 90 $ 98 Stereos 250 111 100 Amplifiers 316 86 95 Subwoofers 194 52 41 Security equipment Alarms 470 150 125 Locks 281 93 84 Cameras 202 310 322 Binocular equipment Tripods 175 70 84 Stabilizers 160 97 105 Required:1. Calculate the lower of cost or market for the inventory applied separately to each item.2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied separately to eoch item. 2. If the market smount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481…
Hello, I'm stuck on how to solve part A of this question
What will be the correct answer for weight average cost method for ending inventory and cost of goods sold?
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Not use excel
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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).
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