Presented below is information related to Skysong Inc.'s inventory.(per unit)Historical costSelling priceCost to sellCost to completeItemSkisBootsSkis$247.00275.60Parkas24.7041.60Boots$137.80Cost188.5010.4037.70Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2decimal places, e.g. 52.75.)Parkas$68.9095.883.2527.63NRVtaLCNRV

Net realizable value means the amount that could be received after deducted all incidental expenses…

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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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Similar questions

Please show working and calculations in answers Calculate the value of “Ending Inventory” based on the following information: “Beginning Inventory” = $700 Purchases = $300 Cost of sales = $800 Based on your answer to the previous question, what is the gross profit and gross profit margin if the sales are $1000?
Submit it in excel form
the xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .why
If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
3
d. Weighted average. Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2.00 3 400 $3.00 8 400 $5.00 10 15 300 $7.00 20 27 400 $7.00 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 700 * 15 300 $7 20 300 ** 27 400 $7…
Given the following data, what is the cost of goods sold as determined under the LIFO method if ABC Home Improvements sold 350 air freshener systems for $28 per unit? Information Number of Units Unit Cost Beginning Inventory on 1/1 150 $14 Inventory Purchases on 1/5 250 $17 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 E3 4. 8. 80 96 5 图

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 21 66 116 61 62 152 1. FIFO 2. Moving weighted average Unit Cost $ 46 $51 $ 56 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $56 Ending Inventory
Calculate necessary data where you have a ? in the table
Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424
The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1 Beg. Inventory 60 units @ $220 May 2 Purchase 100 units @ $216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $234 May 30 Sale 200 units Required: 1. Compute the cost of goods sold and cost of ending inventory for Simco Co. for May under the FIFO, LIFO, and weighted average cost assumptions. 2. Which method results in Simco Co. paying the least tax?
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average

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