Problem #4 At December 31, Beaver Company's records show the following amounts in ending Market price Book Value 3,000 24,000 45.000 72,000 Cost per unit S 70 Inventory items Widgets Gadgets Contraptions Quantity 50 Per unit 200 300 $60 120 110 180 150 Required: 1. Determine ending inventory using the lower of cost and market (LCM). Total LCM LCM Inventory items Widgets Gadgets Contraptions Quantity 50 200 300 Per unit 2. Record any necessary year-end adjustment associated with the lower of cost and net realizable valu Ассounts Debit Credi

Problem #4 At December 31, Beaver Company's records show the following amounts in ending Market price Book Value 3,000 24,000 45.000 72,000 Cost per unit S 70 Inventory items Widgets Gadgets Contraptions Quantity 50 Per unit 200 300 $60 120 110 180 150 Required: 1. Determine ending inventory using the lower of cost and market (LCM). Total LCM LCM Inventory items Widgets Gadgets Contraptions Quantity 50 200 300 Per unit 2. Record any necessary year-end adjustment associated with the lower of cost and net realizable valu Ассounts Debit Credi

Name: Problem #4At December 31, Beaver Company's records show the following
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem #4At December 31, Beaver Company's records show the following amounts in endingMarket priceBookValue3,00024,00045.00072,000CostInventory itemsWidgetsGadgetsContraptionsper unit$ 70110180Quantity50Per unit$60200300120150Required:1. Determine

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question 6?
Q.3 The following are the inventory records of the Jordan Company: Total $40 Cost $2 Units Balance, January 1 Purchases: 20 February May August December 30 3 90 40 200 6. 10 20 120 10 100 Available for sale 120 $550 Calculate ending inventory, which consists of 30 units, and cost of sales, using: (a) FIFO, (b) LIFO, and (c) average give your opinion on the results
M3
Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 360 Cost of goods sold 660 860 390 +A Unit Cost LA $5 6 7 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 730 units occurred on June 15 for a selling price of $8 and a sale of 760 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Total Cost FIFO $1,800 3,960 6,020 LA $ LIFO LA $ Moving Average
The following information pertains to inventory for a company: March 1 Beginning inventory 35 units @ $5.70 March 3 Purchased 13 units @3.70 March 9 Sold 27 units @ 8.90 What is the ending inventory balance, assuming the company uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $94 577 $48
So what was the cost of products sold and ending inventory under (4) LIFO, (S) FIFO, and (6) Average Cost? Assuming the perpetual inventory technique is utilized and costs are calculated at the time of each withdrawal. 1st of June: Balance 450 units at $11 200 copies sold on June 15 for $24 Jun 11: Paid $13 for 950 units. june15 575 items sold at $25 Bought 525 units on June 20 for $14. June27 Sell 324 units at $27
15
W Using the specific identification method: Units purchased 15 Echo Show's 360 45 Echo Show's 360 60 Echo Show's 360 a. Calculate the cost of ending inventory. Date June 1 July 1 August 1 Ending inventory b. Calculate the cost of goods sold. Cost of goods sold Cost per unit $ 275 250 240
Your answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80
Bramble Company reports the following for the month of June. June 1 (a) 12 23 30 (b) Inventory 290 Purchase 400 Purchase Inventory Units Unit Cost $5 Cost of goods sold 300 130 Cost of the ending inventory Your answer has been saved. See score details after the due date. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Save for Later 6 $ 7 in Total Cost $1,450 2,400 2,100 FIFO 910 5040 Which costing method gives the higher ending inventory? 5 $ LIFO 650 5300 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer
Please do not give solution in image format thanku
During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ P24 14 Purchased 800 units @ P36 700 units @ P30 24 Purchased 8 Sold 400 units @ P50 10 Sold 1,000 units @ P40 29 Sold 600 units @ P44 Find: a. Ending Inventory under FIFO b. Ending Inventory under LIFO c. COGS under FIFO d. COGS under LIFO e. Gross Profit under FIFO f. Gross Profit under LIFO