Problem 8. * Alfred Company measured inventory at the lower of cost and net realizable value. BTS TWICE 240,000 188,000 360,000 250,000 48,000 50,000 208,000 168,000 25% 25% Historical cost Selling Price Est. cost to complete Replacement cost Profit margin What is the measurement of the inventory? Your answer EXO 300,000 360,000 68,000 318,000 10%

Problem 8. * Alfred Company measured inventory at the lower of cost and net realizable value. BTS TWICE 240,000 188,000 360,000 250,000 48,000 50,000 208,000 168,000 25% 25% Historical cost Selling Price Est. cost to complete Replacement cost Profit margin What is the measurement of the inventory? Your answer EXO 300,000 360,000 68,000 318,000 10%

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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A firm utilizes a periodic inventory cost system with a Last-In, First-Out (LIFO) cost flow assumption. What does the firm report as the lower of cost or market for the following two items? Item A Item B Costs to have inventory ready for sale $4 $0 Current Cost to Replace $50 $55 Estimated Selling Price $62 $70 Estimated Normal Profit Margin $12 $12 Cost per the accounting record $60 $60 Group of answer choices Item A: $46, Item B: $55 Item A: $46, Item B: $58 Item A: $46, Item B: $60 Item A: $50, Item B: $55 Item A: $50, Item B: $58
c. HUW Imaly Uluers SIIuulu De placed eacI ycur ! d. What is the total inventory cost? e. What is the reorder point? Problem 7 Dama de Noche Corporation is considering a change in credit policy. The current policy is cash only, and sales per period are 2,000 unit: at a price of P110. If credit is offered, the new price will be P120 per unit, and the credit will be extended for one period. Unit sales are not expected to change, and all customers are expected to take credit. Dama de Noche anticipates that 4 percent of its customers will default. If the required return is 2- percent per period, is the change a good idea? What if only half the customers take the offered credit? Problem 8
Question 3 Assume a company had the following inventory information: Beginning Inventory: 90 units @ $4.00 cost per unit Purchases: 180 units @ $7.00 cost per unit If the company then sold 180 units, calculate the dollar amount of COGS under average cost method.
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Problem 10. What is the ending inventory? * JoJo Company used the conservative retail inventory method. Beginning inventory and purchases Markup Markdown Sales 5,250,000 Cost 6,000,000 Retail 9,200,000 400,000 600,000 7,800,000
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1 A firm uses an inventory item with the following characteristics. Cost per-item $ 6.00 Annual consumption 1,000 Fixed cost per order placed $30.00 Carrying cost of inventory (as a % of dollar value) 25% How many times should the product be reordered each year and what are the related ordering and carrying costs of inventory?
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