Product 101 102 103 104 Total Cost $ 150,000 105,000 75,000 45,000 Total Net Realizable Value $ 115,000 125,000 65,000 65,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Product Cost NRV Inventory Value 101 $ 150,000 $ 115,000 102 105,000 125,000 103 75,000 65,000 104 45,000 65,000 $ 375,000 $ 0

Product 101 102 103 104 Total Cost $ 150,000 105,000 75,000 45,000 Total Net Realizable Value $ 115,000 125,000 65,000 65,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Product Cost NRV Inventory Value 101 $ 150,000 $ 115,000 102 105,000 125,000 103 75,000 65,000 104 45,000 65,000 $ 375,000 $ 0

Name: ProductTotal Cost101$ 150,000102105,00010310475,00045,000Total Net Re
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Description: ProductTotal Cost101$ 150,000102105,00010310475,00045,000Total Net RealizableValue$ 115,000125,00065,00065,000Required:1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied toi

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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3. Specific identification (assuming the inventory comes from Problem 11-2 (ACP) Furlough Company began operations at the beginning of current year with 10,000 units of merchandise with unit cost of P80. Purchases for the current year follow: Unit cost Units Lot No. 2,000 8,000 6,000 9,500 14,500 100 110 120 100 90 The physical inventory revealed 15,000 units on hand at year-end. Required: Compute inventory cost at year-end and cost of goods sold for the year following each method listed below. 1. FIFO - periodic 2. Weighted average periodic 3. Specific identification (assuming the inventory comes ro Lot 3, 6,000 units, and Lot 4, 9,000 units). 322 12345
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Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
Qq.12. Subject :- Account
Attached is the spreadsheet to use to enter the figures. Please help
PROBLEM 1. Wharf Company uses a perpetual inventory system and values its inventory at lower of cost or market. Its accounting records indicate the following information relating to inventory: Inventory Cost $ 60,000 Date January 1, 2019 December 31, 2019 December 31, 2020 Market $ 60,000 102,000 88,000 115,000 109,000 Required: Prepare the required journal entries at December 31, 2019, and December 31, 2020, to record the inventory at lower of cost or market using the following methods: a. Direct method b. Allowance method
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Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net Product Total Cst Realizable Value 101 102 $148,000 104,000 74,000 $114,000 124,000 64,000 64,000 103 104 44,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Inventory Value Product Cost NRV 101 2$ 148,000 114,000 $114,000 102 104,000 124,000 104,000 103 74,000 64,000 66,000 X 104 44,000 64,000 44,000 370,000 $ 328,000
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32