Question Of Accounting subject Question. The following data relates to Bands Are Us. Inc. for the yearended December 31, 2015:Ending inventory at costEnding inventory at NRV$ 54,000$ 52,700Ending inventory at fair value$ 59,000COGS before any adjustment for NRV$ 67,000Which of the following is the adjusted COGS balance for Bands Are UsInc. after NRV adjustment?a. $65,700b. $68,300c. $67,000d. $72,000e. $62,000

To determine the adjusted Cost of Goods Sold (COGS) balance for Bands Are Us Inc. after Net…

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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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Question. The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV $ 54,000 $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment? a. $65,700 b. $68,300 c. $67,000 d. $72,000 e. $62,000
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6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Unit Cost When Acquired Item A B C D Quantity on Hand 80 35 40 75 €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 each in cash and written-off 5 units of D. Make necessary journal entries.
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6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.
Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to that inventory is as follows selling price 610000 cost to sell 34000 replacement cost 549000 what should be the reported value of montanas inventory?
Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 A. P1,400,000 D. P 1,900,000
Goddard Company had used the FIFO method of inventory The entity provided the following year-end inventory valuation since it began operations in 2018. The entity decidel to change to the weighted average method for determining Problem 8-15 (AICPA Adapted) inventory cost at the beginning of 2021. balances under FIFO and weighted average method: FIFO Weighted average Year 2018 2019 2020 4,500,000 7,800,000 8,300,000 5,400,000 7,100,000 7,800,000 What pretax amount should be reported in the 2021 statement of changes in equity as the cumulative effect of the change in accounting policy? a. 500,000 decrease b. 300,000 decreasc c. 500,000 increase d. 300,000 increase
es - TB MC Qu. 8-39 (Algo) A company's inventory on December 31, 2024, was... A company's inventory on December 31, 2024, was $338,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Inventory costing $43,000, shipped f.o.b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. • Inventory costing $35,000, shipped f.o.b. destination from a vendor on December 28, 2024, was received on January 3, 2025. • Inventory costing $51,000 was shipped to a customer f.o.b. destination on December 28, arrived at the customer's location on January 6, 2025. • Inventory costing $25,000 was being held on consignment by Traynor Company. What amount should the company report as inventory in its December 31, 2024, balance sheet? W Multiple Choice # 3 $406,000 $457,000 #103.000 20 F3 E $ 4 F4 R % 5 F5 T < Prev 7 of 16 6 87 & K F7 U Next * CO 8 DII F8 1 9 F9 1 O 0 J F10 {} 41 FIL

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