1 Questions:Charapata Company applied FIFO to its inventory and go, the followingresults for its ending inventory.Cameras - 105 units at a cost per unit of $69Blu-ray players 169 units at a cost per unit of $80iPods - 142 units at a cost per unit of $88The net realizable value of units purchased at year-end was cameras$75, Blu-ray players $56, and iPods $71. Determine the amount ofending inventory at lower-of-cost or market.

To determine the ending inventory at the lower of cost or market (LCM), we'll need to compare the…

Answered: Questions: Charapata Company applied…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Bramble Company applied FIFO toits inventory and got the following results for its ending inventory. Cameras 130 units at a cost per unit of $65 Blu-ray players 175 units at a cost per unit of $72. IPods 125 units at a cost per unit of $85 The net realizable value at year-end was cameras $70. Blu-ray players S67, andiPods $77. Determine the amount of ending inventory at lower-of-cost-or-net realizablevalue Endinginventory 32325
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Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): Action Date Amount Cost Purchase 1/15/XX 150 Widgets $10 per Widget Purchase 2/15/XX 250 Widgets $11 per Widget Purchase 3/15/XX 600 Widgets $12 per Widget Total 1,000 Widgets Sell 3/20/XX 400 Widgets $20 per Widget Sell 3/25/XX 300 Widgets $20 per Widget 700 Widgets FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =
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Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 400 units of inventory that cost $15.00 each. At a later date during the year, the company purchased an additional 800 units of inventory that cost $18.00 each. Vargas sold 500 units of inventory for $27.00. What is the amount of cost of goods sold that will appear on the current year's income statement? Multiple Choice ο ο ο ο $4,500 $6,000 $7,800 $5,700
XYZ Company has the following inventory information: Beginning inventory: 100 units at $10 per unit Purchases: 200 units at $12 per unit Sales: 250 units Ending inventory: ? Calculate the ending inventory and cost of goods sold using the FIFO (First-In, First-Out) method.
RJ Corporation has provided the following information about one of Its inventory Items: ber of eite Cout per Unit annaction Beginning Inventory Date $3,280 $3,640 $4,080 $4,360 1/1 408 6/6 Purchase 808 9/10 Purchase 1,240 11/15 Purchase 808 During the year, RJ sold 3,080 units. What was cost of goods sold using the LIFO cost flow assumption? Multiple Choice $12,167,920. $12,257,920. $12,059,200. $12,136,408. < Prev 59 of 67 Next MacBook Air
Sandhill Co. uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Sandhill Co.’s year end, December 31: Units Unit Cost Net Realizable Valueper Unit Clothing 93 $7 $5 Jewellery 75 20 22 Greeting cards 42 1 4 Stuffed toys 52 11 40 (a) Determine the lower of cost and net realizable value of the ending inventory assuming Sandhill Co. applies LCNRV on individual items. Lower of cost and net realizable value
The problem is stated in the picture. Here is the question: 1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?

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