Need help 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) for Charapata Company, we…

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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Lily Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 135 units at a cost per unit of S65 Blu-ray players 170 units at a cost per unit of S70 iPods 125 units at a cost per unit of $85 The net realizable value at year-end was cameras S73, Blu-ray players $65, and iPods $77. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory %24
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
Crane Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 100 units at a cost per unit of $60 Blu-ray players 150 units at a cost per unit of $70 iPods 120 units at a cost per unit of $80 The net realizable value at year-end was cameras $70, Blu-ray players $65, and iPods $75.Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory
1
Reeve Company applied FIFO to its inventory and got the following results for its ending inventory.VCRsDVD players iPods140 units at a cost per unit of $65 210 units at a cost per unit of $75 175 units at a cost per unit of $80The cost of purchasing units at year-end was VCRs $71, DVD players $69, and iPods $78.InstructionsDetermine the amount of ending inventory at lower-of-cost-or- Net realizable value.
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Fifo would be_.
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
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 =
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
Company sells following products - A, B and C. The following information was available at the year end. A B с $ per unit $ per unit $ per unit 18 8 25 13 4 6 Units 100 Original Cost Estimated Selling price Selling and distribution cost Units of inventory What is the value of inventory at the year end? O 3,124 O 3,500 O2,920 O 4,000 Units 40 14 25 7 Units 60

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