Required information[The following Informetion applies to the questions displeyed below]Greet Sounds Company sells various electronics Including computers and televislons. The company reporta inventoryusing the lower of cost and net realizeble value (NRV). Deta releted to its year-end Inventory follows.InventoryTelevisionsQuantity128Unit Cost$ 77unit NV$ 92Computers42328260Required:1. Calculate the total recorded cost of ending Inventory before any acjustments.Cost of ending inventory (bafore adustment)

Value of inventory = Lower of cost or Net Realisable Value (NRV) The cost and net realisable value…

Answered: Required information [The following…

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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Concord Distribution markcets CDs of the performing artist Unique At the boginning of October,Concord had in beginning invantory 2,000 of Unique's CDzwith a unit cost of $7. During October, Concord made the following purchasas of Unique's CDs Oct 3 2,500 Oct. 19 3,000 2 $10 Oct 9 3,500 59 Oct 25 4,000 $11 During October, 10,800 units were sold. Concord uses a'periodic inventary systam. (a) Determine the cost of goods availabla for sale. Cost of goods available for sale eTextbook and Medla E ter Ler Attempts: 0 of 5 used Subrmit AnaAr (b1) Calculate cost per unit. Round answer to 2 decimal places, er 225) Cost per unit eTextbook and Medla Attempts: 0 of 5 used Submit Arawer Save tor Lar
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
FER-8= use excel The following information is available for Juddo Inc., a merchandising business in St. Catharines, Ontario. The business uses the perpetual inventory system and controls its inventory using the FIFO method. Description Number Date Unit Cost Selling of Units Price May 1 Opening 150 $4 May 12 Purchase 50 $5 May 22 Sale 158 $12 May 30 Purchase 90 $6 Calculate the cost of goods sold and the ending inventory, using a perpetual inventory system. In addition, provide the entries for all the transactions (the chart is provided on the next page.) NOTE: more rows have been provided than you require. Assume all sales and purchases were made for cash.
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Choose amounts the 3 listed items that a manufacturer’s inventory may include: pre-ordered material inventory work in process inventory unused inventory
Question The following information is taken from the records of Wildlife florist.The company uses the perpetual inventory system Date Description units unit cost (RM) DEC1 Opening inventory 200 20 Dec5 Sale 108 Dec6 Purchase 200 18 Dec 12 Purchase 125 17 Dec 13 Sale 300 Dec 19 Purchase 350 21 Dec 29 Purchase 150 18 Dec 30 Sale 400 Required : (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assunmptions: i) FIFO ii) Weighted average (b) Assume each unit sold for RM25. Complete the following partial income statements: FIFO…
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