Sandork, Inc., has 200 units of inventory which are currently priced at$4.90 per unit at the market. Originally this inventory cost $5.50 per unitfrom an order of 400. Sandork, Inc., should take what following steps?a. Dr. Loss on inventory write-down, 120; Cr. Inventory, 120.1b. Dr. Loss on inventory write-down, 240; Cr. Inventory, 240.1c. Dr. Inventory, 240; Cr. Loss on inventory write-down, 240.1d. Dr. Inventory, 120; Cr. Loss on inventory write-down, 120.1e. Make no entry.

Step 1:To determine the correct entry for Sandork, Inc., we need to compare the original cost of the…

Answered: Sandork, Inc., has 200 units of…

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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TAMMY CORP HAS THE FOLLOWING INVENTORY DATA FOR FEBRUARY 2018: BEGINNING UNITS 2,200 ENDING UNITS 2,360 COST IN EXCESS OF NRV PER/UNIT AT JANUARY 31ST 1.40 NRV PER UNIT AT FEBRUARY 28TH 20.00 INCREASE IN FEBRUARY COGS ASSOCIATED WITH LCNRV 1,050 REQUIRED: WHAT IS INVENTORY COST PER UNIT AT FEBRUARY 28TH? (DON'T ROUND) Please don't provide solution in image format thanku
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 20 $ 90 $ 50 Selling price 40 120 70 Costs to sell 6 40 10 Required:What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product Cost NRV Per Unit Inventory Value 1 2 3
louie company sells Astro's photocards for P30 each. the following was taken from the inventory records during march: date photocard units cost march 03 purchase 500 P15 march10 sale 300 17 purchase 1000 P17 20 sale 600 23 sale 300 30 purchase 1000 P20 1. Determine the cost of sales and cost of ending inventory using First-in-First-out Method (Periodic) 2.Determine the cost of sales and cost of ending inventory using Weighted Average Method 3. Determine the cost of sales and cost of ending inventory using Moving Average Method
S At the end of the year, Randy's Parts Company had the following items in inventory: Item P1 Quantity 60 P2 40 P3 80 P4 70 Required Unit Cost Unit Market Value $ 85 70 130 125 $ 90 72 a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. b. Provide the adjustment necessary to write down the inventory based on Requirement a. Assume that Randy's Parts Co. uses the perpetual inventory system. c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate. 120 130 d. Provide the adjustment necessary to write down the inventory based on Requirement c. Assume that Randy's Parts Co. uses the perpetual inventory system. Required A Required B Required C Ending inventory Complete this question by entering your answers in the tabs below. Required D Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each…
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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Moore Company purchased an item for inventory that cost $20 perunit and was marked to sell at $30. It was determined that the replacementcost is $18 per unit. No purchases in the near future are anticipated. Usingthe lower-of-cost-or- market rule, the per unit valuation for inventoryshould be: A. $18.00 B. $20.00 C. $25.00 D. $30.00
A company purchased 100 units for $30 each on January 31. It purchased 300 units for $20 each on February 28. It sold a total of 370 units for $110 each from March 1 through December 31. If the company uses the last – in, first – out inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) A. $900 B. $600 C. $2,400 D. $30
Wynn started the period with 80 units in beginning inventory that costs $7.50 each. During the period, the company purchased inventory items as follows: Purchase - no. Of items - cost 1 - 200 - $9.00 2 - 150 - $9.30 3 - 50 - $10.50 Wynn sold 220 units after purchase 3 for $17.00 each. What is Wynn's ending inventory under weighted average (round)? A. $2,361 B. $1,998 C. $1,980 D.$ 2,340
Your answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80
N5. Account
Someone gave me this answer : cost of ending inventory : 26,300 Cost of goods sold: 36,370 And it is not correct

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