Scott's Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31:Product ItemUnitsUnit Cost Unit NRVSkates:Bauer14$254$398CCM10$432$365Running shoes:Adidas5$124$124Nike7$121$115Calculate the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item.Ending inventory balance$eTextbook and MediaSUPPO

Answered: Scott's Sporting Stores Inc. reported…

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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Tamarisk, Inc. reports the following for the month of June. June 1. Inventory 364 12 23 30 Purchase Purchase Inventory Units 728 Cost of goods sold 546 182 Cost of the ending inventory eTextbook and Media $ LA Unit Cost $ $4 7 11 Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Total Cost $ 1,456 FIFO 5,096 6,006 B Which costing method gives the higher ending inventory? LIFO
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Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Market per Unit Helmets 30 $ 58 $ 62 Bats 23 112 80 Shoes 44 103 99 Uniforms 48 44 44 Compute the lower of cost or market for ending inventory applied separately to each product.
vishu subject-Accounting
Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Cost per Unit Net RealizableValue per Unit Cameras: Minolta 8 $163 $155 Canon 10 154 156 Light Meters: Vivitar 20 121 110 Kodak 15 120 135
Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Inventory Ski jackets Skis Calculate the total amount to be reported for ending inventory in the balance sheet. Ski jackets Skis Quantity Quantity 10 15 10 15 Unit Unit Cost NRV $104 $124 440 390 Lower of Cost and NRV per unit Ending Inventory $ $ 0 0 0
Skysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost 6 11 13 18 $173 146 The ending inventory $ 136 125 Net Realizable Value $163 170 104 128 What amount should be reported for inventory on Skysong Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
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Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost Feb. 1 Purchased inventory 100 @ $20 $2,000 Feb. 4 Sold inventory 50 Feb. 9 Purchased inventory 100 @ $22 $2,200 Feb. 27 Sold inventory 100 If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost ofgoods sold and ending inventory as of February 28 assuming the periodic method. Cost of goods sold Answer Ending inventory Answer
Ames Trading Company has the following products in its ending inventory. Required: Compute lower of cost or market for inventory applied separately to each product. Inventory Items Mountain bikes Skateboards Gliders Units 11 13 26 Cost Per Unit $600 350 800 Market $550 425 700 Cost Total Market LCM Applied to Each Product
The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory 400 units at $13 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2,200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold

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