Showtime Company's ending inventory at December 31, 2020, includes the following items:Units onNet RealizableValue Per Unit$ 117ProductHandUnit Cost$11235FM10147140MB4953188174D-SL8094Required:Calculate LCNRV for the inventory6. As a whole (assuming the Items are similar).encesLCNRV applied to nventoryb. Applied separately to each product.LCNRVTotalCostTotalNRVProductapplied toEach ProductBBFMMBSL%24c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).View transaction listJournal entry worksheetRecord the entry to write down inventory to NRV.Note: Enter debits before creditsDateGeneral JournalDebitCreditDec 31, 2020

Name: Showtime Company's ending inventory at December 31, 2020, includes th
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Description: Showtime Company's ending inventory at December 31, 2020, includes the following items:Units onNet RealizableValue Per Unit$ 117ProductHandUnit Cost$11235FM10147140MB4953188174D-SL8094Required:Calculate LCNRV for the inventory6. As a whole (assuming

The inventory should be recorded in the books at the lower of its cost or net realizable value.…

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Business

Accounting

Showtime Company's ending inventory at

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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Prepare journal entries to record the following transactions, assuming perpetual inventory updating and first-in, first-out (FIFO) cost allocation. Assume no beginning inventory. Number of Units Purchased Sold Purchased Sold Purchased 35 If an amount box does not require an entry, leave it blank. 0 00 00 J 10 10 10 Unit Cost Sales $23 175 120 220 180 200 29 $38 41
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On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77500, it is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system Note: Only relevant items are shown on the inventory listing. # 1 2 Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Blue jackets. Black pants 7649 10824 104 308 Unit Cost ($) Total Value ($) 24 2,496 5,852 19 Total Inventory $77,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 104 blue jackets, for $2,496 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $740 and cost of…
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(Appendix 68) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Units Purchased at Cost Units Sold at Retail Description Beginning Inventory Purchase 1 Sale 1 Purchase 2 June 1 150 units $10-$1,500 200 units @ $12= $2,400 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold Cost of ending inventory. 250 units $18= $4,500 more Check My Work uses remaining 300 units @ $25 225 units @ $25 Previous
Exit Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold, The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales $ 82,500 $131, 000 505,000 269,000 25,500 36,000 525, 000 The average cost-to-retail percentage is: Muitipte Choice O 56.0%. < Prev 15 of 15 Next
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
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