Stigma industries has the following beginning inventory and purchases for 2020: 400 12each 4,800 e 14each 8,400 13,200 Beginning inventory Inventory purchased 600 Cost of goods availablel,000units It sells 600 of these units in 2020. Compute its cost of goods sold for 2020 and the ending inventory reported on its 2020 balance sheet under each of the following inventory costing methods: FIFO LIFO Cost of goods soldAnswerAnswer Ending inventory AnswerAnswer

Stigma industries has the following beginning inventory and purchases for 2020: 400 12each 4,800 e 14each 8,400 13,200 Beginning inventory Inventory purchased 600 Cost of goods availablel,000units It sells 600 of these units in 2020. Compute its cost of goods sold for 2020 and the ending inventory reported on its 2020 balance sheet under each of the following inventory costing methods: FIFO LIFO Cost of goods soldAnswerAnswer Ending inventory AnswerAnswer

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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Presented below is information related to Blue Company. Date Ending Inventory(End-of-Year Prices) PriceIndex December 31, 2017 $ 77,200 100 December 31, 2018 249,951 221 December 31, 2019 248,472 252 December 31, 2020 280,098 273 December 31, 2021 336,630 294 December 31, 2022 401,685 305 Compute the ending inventory for Blue Company for 2017 through 2022 using the dollar-value LIFO method. Ending Inventory 2017 $enter a dollar amount 2018 $enter a dollar amount 2019 $enter a dollar amount 2020 $enter a dollar amount 2021 $enter a dollar amount 2022 $enter a dollar amount
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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
Presented below is information related to Splish Company. December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 Date 2024 2025 2026 2027 $ $ $ $ $ Ending Inventory (End-of-Year Prices) $ $83,600 117,832 Compute the ending inventory for Splish Company for 2022 through 2027 using the dollar-value LIFO method. 116,501 131,709 157,765 190,224 Ending Inventory 83,600 207,802 Price Index 100 100 104 119 129 139 144
Flame Company adopted the FIFO approach of in pricing in connection with the use of the retail inventory method. The retail records showed the following: entory Cost Retail 2020 928,000 7,028,000 42,000 30,000 6,840,000 556,800 4,576,000 Beginning inventory Purchases Net markup Net markdown Sales 2021 6,812,000 56,000 68,000 6,928,000 4,760,000 Purchases Net markup Net markdown Sales Required: Determine the estimated cost of inventory on December 31, 2020 and 2021 applying the FIFO retail approach.
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net Product Total Cst Realizable Value 101 102 $148,000 104,000 74,000 $114,000 124,000 64,000 64,000 103 104 44,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Inventory Value Product Cost NRV 101 2$ 148,000 114,000 $114,000 102 104,000 124,000 104,000 103 74,000 64,000 66,000 X 104 44,000 64,000 44,000 370,000 $ 328,000
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