Cost Account Subject:- AccountSerebin Company applied FIFO to its inventory and gotthe following results for its ending inventory.Cameras: 113 units at a cost per unit of $66DVD players: 152 units at a cost per unit of $78iPods : 125 units at a cost per unit of $85The cost of purchasing units at year-end was cameras$76, DVD players $57, and iPods $75. Determine theamount of ending inventory at lower-of-cost-or-market.

Step 2: Calculate the ending inventory for each item using the lower of cost or market.Cameras:113…

Answered: Subject:- Account Serebin Company…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market.
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
An evaluation of Bryces Bookstores inventory was performed in Year 2. It produced the following results: Sample of ending inventory at current-year costs = 75,000 Sample of ending inventory at previous-year costs = 69,000 The cost index in Year 1 was 105. Using the link-chain method, compute Bryces cost index for Year 2.
Reeve Company applied FIFO to its inventory and got the following results for its ending inventory.VCRsDVD players iPods140 units at a cost per unit of $65 210 units at a cost per unit of $75 175 units at a cost per unit of $80The cost of purchasing units at year-end was VCRs $71, DVD players $69, and iPods $78.InstructionsDetermine the amount of ending inventory at lower-of-cost-or- Net realizable value.
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Lily Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 135 units at a cost per unit of S65 Blu-ray players 170 units at a cost per unit of S70 iPods 125 units at a cost per unit of $85 The net realizable value at year-end was cameras S73, Blu-ray players $65, and iPods $77. Determine the amount of ending inventory at lower-of-cost-or-net realizable value. Ending inventory %24
Bramble Company applied FIFO toits inventory and got the following results for its ending inventory. Cameras 130 units at a cost per unit of $65 Blu-ray players 175 units at a cost per unit of $72. IPods 125 units at a cost per unit of $85 The net realizable value at year-end was cameras $70. Blu-ray players S67, andiPods $77. Determine the amount of ending inventory at lower-of-cost-or-net realizablevalue Endinginventory 32325
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