Suria Enterprise has 15 items in the inventory. The annual demand and unit cost for each itemare listed in Table Q1(a).i) Recommend an ABC classification system for the inventory.Table Q1(a)Annual Demand (unit)ItemUnit cost ($)AA300010.00BB20001.80CC300075.00DD25001000.00ЕЕ5000300.00FF70002.50GG10005.00HH500012.00JJ400020.00KK2500100.00LL150038.00MM100025.00NN350025.00PP3000200.00QQ4000240.00 ii)Mutiara Foundry Sdn. Bhd., a regular supplier for item KK, has proposed an offer priceto the company. The price list is shown in Table Q1(b). The ordering cost is $250/order,and the holding cost is $5/unit/year. Evaluate the offer and finalize the optimum orderquantity that would minimize the inventory cost.Table Q1(b)Quantity1- 599600 - 999Unit price ($)100901000 - 199975

As per ABC classification, goods are divided in three categories. In A category, goods are of high…

Answered: Suria Enterprise has 15 items in the…

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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The following information was available from the inventory records of the Lunacia Company for January 2021: Units Unit Cost Total CostBalance, January 01, 2021 2000 9,775.00 19,550.00 Purchases: January 06, 2021 1500 10,300.00 15,450.00 January 26, 2021 3400 10,750.00 36,550.00 Sales January 07, 2021 1800 January 31, 2021 3200 Balance, January 31, 2021 1900 Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?
Presented below is information related to Lush Inc’s inventory: Determine the following:a) the net realizable value for each item, andb) The carrying value of each item under LCNRV.
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个 Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places) Date 1/1 3/5 5/30 12/31 Item Beginning inventory Purchase of inventory Purchase of inventory Ending inventory OA. $351 30 OB. $420.00 OC. $330.00 OD. $300.00 Unit 60 units at $10 per unit 30 units at $10 per unit 15 units at $22 per unit 30 units
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total Date Transaction 1-Nov Beginning balance 4-Nov Purchases 6-Nov Purchases 7-Nov Sales Calculate the goods available for sale for the period given per LIFO 40.00 $20.00 70.00 $22.00 40.00 $24.00 100.00 $60.00 $ 800.00 $1,540.00 $ 960.00 $6,000.00
6.
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2. Consider the following transactions for DeTrees Company for the month shown in chronological order: Number of Units Unit Cost Sales Beginnig inventory 100 $66 Puchased 80 75 Sold 50 $120 Sold 25 125 Ending inventory 105 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit,…
5
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
Calculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158
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).

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