[The following information applies to the questions displayed below.) A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 120 Unit Cost $ 77 320 Unit NRV $ 92 260 42 2. Calculate ending inventory using the lower of cost and net realizable value. Lower of Cost Ending Inventory Inventory Quantity and NRV per unit Furniture Electronics

[The following information applies to the questions displayed below.) A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 120 Unit Cost $ 77 320 Unit NRV $ 92 260 42 2. Calculate ending inventory using the lower of cost and net realizable value. Lower of Cost Ending Inventory Inventory Quantity and NRV per unit Furniture Electronics

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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1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Calculate the total amount to be reported for ending inventory. Inventory Quantity Unit Cost NRV Optima cameras Inspire speakers 110 50 $45 55 $75 45
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Numberof Units Unit Cost Sales Beginning Inventory 260 $140 Sold 160 $180 Purchased 510 143 Sold 400 182 Purchased 420 150 Sold 370 184 Ending Inventory 260 FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Sale fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Purchase fill in the blank 10 $fill in the…
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
H1.
s Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold i Current assets (using LIFO) Current assets (using FIFO) Current liabilities 110 645 180 180 170 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers. Year 2 $ 160 740 240 660 220 300 200 Current rabo Inventory tumover Days' sales in inventory (a) Compute its current ratio, Inventory turnover, and days' sales in inventory for Year 2 using LIFO numbers. Denominator Current ratio Inventory turnover have sales in invandrn Year 1 $ 110 680 Numerator (b) Computa its current ratio, inventory turnover, and days' sales in inventory for Year 2 uning FIFO numbers. Denominator Ratio Numerator Ratio
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
The following information is taken from a company’s records. Costper Unit Market valueper Unit Inventory Item 1 (10 units) $39 $38 Inventory Item 2 (22 units) 19 19 Inventory Item 3 (12 units) 9 11 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? $fill in the blank 1
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
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cale Corporation.
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32