The following information is available for Mikell Corporation from their inventory records as of the first quarter of 2023 for Product X: \table[[,(,( The following information is available for Mikell Corporation from their inventoryrecords as of the first quarter of 2023 for Product X:January 1, 2023Purchases:January 5, 2023January 25, 2023February 16, 2023March 15, 2023UnitsUnit Cost1,700$15.002,300$19.001,600$22.002,100$24.001,400$25.00A physical inventory on March 31, 2023 shows 1,800 units in ending inventory.Required:Compute the cost of ending inventory at March 31, 2023 and cost of goods sold for thequarter, under each of the following inventory methods.a. FIFOb. LIFOc. Weighted-average

To compute the cost of ending inventory and the cost of goods sold for the first quarter of 2023…

Answered: The following information is available…

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 relates to the Brian Lee Company. Date Date Ending Inventory (End-of-Year Prices) price index December 31, 2021 65600 100 December 31, 2022 118040 130 December 31, 2023 127728 December 31, 2024 143636 December 31, 2025 133765 Use the dollar-value LIFO method to compute the ending inventory for Lee Company for 2021 through 2025. 144 149 155
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2019, consists of products D, E, F, G, and H. Relevant per-unit data for these products appear below. Item D E F G H Estimated selling price €125 € 115 € 85 € 95 € 100 Cost 77 82 70 50 55 Cost to complete 30 30 25 35 30 Selling costs 10 18 10 20 10 Instructions: Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2019, for each of the inventory items above.
The following information is from Durden Company currently using FIFO: Year ended Ending inventory Price index at year-end prices 2019 $ 80,000 1.0 2020 $ 85,000 1.2 2021 $120,000 1.3 What is the dollar value LIFO for the end of year 2021? $98,751 $103,000 $94,500 $92,308
1.. On January 2020, Roel Corp. Has the following inventory purchases.JanuaryUnitsAmount45,750P7,50095,100 5,850177,600 6,300276,600 4,950A physical count of inventory on January 30 reveals that there are 1,000 units on hand.Under the weighted average cost method , What is the amount allocated to the ending inventory on January 31, 2020? 2. On January 2020, Roel Corp. Has th following inventory purchases.JanuaryUnitsAmount35,750P7,50085,100 5,850167,600 6,300266,600 4,950A physical count of inventory on January 30 reveals that there are 1,000 units on hand.Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? 3. On January 2020, Roel Corp. Has th following inventory purchases.JanuaryUnitsAmount25,750P7,50075,100 5,850157,600 6,300256,600 4,950A physical count of inventory on January 30 reveals that there are 1,000 units on hand.Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020?
The inventory of Wildhorse Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 660 $128.00 $135.00 111 1,040 81.00 70.00 112 540 108.00 103.00 113 210 229.50 243.00 120 410 277.00 281.00 121 a 1,700 22.00 1.00 122 280 324.00 317.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
What is the correct answer? A. P129,000 B. P135,000 C. P112,000 D. P127,600
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
17. On January 2020, Roel Corp. Has the following inventory purchases. January Units Amount 2 5,750 P7500 7 5,100 5,850 15 7,600 6,300 25 6,600 4,950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. а. Under the LIFO inventory method, what is the value of the ending inventory on January 31, 2020? b. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020? С. Under the weighted average cost method, what is the amount allocated to the ending inventory on January 31, 2020?
Sunland Company had ending inventory at end-of-year prices of $108,000 at December 31, 2019; $129.492 at December 31, 2020; and $145,200 at December 31, 2021. The year-end price indexes were 100 at 12/31/19,110 at 12/31/20, and 120 at 12/31/21. Compute the ending inventory for Sunland Company for 2019 through 2021 using the dollar-value LIFO method. 2019 2020 2021 Ending Inventory %24 24 24
A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $120,000 Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2024 2025 2026 2027 Date Required: Calculate inventory amounts at the end of each year Note: Round intermediate calculations and final answers to the nearest whole dollars. 01/01/2024 12/31/2024 12/31/2025 12/31/2026 Ending Inventory at Cost Index (Relative to Year-End Costs Base Year) $ 198,000 261,800 243,600 240,800 12/31/2027 Inventory Layers Converted to Base Year Cost Inventory at Year End Cost Inventory Layers at Base Year Cost Inventory Layers Converted to Cost Inventory Layers Converted to Cost Base Base 2024 Base 2024 2025 Base 1.10 1.19 1.16 1.12 2024 2025 2026 Base 2024 2025 2026 2027 Inventory Layers at Base Year Cost Inventory DVL…
Give me correct answer with explanation.h
On January 1, 2024, a Company adopted the dollar - value LIFO method for its one inventory pool. The pool's value on this date was $730,000. The 2024 and 2025 ending inventory valued at year-end costs were $767,000 and $810,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 for 2025. Required: Complete the below table to calculate the inventory value at the end of 2024 and 2025 using the dollar - value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.

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