The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:ProductAudio equipment:Wireless audio receiversTouchscreen MP3 playersAudio mixersAudio standsVideo equipment:Televisions5GB video cardsSatellite video recordersCar equipment:GPS navigatorsDouble-DIN Car Deck with iPod/iPhone Controland Aux InputRequired:1. Calculate the LCNRV for the:a. inventory by major groupb. inventory, applied separately to each product.InventoryItemsAudio equipmentWireless audio receiversTouchscreen MP3 playersAudio mixersAudio standsSubtotalVideo equipment:Televisions1GB video cardsSatellite video recordersSubtotalUnits onHandUnits onHand325240306184460271192460271192165150325 $240306184CostPer UnitCost245163605$19119518577245163605Per Unit163205191 $19518577NRV$18021516995NRV29017561013719018021516995290175610Total cost$$0Total NRV$0 $00LCNRV applied to:a.MajorGroupb.Separatelyto EachProduct

Lets understand the basics.As per IAS 2 "Inventory", inventory should be value at lower of cost or…

The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Product Audio equipment: Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Video equipment: Televisions 5GB video cards Satellite video recorders Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control and Aux Input Units on Hand 325 240 306 184 460 271 192 165 150 Per Unit Cost $191 195 185 77 245 163 605 163 205 NRV $180 215 169 95 290 175 610 137 190

The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Product Audio equipment: Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Video equipment: Televisions 5GB video cards Satellite video recorders Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control and Aux Input Units on Hand 325 240 306 184 460 271 192 165 150 Per Unit Cost $191 195 185 77 245 163 605 163 205 NRV $180 215 169 95 290 175 610 137 190

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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Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
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A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied separately to eoch item. 2. If the market smount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481…
Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the Weighted Average method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
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the following information is for the inventory of mini-kettles at Pronghorn Company Limited for the month of May. Date Transaction UnitsIn UnitCost Total UnitsSold UnitPrice Total May 1 Balance 100 $4.00 $400 6 Purchase 810 4.40 3,564 7 Sale 350 $7.20 $2,520 10 Sale 350 7.40 2,590 12 Purchase 450 5.00 2,250 15 Sale 250 8.00 2,000 18 Purchase 340 4.80 1,632 22 Sale 450 7.60 3,420 25 Purchase 510 4.60…
EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method. Date Explanation Model Serial# Unit Cost Unit Selling Price Nov. 1 Inventory Corolla C63825 $15,000 Corolla C81362 18,000 Camry G62313 27,000 Venza X3892 29,000 Tundra F1883 22,000 Tundra F1921 25,000 8 Sales Corolla C81362 $19,600 Camry G62313 29,000 12 Purchases Camry G71811 28,000 Camry G71891 26,000 Venza X4212 28,000 Venza X4214 30,000 18 Sales Camry G71891 27,900 Venza X3892…
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Hans Inc. is a merchandising company that resells equestrian saddles. The company’s inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 3 units @ $200 = $600 Jan. 5 Purchase 2 units @ $400 = $800 Jan. 20 Purchase 3 units @ $500 = $1,500 Retail Sales of Goods Jan. 15 Sales 2 units @ $800 = $1,600 Jan. 31 Sales 1 units @ $1,000 = $1,000 For the January 15th sale, the company sold 1 unit that originally cost $200 and 1 unit that cost $400. For the January 31st sale, the 1 unit sold originally had a cost of $500. Using the LIFO method, the cost of goods sold for January would be: Answer formatting -when typing in your answer please include a dollar sign, a comma if necessary, use whole numbers, omit any periods, and make sure your response has no spaces. For example, $1,200
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