The following reflect the forecast of Viathon Manufacturers for the year2020 for the only product that it manufactures:RTotal production cost4,15,000Opening inventory54,000Cost of Sales3,90,000The expected value of closing inventory is:a. R29,000b. R361,000c. R79,000d. none of the above

Viathon Manufacturers provided the following data for its operations in 2020:Total Production Cost:…

Answered: The following reflect the forecast of…

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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Please solve this question general Accounting
On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $60,000. The following information is available on its inventories for 2020 through 2022. Year EndingInventoryat December 31 Year-EndConversionFactor* 2020 $68,000 1.10 2021 80,000 1.22 2022 72,000 1.15 *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer Question 2 Not yet answered Marked out of 25.00 Flag question Question text Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020. Sales revenue $240,000 Beginning inventory 32,000…
CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the LIFO reserve (also known as the LIFO allowance) at the end of 2021 was $3 million. The balance sheet showed ending inventory of $17 million at the end of 2021. What would the ending inventory have been if CMN had always used FIFO? Multiple Choice $20 million. S17 milion. $14 milon
Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to that inventory is as follows selling price 610000 cost to sell 34000 replacement cost 549000 what should be the reported value of montanas inventory?
Qw.13.
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Rizza Co. has an average age of inventory equal to 25 days. If its end of year inventory level is P8,50O, then what does that imply for the cost of goods sold during the year? (round to the nearest peso) * O P21,250 P124,100 O P582 P4964
Assume the following data about actual prices, costs, and volume for Balmoral, Inc. for 2019: Selling price Variable manufacturing costs Fixed manufacturing costs Marketing and administrative costs (fixed and variable combined) $5 per unit $3 per unit $100,000 for 2019 $30,000 for 2019 Sales volume 100,000 units for 2019 120,000 units for 2019 Production volume There were no beginning inventories. What is the inventory cost at the end of 2019 under: (1) absorption costing $_ (2) variable costing S
What is the right answer in the options?
Moss Company has determined its December 31,2019 inventory on a FIFO basis to be P4,000,000. Information pertaining to that inventory follows: Estimated selling price Estimated cost of disposal Normal profit margin Current replacement cost Most records losses that result from applying the lower of cost or market rule. At December 31, 2019, what should be the net carrying value of Moss' inventory? 4,080,000 200,000 600,000 3,600,000
Comment on the company with the shorter Days Inventory Outstanding. Should they maintain this efficiency, or should they slow down? Give advantages and disadvantages for both scenarios.
Splish Brothers, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2020. Item Quantity UnitCost ReplacementCost/Unit Estimated SellingPrice/Unit Completion & DisposalCost/Unit Normal ProfitMargin/Unit X490 8,976 $11.00 $10.52 $12.32 $2.64 $2.99 X512 4,356 6.16 6.60 7.83 0.22 1.58 X682 15,840 16.72 16.37 27.76 2.86 7.92 Z195 11,000 12.54 12.32 17.42 1.23 5.06 Z846 7,568 10.56 11.22 12.28 1.85 0.97 (a) Correct answer icon Your answer is correct. Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75.) (b) Partially correct answer icon Your answer is partially correct. Show the journal entries Splish Brothers, Inc. will…

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