The following reflect the forecast of Viathon Manufacturers for the year 2020 for the only product that it manufactures: R Total production cost 4,15,000 Opening inventory 54,000 Cost of Sales 3,90,000 The expected value of closing inventory is: a. R29,000 b. R361,000 c. R79,000 d. none of the above

The following reflect the forecast of Viathon Manufacturers for the year 2020 for the only product that it manufactures: R Total production cost 4,15,000 Opening inventory 54,000 Cost of Sales 3,90,000 The expected value of closing inventory is: a. R29,000 b. R361,000 c. R79,000 d. none of the above

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2MC: Moore Company uses the LIFO cost flow assumption and carries Product A in inventory on December 31,...

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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
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. $17 million. $14 million. inns: On * Accessihility
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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
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Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower than 2020: 2021 2020 Sales P1,944,000 Cost of Sales 1,152,000 Gross Profit P 792,000 P1,900,800 1,113,600 P787,200 Change in gross profit due to change in cost price must be A. P95,232 F C. P151,896 F E. P151,896 U B. P113,495 U D. P113,495 F
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1.Locket Plc, a company with a year end of 31 October, has recorded thefollowing inventory balances as at 31 October 2020.• 50,000 units of product C, which originally cost £7 per unit and have anestimated selling price of £9 per unit with costs to sell of £3.50• 25,000 units of product D, which originally cost £14 and have anthe estimated selling price of £21 per unit with no related selling costsPrior to the year-end financial statements being issued, it was discovered by the financial controller that there was a transposition error in the records for product D. The selling price as at 31 October 2020 was actually expected to be £12 per unit with no related selling costs.What should the total value be of the closing inventory for Locket Plc as at 31 October 2020?
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9. The Tam Company uses the retail inventory method and the average cost flow assumption for preparation of its interim reports. Information about Tam's inventory in the second quarter of 2020 is shown below: Cost Retail $ 600 Beginning inventory Purchases $400 800 1,480 Net markups Net markdowns 160 (240) Sales 1,200 What is the estimated cost of Tam's inventory on June 30, 2020? a. $464 b. $480 c. $428 d. $520