The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Per Unit Replacement Cost Product A B C D E Cost $59 99 59 119 39 $ 54 89 74 89 47 Selling Price $ 79 119 99 149 49

The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Per Unit Replacement Cost Product A B C D E Cost $59 99 59 119 39 $ 54 89 74 89 47 Selling Price $ 79 119 99 149 49

Name: The inventory of Royal Decking consisted of five products. Informatio
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Description: The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows:ProductABCDECost$ 59995911939ProductSelling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5%

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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Whispering Winds Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $4 $1,200 12 Purchase 600 $9 $5400 23 Purchase 450 $10 $4500 30 Inventory 150 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost ? Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory ? The cost of goods sold ? Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is (higher or lower) than FIFO $? and (higher or lower) than LIFO $? In contrast, cost of goods sold is (higher or lower) than FIFO $? and (higher or lower) than LIFO $?
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Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 30 units in ending inventory. (Do not round your intermediate calculation and round your final answers to the nearest cent.) Units purchased Cost per unit $6.80 Date Total cost January 1 April 1 48 $ 326.40 38 6.80 258.40 June 1 60 5.80 348.00 September 1 53 6.80 360.40 Total 199 $1,293.20 Cost of goods sold Ending inventory FIFO LIFO Average cost
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Sunland company provided the following information of its two products: Product A Product B Cost $20 $90 Replacement cost $18 $85 Selling price $40 $120 Selling costs $6 $40 Normal profit margin $5 $30 1 12 Suppose company's ending inventory contains 1,500 units of both the products. Computethe carrying value of the company's inventory using LCM rule applied to individual products. 12
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S At the end of the year, Randy's Parts Company had the following items in inventory: Item P1 Quantity 60 P2 40 P3 80 P4 70 Required Unit Cost Unit Market Value $ 85 70 130 125 $ 90 72 a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. b. Provide the adjustment necessary to write down the inventory based on Requirement a. Assume that Randy's Parts Co. uses the perpetual inventory system. c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate. 120 130 d. Provide the adjustment necessary to write down the inventory based on Requirement c. Assume that Randy's Parts Co. uses the perpetual inventory system. Required A Required B Required C Ending inventory Complete this question by entering your answers in the tabs below. Required D Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each…
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