Tracy company sells three different types solve this accounting questions Tracy Company sells three different types of home heatingstoves (wood, gas, and pellet). The cost and market value of itsinventory of stoves are as follows.CostMarketGas$84,000 $79,000Wood 250,000 280,000Pellet 112,000 101,000Determine the value of the company's inventory under thelower-of-cost or market approach.

The lower-of-cost or market (LCM) approach is a method used in accounting to value inventory. Under…

Answered: Tracy Company sells three different…

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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Cody Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows: Cost Market Small Medium $ 64,000 $ 73,000 2,90,000 2,60,000 Large 1,52,000 1,71,000 Determine the value of the company's inventory under the lower-of-cost-or-market approach. Note: general account question answer it short and simple
Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Net Realizable Cost Value Small $63,300 $59,600 Medium 289,600 261,000 Large 151,300 172,500 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $
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Novak Corp. sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Net Realizable Cost Value Small $ 64,000 $61,100 Medium 290,000 260,800 Large 152,700 170,700 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $
GENERAL ACCOUNT Moberg Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows. Cost Market Value Small $ 63,000 $ 74,000 Medium 2,80,000 2,70,000 1,81,000 Large 1,62,000 Determine the value of the company's inventory under the lower-of-cost or market value approach.
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 5,300 $25 2/4 Purchase 5,100 27 7,250 5,250 4,100 8,200 2/20 Sale 4/2 Purchase 7/17 Purchase 11/4 Sale 28 30 Compute cost of goods sold, assuming Ehlo uses: (a) Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow (e) Periodic system, weighted-average cost flow (f) Perpetual system, moving-average cost flow Cost of goods sold tA LA ta LA LA A
Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,000 $15 2/4 Purchase 3,000 23 2/20 Sale 3,500 38 4/2 Purchase 4,000 29 11/4 Sale 3,200 42 Compute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
Subject. general account
Bonita Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,900 $15 2/4 Purchase 2,900 23 2/20 Sale 3,400 38 4/2 Purchase 3,900 29 11/4 Sale 3,100 42 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ Compute cost of goods sold, assuming Bonita uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
Question - Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools is as follows. Cost Market Value Small $ 63,200 $ 72,000 Medium 2,89,400 2,60,800 Large 1,52,100 1,72,800 Determine the value of the company's inventory under the lower-of- cost-or-market value approach.

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