Tracy Company sells three different types of home heating stoves (wood, gas, and pellet). The cost and market value of its inventory of stoves are as follows. Cost Market Gas $84,000 $79,000 Wood 250,000 280,000 Pellet 112,000 101,000 Determine the value of the company's inventory under the lower-of-cost or market approach.
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Tracy company sells three different types solve this accounting questions
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- solve this account problem. in short detailsTamarisk 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 2,600 $17 2/4 Purchase 3,600 2/20 Sale 4,100 4/2 Purchase 4,600 11/4 Sale 3,800 22245 32 46 (a) Your answer is incorrect. Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Weighted-average cost per unit $This question is based on t he following information: B Hon Company purchases thermostats and use them in heating units it manufactures. Annual requirement for the thermostat is 2,000 units. The cost per thermostat is P 20. The cost of placing a single order is P 50 while the cost of storage is 25% of the average inventory value. The suppler of the thermostat offers a discount of 2% if the company will order in lots of 500 units. 1. How much would be the total costs associated with the inventory if the company adopts the discounted ordering policy? . A. P 40,000 B. P 40,625 C. P 41,000 D. P 42,0002. How much is the net cash flow net of income taxes for the 3rd year?A. 17,268B. 22,000C. 22,994D. 30,618
- The inventory of Royal Decking consisted of five products. Information about the December 31, 2016, inventory is as follows: Per Unit TTT Product Selling Price Cost $ 40 $ 60 90 100 40 80 100 130 20 30 Costs to sell consist only of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost and net realiz- able value rule to units of inventory?Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM/NRV is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? Product Line Cost per Unit Rustic $735 635 985 Mediterranean Contemporary Multiple Choice $30,400 ($82,150) ($36,150) Market Value per Unit $795 675 720 Quantity 260 370 310How do I solve this?
- Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, Per Unit By Product Category Quantity Cost Market Furniture: Chairs 40 $40 $ 46 Desks 20 88 73 Tables 60 99 107 Accessories: Rugs 30 75 63 Lamps…Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 70 $ 27 $ 33 Desks 40 75 60 Tables 40 86 94 Accessories: Rugs 50 62 50 Lamps 60 24 20 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjustment amount for each of the LCM applications in requirement 1.Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory,by Product Category Quantity Per UnitCost Market Furniture: Chairs 40 $ 44 $ 50 Desks 70 92 77 Tables 80 103 111 Accessories: Rugs 40 79 67 Lamps 20 41 37 Required:1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory.2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjustment amount for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or market…
- Carla Vista Co. sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2017: Coffee Bean Units Unit Cost Market Market Coffea arabica 12,000 bags $ 5.90 $ 5.87 Coffea robusta 5,000 bags 3.40 3.50 Calculate Tascon's inventory by applying the lower-of-cost-or-market basis.Metlock Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 10/31 Sale Transaction (a) Beginning inventory Sale Purchase Purchase Quantity 1,600 1,000 (f) 3,500 2,000 4,000 Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow Compute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow Price/Cost (e) Periodic system, weighted-average cost flow $33 49 Perpetual system, moving-average cost flow 35 36 51 VA $ EA $ $ Cost of goods soldHow do I complete the table on question 2.2 ?