Groh Co., recorded the following datapertaining to raw material X during January2019:UnitsDateReceivedCostIssuedOn Hand1/1/191/11/191/22/19C8.003,2001,600InventoryIssue1,600Purchase4,000€9.405,600The moving-average unit cost of X inventory at January31, 2019 is?

Name: Groh Co., recorded the following datapertaining to raw material X dur
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Description: Groh Co., recorded the following datapertaining to raw material X during January2019:UnitsDateReceivedCostIssuedOn Hand1/1/191/11/191/22/19C8.003,2001,600InventoryIssue1,600Purchase4,000€9.405,600The moving-average unit cost of X inventory at Januar

The total cost of the items purchased divided by the number of items in stock is the moving average…

Business

Accounting

Units Date Received Cost Issued On Hand 1/1/19 Inventory Issue Purchase €8.00 3,200 1/11/19 1,600 1,600 1/22/19 4,000 €9.40 5,600 The moving-average unit cost of X inventory at January 31, 2019 is?

Units Date Received Cost Issued On Hand 1/1/19 Inventory Issue Purchase €8.00 3,200 1/11/19 1,600 1,600 1/22/19 4,000 €9.40 5,600 The moving-average unit cost of X inventory at January 31, 2019 is?

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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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…
The following information was available from the inventory records of the Lunacia Company for January 2021: Units Unit Cost Total CostBalance, January 01, 2021 2000 9,775.00 19,550.00 Purchases: January 06, 2021 1500 10,300.00 15,450.00 January 26, 2021 3400 10,750.00 36,550.00 Sales January 07, 2021 1800 January 31, 2021 3200 Balance, January 31, 2021 1900 Assuming that Lunacia does not maintain perpetual inventory records, what should be the inventory at January 31, 2021, using the average cost inventory method rounded to the nearest peso?
14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1, 2018 Finished Goods, June 30, 2018 Cost of Goods Manufactured Recovery from inventory write-down P290,540 276,760 805,820 10,720 Determine the cost of goods sold to be shown in the statement of comprehensive income of Alpha Company for the month of June 2018: а. Р808,880 b. Р880,880 с. Р830,320 d. P808,080
What is the correct answer? A. P129,000 B. P135,000 C. P112,000 D. P127,600
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
If Inventory on 1.1.2020 was OMR 240,000, Inventory on 31.12.2020 was OMR 320,000 and cost of goods sold was OMR 900,000, the Inventory conversion period will be: a. 113.55 days b. 129.78 days c. None of these d. 97.33 days
6.
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000; Net Purchases P45,000; and Cost of Goods Sold P50,000. Determine the Ending Inventory.a. P10,000b. P15,000c. 5,000d. 25,000
Jammy Company developed the following information about its inventories in applying the lower of cost and market (LCM) basis in valuing inventories: 1. Market $ 75.000 48,000 102.000 Product Cost $ 70,000 50.000 100,000 A. The value of the inventory reported on the balance sheet should be a. $227.000. b. $220.000. $225,000. $218.000.
If Wrecking Ball uses a periodic inventory system, the cost of the inventory using the periodic average cost flow assumption at January 31, 2022 is? a. P78,960 b. P98,000 c. P84,840 d. P98,240
At what figure should the inventory be valued? *a. P 880,000b. P 760,000c. P 980,000d. P 940,000