View transaction list Journal entry worksheet 1 2 Record the entry to write inventory down to LC
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- The following information pertains the physical inventory of Electronics Unlimited taken at December 31 Required: Calculate the LCNRV for the:Inventory by major group b. Inventory, applied separately to each product Prepare the appropriate entry if any for a and bQuestion is pinned below please answer all partsPlease solve C and D. 'Part A and B answers are attached, if you need them to help you solve.
- Part 1: Information relating to the inventory quantities, purchases and sales of an eight inch (8") speaker unit by the Stereo Company during 2022 is shown below: Inventory, Jan 1 First purchase - May 12th Second purchase - July 9th Third purchase - Oct 4th Fourth purchase - Dec 18th Goods available for sale Units sold during the year Inventory, Dec 31st Number Of Units Cost per Total Unit Cost Sirths a 2,700 $30.00 $81,000 3,540 30.60 108,324 2,400 31.05 74,520 1,860 32.10 59,706 3,000 32.55 97,650 13,500 $421,200 10,400 3,100 INSTRUCTIONS: Show all final answers in the Answer Grid below a. Compute the cost of the December 31, 202 inventory and the cost of goods sold for the units in 2022 using: 1. Weighted Average 2. LIFO 3. FIFO b. In February of 2023, Stereo Company purchased 1000 units at $31.20 per unit, and then in March of 2023 they sold 2000 units. What is the cost of goods sold for the 2000 units sold in March, 2023 under each of the three methods? There is space on page 3…The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Product Audio equipment: Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Video equipment: Televisions 5GB video cards Satellite video recorders Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control and Aux Input Required: 1. Calculate the LCNRV for the: a. inventory by major group b. inventory, applied separately to each product. Inventory Items Audio equipment Wireless audio receivers Touchscreen MP3 players Audio mixers Audio stands Subtotal Video equipment: Televisions 1GB video cards Satellite video recorders Subtotal Units on Hand Units on Hand 325 240 306 184 460 271 192 460 271 192 165 150 325 $ 240 306 184 Cost Per Unit Cost 245 163 605 $191 195 185 77 245 163 605 Per Unit 163 205 191 $ 195 185 77 NRV $180 215 169 95 NRV 290 175 610 137 190 180 215 169 95 290 175 610 Total cost $ $ 0 Total NRV $ 0 $ 0 0 LCNRV applied to: a.…Po0013.
- Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31, 20Y7, of Amsterdam Appliances are summarized as follows: Purchases Invoices Model Inventory,January 1 1st 2nd 3rd Inventory Count,December 31 A10 — 4 at $ 64 4 at $ 70 4 at $ 76 6 B15 8 at $176 4 at 158 3 at 170 6 at 184 8 E60 3 at 75 3 at 65 15 at 68 9 at 70 5 G83 7 at 242 6 at 250 5 at 260 10 at 259 9 J34 12 at 240 10 at 246 16 at 267 16 at 270 15 M90 2 at 108 2 at 110 3 at 128 3 at 130 5 Q70 5 at 160 4 at 170 4 at 175 7 at 180 8 Instructions: 1. Determine the cost of the inventory on December 31, 20Y7, by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different…A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied separately to eoch item. 2. If the market smount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481…X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
- Oriole Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10300 $9.00 Purchases: June 18 9300 8.00 November 8 6600 6.00 A physical inventory on December 31 shows 6600 units on hand. Under the FIFO method, the December 31 inventory is ○ $52800. O $39600. ○ $59400. ○ $52992.The following data were taken from the accounting records of Cooka Lamps, Inc Balance at January 1, 2020 5,000 lamps @ P30 Purchases: January 8, 2020 1,200 lamps @ P32P137,760 January 20, 2020 800 lamps @ P34 Sales: January 6, 2020 1,600 lamps January 14, 2021 1,020 lamps On January 31, 2020, it was determine by physical count that 4,200 lamps were on hand If Cooka Lamps uses a periodic inventory system, the cost of the inventory using the weighted average cost flow assumption at January 31, 2020 is Select one or more: P137,760 P129,360 P134,400 P130,968 Workingquestion answer....