Only 9b question photo. thanks! 2. Prepare the appropriate entry, if any, for 1(a) and 1(b).View transaction listJournal entry worksheet2Record the entry to write inventory down to LCNRV (major group).Note: Enter debits before credits.DateGeneral JournalDebitCreditDec 31 The following Information pertains to the physical inventory of Electronics Unlimited taken at December 31:Per UnitUnits onProductHandCostNRVAudio equipment:wireless audio receivers332$199$188Touchscreen MP3 playersAudio mixers247203223313193177Audio stands19185103Video equipment:Televisions4672532985GB video cards278171183Satellite video recorders199613618Car equipment:GPS navigatorsDouble-DIN Car Deck with iPod/iPhone Control172171145157213198and Aux InputRequired:1. Calculate the LCNRV for the:a. Inventory by major groupb. Inventory, applied separately to each product.Per UnitLCNRV applied to:b.Units onInventoryItemsSeparatelyto EachProducta.CostNRVTotal costTotal NRVHandMajor GroupAudio equipment:Wireless audio receivers332199188Touchscreen MP3 players247203223Audio mixers313193177

Items Per unit Total LCNRV applied to Unit on Hand (a) Cost (b) NRV ( C) Total Cost (d=a x…

Answered: View transaction list Journal entry…

Business

Accounting

View transaction list Journal entry worksheet 1 2 Record the entry to write inventory down to LC

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 4.7C

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The following information pertalns to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units on Product Hand Cost NRV Audio equipment: Wireless audio receivers Touchscreen MP3 players 332 247 $199 $188 203 223 Audio mixers 313 193 177 Audio stands 191 85 103 Video equipment: Televisions 467 253 298 5GB video cards 278 171 183 Satellite video recorders 199 613 618 Car equipment: GPS navigators 172 171 145 Double-DIN Car Deck with iPod/iPhone Control 157 213 198 and Aux Input Requlred: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, applied separately to each product. Per Unit LCNRV applied to: b. Inventory Items Separately to Each Product a. Units on Hand Cost NRV Total cost Total NRV Major Group Audio equipment: Wireless audio receivers 332 199 188 Touchscreen MP3 players 247 203 223
The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units on Product Hand Cost NRV Audio equipment: Wireless audio receivers 344 $181 $192 Touchscreen MP3 players 259 216 196 Audio mixers 325 170 186 Audio stands Video equipment: Televisions 203 96 78 479 291 245 5GB video cards 290 176 164 Satellite video recorders 211 611 640 Car equipment: GPS navigators 184 138 164 Double-DIN Car Deck with iPod/iPhone Control 169 191 206 and Aux Input Required: 1. Calculate the LCNRV for the: a. inventory by major group b. inventory, applied separately to each product. 4 Per Unit LCNRV applied to: a. Inventory Items Units on Hand Cost NRV Total cost Total NRV Major Group Audio equipment Wireless audio receivers 344 S 181 S 192 Touchscreen MP3 players 259 216 196 325 170 186 Audio mixers b. Separately to Each Product
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 units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1 Inventory 2,000 units at $7 Feb. 17 Purchase 3,700 units at $9 Jul. 21 Purchase 2,800 units at $11 Nov. 23 Purchase 1,500 units at $13 There are 1,900 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. a. Determine the inventory cost by the first-in, first-out method.$___________ b. Determine the inventory cost by the last-in, first-out method.$___________ c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.$___________
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
Journalize this transaction: Purchased from Kraft Co. $4,000 of inventory on account. Edit View Insert Format Tools Table 12pt v Paragraph |BIUAV O words MacBook Pro On-line F En ACCT 101 One Test O 10611 As Aes ferret Oul tntiers
eBook Calculator Print Item Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follows: Description InventoryQuantity Unit MarketPrice B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: LastPurchases Invoice Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost QuantityPurchased UnitCost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745…
eBook Show Me How Calculator Print Item Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 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 Required: 1. Determine the cost of the inventory on December 31 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 unit cost, use a separate line…
Tool Depot sells the latest selection of power tools and uses a perpetual inventory system. The following is information on the purchases and sales of the power drills, "M1500." On November 1, Tool Depot had 150 units with a unit cost of $49. Date Nov. 4 Nov. 6 Nov. 16 Nov. 20 Nov. 24 Nov. 28 Nov. 30 Units 200 350 150 Purchases Unit Cost 47 45 40 Units 100 275 250 100 Sales Unit Price $100 $100 $110 $110 Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO