Waterway Company's record of trif the perpetual inventory record is kept in dollars, and costsare computed at the time of each withdrawal, what amount would be shown as endinginventory under (1) FIFO, (2) LIFO and (3) Average - cost? (Round average cost per unit to 4decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)Waterway Company's record of transactions concerning part X for the month of April was as follows.PurchasesSalesApril 1 (balance on hand)380 @ $6.90April 55804680 @ 7.001248011580 @ 7.30271,36018480 @7.40281502626880@7.703030480@8.00

Inventory -The state of an organization's finances is directly impacted by its inventory, which is…

Waterway Company's record of trIf the perpetual inventory record is kept in dollars, and are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average - cost? (Round average cost per unit decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Waterway Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales

Waterway Company's record of trIf the perpetual inventory record is kept in dollars, and are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average - cost? (Round average cost per unit decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Waterway Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales

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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Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 80 $ 125 Purchases 671 1,006 Freight-in on purchases 30 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 916 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)
d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) a. 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system b. Unit Units Cost 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory 121,848 121,675 X 121,676 Units and Amounts Cost of Goods Sold $ 311,000 311,064 311,328 $ Gross Margin 370,200 370,136 X 369,872
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
Sheridan Company's record of transactions for the month of April was as follows. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 5 used (d) In an inflationary period, which inventory method - FIFO, LIFO, average - cost - will show the highest net income? inventory method will show the highest net income. 4132129Purchases1,650 @ 5.801,320 @770 @ 550 @5,8306.206.30a 6.502327Sales1,540 @ 10.001,320 @ 11.00990 @5,06012.00
Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end
The account used to adjust the perpetual inventory records when a difference exists between the physical count and the amount in the perpetual inventory records is called a. Inventory Short and Over. b. Estimated Returns Inventory. c. Inventory Shrinkage. d. Merchandise Inventory
Weighted average cost method with perpetual inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number of Units Per Unit Total $60.00 70.00 140.00 Date Transaction Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 9,000 21,000 10,250 5,750 3,500 39,500 15,000 10,000 $540,000 1,470,000 1,435,000 140.00 805,000 140.00 490,000 75.00 2,962,500 150.00 2,250,000 150.00 1,500,000 25,000 82.00 2,050,000 30,000 150.00 4,500,000 10,000 88.40 884,000 19,000 150.00 2,850,000
Current Attempt in Progress Marigold Inc. uses a perpetual inventory system. At January 1, 2025, inventory was $368,080 at both cost and net realizable value. At December 31, 2025, the inventory was $491,920 at cost and $455,800 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) e Textbook and Media List of Accounts Save for Later Debit Credit Attempts: 1 of 3 used Submit Answer
The records for the Flagstaff Company showed the following for the one item they sell during the year ended December 31, 2022: Date of Transactions Units Unit Costs Inventory 1/1 40 $20 Purchase 3/5 120 $24 Sale 5/15 80 Purchase 7/11 40 $22 Sale 9/24 30 Purchase 10/23 50 $26 Sale 11/5 40 Required: Assuming a periodic inventory system compute the cost of goods sold during the year and the ending inventory in dollars under each of the following inventory costing methods (show computations and round to the nearest cents): 1) Weighted-average cost (Average cost method the book calls it) 2) First-in, First-out (FIFO) 3) Last-in, First-out (LIFO)
When a company uses the perpetual inventory system in accounting for its merchandise inventory, which of the following is true? Multiple Choice The inventory account is updated after each sale The inventory account is updated throughout the year as purchases are made. Cost of goods sold is computed at the end of the accounting period rather than at each sale. None of the other alternatives are correct Purchases are recorded in the cost of goods sold account.
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot