wer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 2. Assume that the company uses the average cost method. The value of the ending inventory on Decemb $. 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is

wer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 2. Assume that the company uses the average cost method. The value of the ending inventory on Decemb $. 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is

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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Marigold Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,649 at both cost and market value. At December 31, 2025, the inventory was $287,776 at cost and $269,210 at market value. Prepare the necessary December 31 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 0 for the amounts.) No. Account Titles and Explanation (a) (b) Cost of Goods Sold Allowance to Reduce Inventory to Market Inventory Loss Debit 18566 18566 Credit 18566 18566
Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory. (a) Using the FIFO method, the ending inventory is $ and the cost of goods sold is $ (b) Using the weighted-average-cost method, the ending inventory is $ and the cost of goods sold is $ (Round interim calculations to two decimal places. Round final answers to the nearest dollar.) Requirement 2. MusicMagic uses the FIFO method. Prepare MusicMagic's income statement for the month ended November 30, 2017, reporting gross profit. Operating expenses totalled $260, and the income tax rate was 20%. Begin with the heading, and then select the accounts and enter the amounts in the statement. (Round answers to the nearest dollar. Use parentheses or a minus sign for negative income.) Data Table Date Item Quantity Unit cost Sale Price 1 Balance. 8 Sale. 10 Purchase. 30 Sale. November 12 90 9. 145 16 115 6. 175 Print Done
The following information is taken from a company’s records. Costper Unit Market valueper Unit Inventory Item 1 (10 units) $40 $39 Inventory Item 2 (23 units) 20 20 Inventory Item 3 (12 units) 8 10 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory?
1. Compute the cost of the ending inventory under the FIFO method. Round the cost-to-retail ratio to three decimal places and the final answers to the nearest dollar.
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Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the cost of the inventory on hand was $17,000 and its retail value was $20,000. Information for 2021 and 2022 is as follows: Date 12/31/2021 12/31/2022 Ending Inventory at Retail $35,000 $49,000 Retail Price Index 1.40 1.75 Cost-to-Retail. Percentage 87 % 90% Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2021? 2. Calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO retail method. Complete this question by entering your answers in the tabs below.
am. 113.
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Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. FIFO Units 1,980 LIFO 5,010 2,900 4,160 Unit Cost $ 6 Average Cost 8 9
There are such data of the ABC Company’s activity. The company uses perpetual inventory updating. Number of Units Unit Cost, $ Sales prise, $ Beginning inventory 900 60 Purchased 700 65 Sold 1 900 100 Sold 2 200 120 Ending inventory Find ending inventory and its cost Calculate the cost of goods sold in units and in dollar value for Company ABC for the month. Provide calculations for first-in, first-out (FIFO) method. Find Gross margin for the 1-st and 2-d sells