You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August.Paper Inventory (in tonnes)Cost/TonneNRV/TonneJune 3016,090$830$891July 3116,760891857August 3115,640857830(a)X Your answer is incorrect.Calculate the cost and net realizable value of Sarasota Paper's paper inventory at (1) June 30, (2) July 31, and (3) August 31.CostNRV X Your answer is incorrect.Calculate the cost and net realizable value of Sarasota Paper's paper inventory at (1) June 30, (2) July 31, and (3) August 31.CostNRVJune 3024830891July 31891857August 31857830eTextbook and MediaList of Accounts%4

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Description: You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August.Paper Inventory (in tonnes)Cost/TonneNRV/TonneJune 3016,090$830$891July 3116,760891857August 3115,640857830(a)X Your answer is

The inventory cost is calculated as number of units multiplied by cost per unit. NRV stands for net…

Business

Accounting

You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August. Paper Inventory (in tonnes) Cost/Tonne NRV/Tonne June 30 16,090 $830 $891 July 31 16,760 891 857 August 31 15,640 857 830 (a)

You have been provided with the following information regarding Sarasota Paper Ltd's inventory for June, July, and August. Paper Inventory (in tonnes) Cost/Tonne NRV/Tonne June 30 16,090 $830 $891 July 31 16,760 891 857 August 31 15,640 857 830 (a)

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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am.105.
s Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f. Operating expenses (excluding income tax expense), $18,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 300 $ 13 900 11 800 14 300 620 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…
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