CALCULATORFULL SCREENPRINTER VERSION4 ВАСКNEXTRCESThe ending inventory611k2 a-c4 a-The cost of goods sold4,889SHOW SOLUTIONPartLINK TO TEXTsion)Attempts: 1 of 15 usedEtudy(b)ZYour answer is partially correct. Try again.Will the results in (a) be higher or lower than the results under FIFO and LIFO?Ending inventory islowerthan FIFO $111and higherthan LIFO $8911189In contrast, cost of goods sold is higher than FIF $and lowerthan LIFO $ment | Privacy Policy | © 2000-2021 John Wiley & rin. Al RigDivision of John Wiley & Sons, Inc. Version 4.24.21.1 CALCULATORFULL SCREENPRINTER VERSION1 BACKNEXTCESExercise 6-09 a1,a2, b (Part Level Submission)а-сMoath Company reports the following for the month of June.a-UnitsUnit CostTotal CostartJune 1Inventory200$5$ 1,00012Purchase4006.2,400on)23Purchase30072,10030Inventory100udy(a1)MYour answer is correct.Calulate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.)Weighted Average Unit Cost6.11SHOW SOLUTIONLINK TO TEXT

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Description: CALCULATORFULL SCREENPRINTER VERSION4 ВАСКNEXTRCESThe ending inventory611k2 a-c4 a-The cost of goods sold4,889SHOW SOLUTIONPartLINK TO TEXTsion)Attempts: 1 of 15 usedEtudy(b)ZYour answer is partially correct. Try again.Will the results in (a) be hig

LIFO is the inventory valuation method in which in which inventory purchased at last will be sold…

Business

Accounting

Your answer is partially correct. Try again. Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is lower than FIFO $ 111 and higher than LIFO $ 89 In contrast, cost of goods sold is higher than FIFO $ 111 and lower than LIFO 89 ent | Privacy Policy | © 2000-2021 John Wiley & ivision of John Wiley & Sons, Inc. Version 4.24.21.1

Your answer is partially correct. Try again. Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is lower than FIFO $ 111 and higher than LIFO $ 89 In contrast, cost of goods sold is higher than FIFO $ 111 and lower than LIFO 89 ent | Privacy Policy | © 2000-2021 John Wiley & ivision of John Wiley & Sons, Inc. Version 4.24.21.1

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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tem Units Cost Market Car audio equipment Speakers 335 $ 90 $ 98 Stereos 250 111 100 Amplifiers 316 86 95 Subwoofers 194 52 41 Security equipment Alarms 470 150 125 Locks 281 93 84 Cameras 202 310 322 Binocular equipment Tripods 175 70 84 Stabilizers 160 97 105 Required:1. Calculate the lower of cost or market for the inventory applied separately to each item.2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
Exercise 6-14 (Algo) Calculate inventory using lower of cost and net realizable value (LO6-6) [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA’s inventory. Inventory Quantity Unit Cost Unit NRV Shirts 38 $55 $73 MegaDriver 18 390 330 MegaDriver II 33 410 450 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Problem #5 (Lower of Cost or Market - LCM) Melissa's Wing-Bang Washing Machine Mfg. makes washing machines. Most of Melissa's washing machines are standard models and are sold on the basis of catalog prices. The company has adopted a lower of FIFO cost or market approach applied to inventory on an individual item basis. At December 31, 2021 the following finished washing machines appear in the company's inventory. Finished Washers - Models --> A $ 700 $ B D 800 $ 2021 catalog selling price FIFO cost per inventory list Est. cost to re-manufacture (REPCO) Costs of disposal 750 $ 1,000 2$ 460 $ 465 $ 640 $ 740 440 $ 480 $ 630 $ 810 150 $ 160 $ 180 $ 200 "Normal" gross profit margin # of units in 12-31-21 inventory 15% 20% 22% 24% 400 200 100 100 Calculate the: a. "Designated" market for each item b. LCM unit cost assigned to each item @ 12-31-21 c. LCM total inventory value d. Total amount of the inventory "write-down" @ 12-31-21
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Value inventory using FIFO method:
bok sk ences W Knowledge Check 03 Complete each sentence by selecting the correct term using the drop-down list. During a period of steadily rising costs, this method results in the highest amount of inventory reported on the balance sheet. IL U 00 8 prt sc ← 1 delete backspace
mal_browser=D0&launchUri=https%253A%252F9%252Fblackboard.american.edu9%2... This window shows your responses and what was marked correct and incorrect from your previous attempt. On September 22, 2021, a flood destroyed the entire merchandise Inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2021 Net purchases, January 1 through September 22 Net sales, January 1 through September 22 Gross profit ratio $159,000 389,000 645,000 20% Required: Complete the below table to estimate the cost of inventory destroyed in the flood using the gross profit method. %24 159,000 Beginning inventory Plus: Net purchases 389,000 548,000 Cost of goods available for sale Less: Cost of goods sold: 645,000 Net sales Less: Estimated gross profit 645,000 Estimated cost of goods sold (97,000) Estimated cost of inventory destroyed FRed text indicates no response was…