general accounting

Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture:       Chairs 50 $ 26 $ 32 Desks 20 74 59 Tables 70 85 93 Accessories:       Rugs 50 61 49 Lamps 30 23 19 Required:  (already completed this part) Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. Stuck here:  Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products, product categories, total inventory.

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Find the cost of goods manufactured

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Sarter Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Beginning inventory Ending inventory Finished goods (units) 70,000 20,000 Raw material (grams) 50,000 60,000 Each unit of finished goods requires 3 grams of raw material. The company plans to sell 880,000 units during the year. How much of the raw material should the company purchase during the year? a. 2,550,000 grams b. 2,490,000 grams c. 2,480,000 grams d. 2,500,000 grams

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