Cengagenowv2, 1 Term Printed Access Card For Scott's College Accounting: A Career Approach, 13th
13th Edition
ISBN: 9781337280730
Author: Scott, Cathy J.
Publisher: Cengage Learning
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Textbook Question
Chapter C, Problem 3P
Use the information presented in Problem C-1 to solve this problem.
Required
Find the cost of the ending inventory by the last-in, first-out method.
PROBLEM C-1 Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:
Required
Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.
Check Figure
Cost of ending inventory, $480
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Presented below is information related to Swifty Inc.'s inventory,
assuming Swifty uses lower-of-LIFO cost-or-market.
(Per unit)
Skis
Boots
Parkas
Historical cost
$285.00 $ 159.00
$ 79.50
Selling price
$318.00
$217.50
$ 110.63
Cost to distribute
$ 28.50
$ 12.00
$ 3.75
Current replacement cost
$304.50 $157.50
$ 76.50
Normal profit margin
$ 48.00
$ 43.50
$ 31.88
Determine the following:
a. The two limits to market value (i.e., the ceiling and the floor) that
should be used in the lower-of-cost-or-market computation for skis.
Celling Limit $
Floor Limit $
b. The cost amount that should be used in the lower-of-cost-or-market
comparison of boots.
The cost amount $
c. The market amount that should be used to value parkas on the basis
of the lower-of-cost-or-market.
The market amount $
All 3 questions take and provide correct solutions
Carmelita Inc. has the following information available:
Costs from Beginning
Direct
materials
Conversion
costs
Inventory
Costs from Current
Period
$5,100
6,800
$ 20,200
1,46,900
At the beginning of the period, there were 500 units in a process that
was 45% complete as to conversion costs and 100% complete as to
direct materials costs. During the period, 5,100 units were started and
completed. The ending inventory contained 400 units that were 29%
complete as to conversion costs and 100% complete as to materials
costs. The company uses the FIFO process cost method.
The equivalent units of production for direct materials and conversion
costs, respectively, were:
a. 5,100 from direct materials and 5,491 for conversion costs.
b. 5,491 for direct materials and 5,500 for conversion costs.
c. 5,491 for direct materials and 5,491 for conversion costs.
d. 5,500 for direct materials and 5,491 for conversion costs.
Chapter C Solutions
Cengagenowv2, 1 Term Printed Access Card For Scott's College Accounting: A Career Approach, 13th
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