ParagraphSty6.1. Toulouse makes three different products. The following table shows the inventoryvaluation for each of the products under different bases.First-in- frst-outLast-in- first-outNet realizable valueProduct I101112Product II131514Product III9.3133At what value should Toulouse 's inventory be stated in accordance with IAS 2Inventories?A $28B $30C $31D S322. At 30 September 20X1 the closing inventory of a company amounted to $386,400. Thefollowing items were included in this total at cost:1,000 items which had cost $18 each. These items were all sold in October 20X1for2415 each, with selling expenses of $800.Five items which had been purchased for $100 each eight vears ago. These itemsweresold in October 20X1 for $1,000 each, net of selling expenses.What figure should appear in the company's statement of financial position at32

Inventory is defined as the goods bought by the company with the purpose of reselling them for…

1. Toulouse makes three different products. The following table shows the inventory valuation for each of the products under different bases. First-in- first-out 2$ Last-in- first-out 2$ Net realizable value 2$ Product I 10 11 12 Product II 13 15 14 Product III 9. 32 31 33 At what value should Toulouse 's inventory be stated in accordance with IAS 2 Inventories? A $28 B $30 C $31 D $32 1 company amounted to $386.400. The

1. Toulouse makes three different products. The following table shows the inventory valuation for each of the products under different bases. First-in- first-out 2$ Last-in- first-out 2$ Net realizable value 2$ Product I 10 11 12 Product II 13 15 14 Product III 9. 32 31 33 At what value should Toulouse 's inventory be stated in accordance with IAS 2 Inventories? A $28 B $30 C $31 D $32 1 company amounted to $386.400. The

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 3E: Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow...

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Similar questions

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Compare the calculations for gross margin for B76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180
Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180
Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows: Inventory Write-Down Use the information in E8-1. Assume that Stiles uses the LIFO cost flow assumption and is applying the LCM rule. Required: 1. What is the correct inventory value for each product? 2. Next Level With regard to requirement 1, what effect does the imposition of the constraints on market value have on the inventory valuations?
Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200