18. On January 2020, Roel Corp. Has th following inventory purchases. Units January 5,750 5,100 7,600 6,600 Amount 3 P7,500 5,850 6,300 4,950 8 16 26 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020?

18. On January 2020, Roel Corp. Has th following inventory purchases. Units January 5,750 5,100 7,600 6,600 Amount 3 P7,500 5,850 6,300 4,950 8 16 26 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Under the FIFO inventory method, what is the value of the ending inventory on January 31, 2020?

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
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Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015. The following information about the inventory at the end of each year is available from Olsons records: Required: 1. Calculate the dollar-value LIFO inventory at the end of each year. 2. Prepare the appropriate disclosures for the 2021 annual report if Olson uses current cost internally and LIFO for financial reporting.
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