a Peterson funniture DeSigns Preparing S the annval fanacia Staternts dated clecepmber 31. Endling inventory infomation abovt the Ave major tems Stscked for requ lar Sale follaS Complete the two colmns (メけ) Malket Vale Zecorded tstal Cost Lcm Per item Pvanity an hand Unit Co + when oqured Item Armare s at Year end 31R00 50 3C 31 300 0 1800 Bureavs 75 62 5 5 Crcdenzas 30 Cabs 55 55 3025 Dressers 15,4o0 440 3 S 32 bConmarte the amont that Shovld be reparted for the endling inverrby USs the LCM vle apphed to each item Endins inventsy

a Peterson funniture DeSigns Preparing S the annval fanacia Staternts dated clecepmber 31. Endling inventory infomation abovt the Ave major tems Stscked for requ lar Sale follaS Complete the two colmns (メけ) Malket Vale Zecorded tstal Cost Lcm Per item Pvanity an hand Unit Co + when oqured Item Armare s at Year end 31R00 50 3C 31 300 0 1800 Bureavs 75 62 5 5 Crcdenzas 30 Cabs 55 55 3025 Dressers 15,4o0 440 3 S 32 bConmarte the amont that Shovld be reparted for the endling inverrby USs the LCM vle apphed to each item Endins inventsy

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 13E: Retail Inventory Method The following information relates to the retail inventory method used by...

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Retail Inventory Method EKC Company uses the retail inventory method. The following information for 2019 is available: Required: Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): 1. FIFO 2. average cost 3. LIFO 4. lower of cost or market (based on average cost)
Inventory Write-Down Palmquist Company has five different inventory items and applies the inventory valuation rules on an individual item basis. The normal markup on all items is 20% of cost. The following information is obtained from the companys records: Required: 1. Assume that Palmquist uses the FIFO cost flow assumption. Compute the correct inventory value under the lower of cost or net realizable value rule. 2. Assume that Palmquist uses the LIFO cost flow assumption. Compute the correct inventory value under the lower of cost or market rule. 3. Assume that Palmquist uses IFRS. Compute the correct inventory value under the lower of cost or net realizable value rule. 4. Next Level Explain the differences between the inventory valuations reported under IFRS and U.S. GAAP.
Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blues inventory: Determine (a) the net realizable value for each item and (b the inventory value of each item using the lower of cost or net realizable value rule.
49.The following data were available for Product Z at Mar 31, 20X1:Beg inventory 50 units @ 12Purchases:Mar 2 60 units @ 11Mar 17 60 units @ 10Sales: Mar 5 80 unitsMar 20 50 unitsHow much is the ending inventory under FIFO perpetual? 400 419 438 480
a 0prepare a PERPETUAL INVENTORY record for this merchandise using the first in first out (FIFO) method of inventory valuaton to determine SOUND CORE,s cost of good sold for the quater and the value of ending b)given the selling ,distribution and admintrative cost associated wit TOZO T6 brand of earbuds for the quater were $42,840, $38,120 and $157,076 respecttively, prepare an income statement for SOUND CORE WIRELESS TOZO T6 fot the quater ending december 31, 2021 c) journalize the transaction for the month of october assuming the company uses a i. periodic inventory system ii. perpetual inventory system
PT. Antigen follows the practice of pricing its inventory at LCNRV on an individual items basis (dalam Rp. 000.000) on December 31 2009: Item No Quantity Cost per Unit NRV per Unit 1320 1333 1426 1437 1510 1522 1573 1626 1.200 900 800 1.000 700 500 3000 1.000 3.2 2.7 4.5 3.6 2.25 3.00 1.8 4.7 4.15 3.00 4.6 2.95 2.45 3.4 1.75 5.5 (i) Determine the inventory as December 31 2019 by the LCNRV method, applying to this method to each item (ii) Determine the inventory as December 31 2019 by the LCNRV method, applying the method to the total of the inventory Each of the following gross profit percentage is expressed in term of cost. Indicate the gross profit percentage in terms of sales for each of the above (i) 20% (ii) 25% (iii) 331/2% (iv) 50%
Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs inventory. (1) Complete the table. Part # Cost Replacement Cost Net Realizable Value Normal Profit NRV less Normal Profit LCM SP17G $181,000 $ 152,000 $151,000 $15,000 SP23X 254,000 249,800 262,500 25,800 SP78A 205,400 214,000 206,000 10,200 Total (2) Prepare the journal entry to record the Allowance to Reduce Inventory to Market using the "Loss Method". $ $ (Record the adjustment to inventory due to decline in value)
10.The following data were available for Product Z at Mar 31, 20X1:Beg inventory 50 units @ 12Purchases:Mar 2 60 units @ 11Mar 17 60 units @ 10Sales: Mar 5 80 unitsMar 20 50 unitsHow much is the ending inventory under Average costing perpetual? (Round to 4 decimal) 400 419 438 480
Patel Company adopted the dollar-value inventory method on 12/31 / 20 . Inventory data are as follows: Inventory Price Year at Yr End Index 2020 5,785 1.00 2021 9,2501.23 202211,225 1.36 20238,575 1.25 2024 16,425 1.40 Instructions : Calculate the inventory for must show your work . 20, 2021, 2022, 20 and 2024.
Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory? 2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory? 3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items compared to the total of inventory.
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?