Assume that more than one product is being sold in each of the four following case situations: (Loss amounts should be minus sign.) Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin ratio (percent) $ Case 1 457,000 86,080 44% $ Case 2 < Required A 194,000 120,280 59,000 % $ Case 3 466,000 116,120 84 % $ Case 4 292,000 99,280 $ (35,280) %
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- Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.? Choices For Periodic system/FIFO Method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for Perpetual System/FIFO Method: a. P59,000b. P57,000c. P61,600d. P60,210Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: 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 coinpared to the total of inventory.Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
- Stiles Corporation uses the LIFO cost flow assumption and is in the process of applying the LCM 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: Product A Product B Historical cost $80 $96 Replacement cost 70 98 Estimated cost of disposal 32 30 Estimated selling price 150 120 Required: 1. What is the correct inventory value for each product? Product A $fill in the blank 1 per unit Product B $fill in the blank 2 per unit 2. Next Level With regard to requirement 1, what effect does the imposition of the constraints on market value have on the inventory valuations? For Product A, For Product B,Axy's Store provides the following information relative to the following four items being sold as package: Selling Price Bundled Standalone Selling Price Product 1 2,400 2,640 Product 2 6,000 6,000 Product 3 4,800 6,000 Product 4 5,400 6,600 Total 18,600 21,240 How much is the allocated amount for each product?PROBLEM (see pic) REQUIRED:1. What is the EOQ?2. At what inventory level should an order be placed to prevent having to draw on the safety stock?3. What are the total inventory costs, including the costs of carrying the safety stock?4. The wheat processor agrees to pay the elevator removal charges if Strawberry Bread will purchase wheat inquantities of 650,000 bushels. Would it be to Strawberry Bread's advantage to order under this alternative?
- Directions: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the writedown or loss occurs. __________7. Professional fee arising directly from the acquisition of property and equipment are recognized as expense immediatelyDirections: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the writedown or loss occurs. __________7. Professional fee arising directly from the acquisition of property and equipment are recognized as expense immediately. __________8. Exchange has a commercial substance when the exchange result in the difference in future cash flows. __________9. The cost of abnormal amounts of wasted materials is not included in the cost of self-constructed assets. __________10. An asset is not…Wildhorse Company is a multiproduct firm that uses the perpetual inventory system. The following information concerns one of its products, the Hawkeye. Date Transaction Quantity Price Cost Jan. 1 Beginning inventory 1,000 $12 Feb. 4 Purchase 2,000 18 Feb. 20 Sale 2,300 $30 Apr. 2 Purchase 3,200 23 May 4 Sale 2,000 33 (a) Your answer has been saved. See score details after the due date. Compute cost of goods sold and ending inventory under the FIFO method. (Round answers to 0 decimal places, e.g. 1,245.) FIFO Cost of goods sold 77,900 Ending inventory 43,700 (b) Compute cost of goods sold and ending inventory under the LIFO method. (Round answers to 0 decimal places, e.g. 1,245.) LIFO Cost of goods sold $enter a dollar amount Ending inventory $enter a dollar amount
- Please refer to the picture below for the information. Kindly use a TABLE in showing the complete solution. Thank you so much. Question: Using weighted average costing method, what is the amount of inventory as of December 31? and Using moving average costing method, what is the amount of inventory as of December 31, respectively? Choices for weighted average costing method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for moving average costing method: a. P59,010 b. P60,210 c. P60,900 d. P57,000Please refer to the picture below for the information. Kindly use a TABLE or MS Excel in showing the complete solution. Thank you so much. Question: Using specific identification costing method, (assuming the ending inventory comes from Dec. 5 purchases, 1,300 units and Dec. 22 purchases, 1,700 units) what is the amount of inventory as of December 31? and Using Periodic system and LIFO method, what is the amount of inventory as of December 31, respectively? Choices for specific identification costing method: a. P59,010. b. P60, 210. c. P60,900. d. P57,000 Choices for Periodic system and LIFO method: a. P59,000. b. P57,000. c. P61,600. d. P60, 210Please solve the sub parts. ( The first three parts were solved) At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit cost of $640. Its inventory records report the following transactions: Units Unit Cost Cost Beginning Inventory 150 $640 $96,000 Purchase #1 150 $704 $105,600 Purchase #2 70 $760 $53,200 Purchase #3 30 $840 $25,200 During the current period, Haitijah sells 340 units. A. Assume Haitijah uses the FIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. B. Assume Haitijah uses the LIFO method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. C. Assume Haitijah uses the average cost method. Compute the cost of goods sold for the current period and the ending inventory balance for this product. D. Compute LIFO reserve.