FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 41 units at $48 Sale 37 units at $67 First purchase 16 units at $49 Sale 15 units at $67 Second purchase 14 units at $52 Sale 12 units at $68 The firm uses the perpetual inventory system, and there are 7 units of the item on hand at the end of the year. a.  What is the total cost of the ending inventory according to FIFO? $fill in the blank 1 b.  What is the total cost of the ending inventory according to LIFO? $fill in the blank 2

Q: City Bank currently has $500 million in transaction deposits on its balance sheet. Fed just cut the ...

A: New reserve requirement as, = $ 500 million x 6% = $30 million

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Q: Which of the following is an exception for application of IFRS 15? O Pharmaceutical contracts O All ...

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Q: Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) Co...

A: The acquisition means that the parent company acquires the shares more than 50% of subsidiary compan...

Q: The role of management accountant has changed considerably over the last few decades from being prim...

A:   Nowadays most good companies in public and private sector employs Management accountants, their du...

Q: Overheads applied are calculated by:

A: Applied overheads are an indirect cost that is directly related to the manufacturing of products but...

Q: bank assesses a 3% finance fee and charges interest on the note at 6%. The journal entry to record t...

A: JF termed as Journal entries which records the transactions of company into day books or the account...

Q: its and total costs were $40,000.

A: The total cost of production of a good comprises the total fixed cost of production and the total va...

Q: Select the necessary words from the list of possibilities to complete the following statements. Stat...

A: The complete solution is in step 2.

Q: Vaughn's assets on December 31, 2020 are $200200. O $302000. O$170600. O $259100.

A: Assets = Equipment + Cash + Supplies + Accounts Receivable

Q: The Ohio Company has the following historical pattern on its credit sales: 70% collected in the mont...

A: Budgets are the forecasts or estimates that are made for future period of time. Budgeted cash collec...

Q: Intangible Long-Term Assets Track Town Co. had the following transactions involving intangible asset...

A: Amortization - Amortization of intangibles is the expense incurred on the intangibles. Amortization ...

Q: year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the mach...

A: Solution...   Cost = $56,000  Sales value  = $42,000  Accumulated Depreciation expense = $32,000 

Q: Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in exc...

A: Formula: Net pay = Gross pay - All deductions.

Q: or the nonconventional net cash flow series shown, the external rate of return per year using the MI...

A: ERROR is the external rate of return, MIRR is the modified internal rate of return, b is the borrowi...

Q: Assess and identify the parent/acquirer that will direct the relevant activities of theinvestee Zeu...

A: Here given the details of the identification of parent and acquirer for the given transaction which ...

Q: In recent years, Crane Company has purchased three machines. Because of frequent employee turnover i...

A: Depreciation Expense - Depreciation is charged by the company to incurred expense incurred by the co...

Q: Book Value P50,000 140,000 530,000 210,000 Market Value P50,000 200,000 600,000 Cash Inventory Plant...

A: The acquisition means that the parent company acquires the subsidiary company. 

Q: The objectives of an independent audit.  Identify at least 5 ways in which an independent audit may...

A: 1.The objectives of an independent audit a. The main objective on an indepemdent auditor is to obtai...

Q: Problem 2 (Statement of Stockholders' Equity) In its most recent financial statements, Newhouse Inc....

A: Solution..     Retained earnings at the beginning = 780  Retained earnings at the end = 810  Net inc...

Q: Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 Ending $...

A: Manufacturing cost= Prime cost + manufacturing overheads Manufacturing overheads= Indirect Material+...

Q: The assets of J&R Associates consist entirely'of current assets and net plant and Problem 1 (Stateme...

A: As per Accounting equation,Assets =Liabilities +Shareholder's equity The amount which is required by...

Q: The Stewart Cake Factory sells chocolate cakes, birthday decorated cakes, and specialty cakes. The f...

A: Contribution is the amount left after all direct costs have been subtracted from sales price. The ne...

Q: Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods A light truck is purchased on...

A: Solution  Cost = $35,000  Life = 8 years  Salvage = $5,000 

Q: Valır Co., which began operations on January 1, 2021, appropriately uses the installment method of a...

A: Installment method of accounting is the method in which the owners books the profit when it is reali...

Q: Book Value P40,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) 170,000 62...

A: Non-Controlling Interest: Non-Controlling Interest, also known as minority interest, is an ownership...

Q: Allerton Company acquires all of Deluxe Company’s assets and liabilities for cash on January 1, 2021...

A: The question says to record the Acquisition of Deluxe company . There are two situations :- Cash ex...

Q: Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made th...

A: Organizational expenditures are those that are directly related to the formation of the company. Cap...

Q: Prepare the depreciation schedules.

A:   Value of a Machine Purchased 250000 Useful Life 10 years Salvage Value  50000     Depre...

Q: P50,000 140,000 530,000 210,000 Cash Inventory Plant Assets (net) Cost of Goods Sold P50,000 200,000...

A: Goodwill refers to the intangible assets which is linked with the purchase of one business through a...

Q: Date Wireless has the following assets: Current assets: Temporary $1,190,000 Permanent 1,380,000 Cap...

A: Earning Per Share: A company's profitability is shown by the amount of money it earns per share, oft...

Q: credit sales: 70% collected in the month of sale; 15% collected in the 1st month after the sale; 10%...

A: The budget is prepared to estimate the requirements for the future period. 

Q: For each action for X co. below you should draw up a balance sheet and income statement that reflect...

A: Balance Sheet, comprise of assets, liabilities and shareholder's funds that helps several users to t...

Q: MNR traders purchased an equipment dated 01/01/2018 for P400,000 Amount spent on erection of the equ...

A: Cost of the equipment= Purchase cost + Erection charges +Freight charges Purchase cost=P400,000 Erec...

Q: Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) Co...

A: The non controlling interest is the interest of equity that belongs to minority shareholders of the ...

Q: The expense recognition principle relates

A: Expense recognition is based on accrual and matching concept where accrual concept states that expen...

Q: or pay off cumulative loan. Initial cash balance in June is $6,000,000 and there is no cumulative lo...

A:  Introduction Cash Budget: In the business world, a cash budget is an estimate of a company's cash ...

Q: Calculate the break-even sales revenue and units for the two models of snowboards proposed. Calculat...

A: The question is based on the concept of Cost Accounting,

Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a S2 per share cash di...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Under-applied manufacturing overhead costs are always the result of which of the following situation...

A: Applied overhead = Overhead rate x Actual hours incurred where, Overhead rate = Budgeted Overhead co...

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A: A partnership is a legally binding agreement between two or more persons to manage and operate a bus...

Q: On January 1, 20x1 Pinup Corp acquired 34,560 outstanding ordinary shares of Slug corp. for a cash c...

A: Calculation of amount of non-controlling interest  are as follows.

Q: Using 0 and 3,000 patient-days, the total cost at an activity level of 8,000 customer patient-days w...

A: The correct option is (a) $63,360.

Q: The graph below shows monthly data collected on facilities maintenance department costs and on the n...

A: At 0 level of activity, there is cost of $ 10000 At 3000 level of activity, there is cost of $ 30000...

Q: Sold P480,000 of ABC Corporation 7% bonds at 102, plus accrued interest of P2,790.00.

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Q: Mr. Maginoo owns a commercial building located in a city with a fair market value of ₱10 million. Th...

A: As per the provision of the ordinances of the sangguniang panlalawigan, the assessment level can be ...

Q: Audit committee Audit plan Confirmation Cutoff Inherent risk Misappropriation of assets representati...

A: Here asked about the different aspect in the Audit Process and procedures which are involved with th...

Q: Franco Enterprise uses the installment method of accounting and it has the following data at the yea...

A: Under installment sales method, only that part of sales that has been realized in cash recognized as...

Q: Algy Realty receives notice that its property is condemned to make room for a highway. The proceeds ...

A: Realized gain or loss refers to those gains or losses which is earned or incurred by the company on ...

Q: In year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the m...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.