hat is the cost of HIBISCUS Company's inventory on December 31, 2020, under the average method?
Q: Bonita, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years…
A: Date Inventory atEnd-of-year Prices Price Index Inventory at Base-year Prices Changefrom Prior Year…
Q: Presented below is information related to Nash Company. Date Ending Inventory (End-of-Year…
A: Under dollar value LIFO method, the goods are taken collectively into the form of pools and then…
Q: Presented below are selected account balances for Bonita Co. as of December 31.2020. Inventory…
A: Closing entries are the journal entries prepared at the end of an accounting year to transfer the…
Q: The Genworth Company adopted the dollar-valu LIFO method on January 1, 2021 when the inventory value…
A: Inventory at the end: It refers to the stock in hand at the end of the year and reported in the…
Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000…
A: Cost of goods sold:- Cost of goods sold is defined as the cost which includes all direct costs that…
Q: Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from…
A: Dollar value LIFO method: This method is different model for the last-in first layering model. Under…
Q: Crane Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…
A: Working: Item D Item E Item F Item G Item H Item I Selling price (A) $ 122.00…
Q: Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years.…
A: Workings: Ending Inventory at base prices = $ 97000 - 92000…
Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…
A: ENDING INVENTORY USING DOLLAR - VALUE LIFO METHOD : = INVENTORY LEVEL / PRICE LEVEL
Q: nko Inc. reported the following balances at the end of each year:…
A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the…
Q: Uki Company had the following transactions for inventory during 2020: Units Unit Cost Unit…
A:
Q: On January 1, 2018, Sato Company adopted the dollar-value LIFO method of inventory costing. Sato's…
A: Last-in, first-out (LIFO) is a strategy used to represent stock that records the most as of late…
Q: The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 12/31/19…
A: The cost of goods sold refers to the cost of purchase or manufacturing of the goods which have been…
Q: Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its…
A: LIFO is last in first method that is used for inventory valuation. This says that inventory which is…
Q: Study the information given below and calculate the value of closing inventory as at 31 March 2022…
A: Inventory valuation is a very important and crucial part that is to be played by the management. The…
Q: Compute the ending inventory for Sunland Company for 2016 through 2018 using the dollar-value LIFO…
A: Ending inventory : 2016 2017 2018 Calculation 184500* 100/100 = 184500 184500*100/100 =…
Q: Sultan Co. uses the retail inventory method to estimate its inventory for interim statement…
A: Inventory is the current asset of the company that includes the raw materials which are required to…
Q: What is the adjusted balance of inventory on December 31, 2021?
A: Goods on Consignment sent will still be part of the inventory even if its in the possession of some…
Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000…
A: Purchaes = Ending Account balance + Amount paid - Beginning Account balance = P750,000 + P4,900,000…
Q: The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that…
A: Inventory under dollar-value LIFO method will be value of inventory purchased first.
Q: Whispering, Inc, uses the dollar-value LIFO method of computing its inventory. Data for the past 3…
A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…
Q: The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 Inventory…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: mpany P has the following inventory information: Date cember 31, 2021 cember 31, 2022 B. $112,884 C.…
A: LIFO stands for Last In First Out. Dollar value LIFO method is method of inventory valuation where…
Q: Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method…
A: Average cost per unit = ((100 x $10) + (200 x $12))/ 300 units = $3,400 / 300 units = $11.3333
Q: Presented below is information related to Crane Company. Date Ending Inventory (End-of-Year…
A: Date Ending Inventory(End-of-Year Prices) PriceIndex Inventory at base year price Change from the…
Q: Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2019; $119,900…
A: Base year prices = Ending inventory / year-end price indexe 2019 = $100,000 / 1.0 = $100,000 2020 =…
Q: Assuming that Waveland Inc. uses the conventional retail inventory method, compute the cost of its…
A: Computation of ending inventory is as follows: Result:
Q: 10. On December 31, 2020, ABC Company provided the following information: Cost Retail Inventory,…
A: Under retail method of inventory, we need to calculate cost-to-retail ratio in order to compute the…
Q: 3. Question: What is the cost of HIBISCUS Company's inventory at December 31, 2020, under the…
A: The retail Inventory Method is an accounting method used to ascertain the value of the Closing…
Q: H. Richards Company, a calendar yearend company, reported the following balances: Inventory Accounts…
A: Cost of goods sold is the total cost of producing the goods sold. The difference between sales and…
Q: The following information relates to the Jimmy Johnson Company. Date Ending…
A: The dollar-value LIFO method is used by the companies which accounts the inventory by using LIFO…
Q: Using the LCNRV rule, determine the proper per-unit value for balance sheet reporting purposes for…
A: Working Note: Computation of Net Realizable value:- Item selling Price Estimated selling exp.…
Q: The following information relates to the Edward Lewis Company. Ending Inventory (End-of-Year Prices)…
A: The value of goods still available for sale and held by a company at the end of an accounting period…
Q: At the beginning of 2018, a company adopts the dollar-value LIFO inventory method for its one…
A:
Q: ABC Company uses the retail inventory method to estimate its inventory for interim financial…
A: Ending inventory refers to the stock value which remains at the end of the fiscal year or the year…
Q: Bramble Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…
A: The amount associated with the goods in inventory at the end of an accounting period is known as…
Q: Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on Net…
A: Lets understand the basics. As per IAS 2 "Inventories" needs to be valued at the lower of cost or…
Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…
Q: On January 2020, Roel Corp. has the following inventory purchases. January Units Amount 4 5750…
A: Weighted average cost method- Under the weighted average cost method, cost per unit is calculated as…
Q: The inventory of Longhorn Company at the end of the current year is to be recorded at the lower of…
A: Net realizable value:- NRV is value of inventory that seller expects to get after deducting selling…
Q: Waterway, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3…
A: Year Inventory at end of year prices Price index Inventory at base year prices Change from…
Q: 1. Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO)…
A: PLEAS ELIKE THE ANSWER: Date Particulars Units Cost per unit Total cost…
Q: During 2020, Liberty Company has the following inventory transactions. Date Transaction Units…
A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…
Q: The following information relates to a company’s year-end inventory: Cost of inventory OMR 1880;…
A: As per IAS 2, Inventory should be valued at the lower of the followings. Cost NRV [Net realizable…
Q: Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at…
A: Lower-of-cost or net realizable value (LCNRV): It is a method of valuing inventory under which…
Q: On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this…
A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…
Q: The following information relates to the David Davis Company. Price Ending Inventory (End-of-Year…
A: Solution: Computation of inventory at base year prices and change from prior year - David Davis…
Q: Presented below is information related to Langston Hughes Corporation. Price 0Index0 LIFO…
A: LIFO Method: It is an inventory valuation method where the inventory purchased last will be sold…
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- Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be 125,000. On December 31, 2019, the cost of inventory was 130,000, while the market value was only 128,000. The December 31, 2020, market value of inventory was 140,000, and the cost was only 135,000. Frost uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the journal entries at the end of 2019 and 2020 to record the lower of cost or net realizable value under the: a. allowance method b. direct method 2. Show the presentation of cost of goods sold and inventory of Frosts income statement and balance sheet for 2019 and 2020 under the: a. allowance method (assume the cost of goods sold prior to applying the lower of cost or net realizable value rule was 595,000 and 605,000 for 2019 and 2020, respectively) b. direct methodThe balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
- Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200Company is considering purchasing EKC Company. EKCs balance sheet at December 31, 2019, is as follows: At December 31, 2019, Elm discovered the following about EKC: a. No allowance for uncollectible accounts has been established. An allowance of 5,000 is considered appropriate. b. The LIFO inventory method has been used. The FIFO inventory method would be used if EKC were purchased by Elm. The FIFO inventors-valuation of the December 31, 2019, ending inventors-would be 180,000. c. The fair value of the property, plant, and equipment (net) is 730,000. d. The company has an unrecorded patent that is worth 120,000. e. The book values of the current liabilities and bonds payable are the same as their market values. Required: 1. Compute the value of the goodwill if Elm pays 1,350,000 for EKC. 2. Next Level Why would the book value of a companys identifiable net assets differ from its market value?
- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000Refer 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.Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.
- 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 direct 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.These are some information for the balance sheet as of December 31, 2019 of MUST Corp.Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500Stock dividends payable 60,000Accrued expenses 7,800Reserve for contingencies 20,000Overdraft in Security Bank checking account 6,200Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31,2019 of MUST Corp.?The following selected accounts and the current balances apper in the ledger of Anderson Co., for the fiscal year ended May 31, 2020. Advertising Expense $550Cost of Merchandise Sold 7850Customer Refunds Payable 40Delivery Expense 16Depreciation Expense-Office Equipment 50Depreciation Expense-Store Equipment 140Estimated Returns Inventory 22Insurance Expense 48Interest Expense…