Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. The unit conversion cost using weighted average method is: A. 0.86 B. 0.70 C. 0.82 D. none of the choices

Q: Presented below is information related to Rembrandt Inc.’s inventory. 000(per unit)000 00Skis00…

A: a) Net realizable value is the value realised by company on sale of a inventory after deducting the…

Q: The following is data relative to 12/31/21 inventory Item Original Cost Replacement End Inv Per unit…

A: Market value is the middle of the following: Ceiling= NRV Floor= NRV - profit margin Replacement…

Q: A company reported the following data related to its ending inventory 95% 95 Product Units Per…

A: IN CASE OF INVENTORY AS WHOLE :  = LOWER IS COST SR3,680   PRODUCT UNITS ON HAND  PER UNIT COST…

Q: ibe corporation has an eup of 248,750 units. beginning inventory units of 22,500, 40% incomplete:…

A: unit conversion cost using weighted average method = current period conversion cost / Equivalent…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total conversion cost / EUP

Q: lower of cost or net realizable value (LCNRV) rule

A: As per IAS -02 inventory is valued at lower of cost of Net Realisable value  Net Realisable Value is…

Q: Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending…

A: solution: Units started and completed = Total EUP - Units completed from beginning WIP - Units in…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: FIFO is the method whereby the units bought at first are to be sold off first.

Q: 0 April 1 Purchase 15,000 50 750,000 July 31 Sale 18,000 October 1 Purchase 25,000 60 1,500,000…

A: The raw materials and the commodities held by the organization for using them in the production…

Q: The following data were taken from the records of NUBD Co. In Units Inventory, Jan. 1 Production…

A: Calculation of product cost per unit ( for Year 2020 under absorption costing method )…

Q: ALOHA Company determined the following information for an inventory at year end. Historical Cost P…

A: Inventory at year end = Lower of Cost or Net realizable value where, Net realizable value =…

Q: The inventory of Royal Decking consisted of five products. Information about the December 31, 2021,…

A: Given that - sales commission = 10% of the selling price  shipping costs = 5% of cost   calculation…

Q: The inventory of Royal Decking consisted of five products. Information about the December 31, 2021,…

A: The question is related to Inventory Valuation. The details are given regarding the same. The…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total conversion cost / EUP

Q: Using FIFO method, the EUP of completed and transferred units is 2. The unit conversion cost using…

A: Let units started and completed = x  Equivalent units = Units in Beginning WIP completed + Units…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Total conversion cost = beginning cost+ current period cost = 9800+204125 = P213925

Q: BEBE Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Total conversion cost = beginning cost+ current period cost   = 9800+204125   = P213925

Q: Suga Company had the following information relating to its March inventory: Unit Unit Cost Total…

A: Using weighted average method, unit cost is calculated as total cost divided by number of units…

Q: Shannon, Inc. values its inventory at the lower-of-cost-or-NRV. The following information is…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: be Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: The per-unit cost can be calculated by dividing the total cost by the equivalent unit of production.

Q: Where opening inventory of 50 units of finished goods are valued at $10 each and the average unit…

A: Among the given options, FIFO and Weighted average are the methods of inventory valuation. Under…

Q: The Cost of Goods Manufactured of Silver Corporation is P5,600,000. If the ending finished goods…

A: The cost of goods sold includes the cost of goods that are sold during the period.

Q: ibe corporation has an eup of 248,750 units. beginning inventory units of 22,500, 40% incomplete:…

A: Unit conversion cost using FIFO method = Current period conversion cost / EUP

Q: Maple Company started the year with no inventory. During the year, it purchased two identical…

A: Given the following information: Cost of first unit: $800 Cost of second unit: $700

Q: The company began its operation in 20X1. At the end of 20X1, the cost of inventory was $160,000…

A: Under the allowance method, an allowance account is credited equally to the difference of cost or…

Q: Chris Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Total conversion cost = beginning cost+ current period cost   = 9800+204125   = P213925

Q: BEBE Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total conversion cost incurred / EUP

Q: Lisa Company uses the periodic inventory system and had 100 units in beginning inventory at a total…

A: given that, beginnig inventory = 100 units @ $10000 purchases = 200 units @ $26000   closing stock =…

Q: Fiery Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning units = beginning units x% Completed   = 22500 x 40%   = 9000

Q: be Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Calculation of unit   Note :- beginning completed percentage = 100% - 40% = 60% Particular…

Q: balance of inventory account as of December 31 of the current year of Mark Company amounted to…

A: Step 1 Raw material: Raw materials are to be valued at cost only.  Exception: If the finished goods…

Q: ABC Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total Conversion cost / EUP

Q: The inventory of Royal Decking consisted of five products. Information about the December 31, 2021,…

A: Per Unit Cost under LCM = Lower of Cost or Market Value Under the US GAAP "market" gen­er­ally means…

Q: Herman Company has three products in its ending inventory. Specific per unit data at the end of the…

A: Inventory to be valued at  Cost or NRV  which ever is lower

Q: Production data show 23,185 units were transferred out of a stage of production and 9,366 units…

A: Total cost of inventory transferred out =cost of completed inventory transferred out +Cost of…

Q: Emerald Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40%…

A: Total conversion costs =  Conversion costs of beginning inventory + current period conversion costs…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Unit conversion cost using weighted average method = Total Conversion cost / EUP

Q: May Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory…

A: Solution..   Ending finished goods inventory = P40,000  Beginning Finished goods inventory = P55,000…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: FIFO method: Unit conversion cost = Current period conversion cost / EUP

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: EUP of beginning units = beginning units x% Completed   = 22500 x 40%   = 9000

Q: What would be NUBD's finished inventory cost at December 31, 2021 under the variable costina method?…

A: Formula: Variable cost per unit = Total variable cost of goods manufactured / Number of units…

Q: Company Y had the following transactions in Year 2. The perpetual FIFO inventory system is used. 1.…

A: There are different accounting methods of available to record the inventory out of which the company…

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Total conversion cost = beginning cost+ current period cost   = 9800+204125   = P213925

Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…

A: Weighted average method: Unit Conversion cost = Total conversion cost / EUP

Q: Sunland Company had 140 units in beginning inventory at a total cost of $11,200. The company…

A: Cost of goods sold is calculated by adding the opening balance and purchases and subtracting the…

Q: Norton Company purchased 1,000 widgets and has 200 widgets in its ending inventory at a cost of $91…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.