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.   Using FIFO method, the unit cost is:

Q: Jefferson Company has sales of $314,000 and cost of goods available for sale of $271,400. If the…

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

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

A: The conversion cost per equivalent unit is calculated as total conversion cost divided by number of…

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

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: Bronze Company had the following transactions realting to inventory during January: Unit…

A: FIFO, or First In, First Out method is one of the commonly used methods of inventory valuation which…

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: The department had beginning inventory of 5,500 units of product and it started 94,500 units during…

A: Formula: Equivalent cost per unit = Total transferred in cost / Total number of equivalent units

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

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

A: Computation of sales commission, Shipping cost, Normal profit is as follows:

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

A: Equivalents units of ending inventory = ending inventory units x % completed = 24000 x 60% = 14400…

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: XYZ 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: 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: Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first…

A: Given:

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: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

Q: SMCC Retail Corp had the following info: Beg inventory @ cost = $400,000, @ retail =$790,000 Net…

A: In the given question, the ending inventory will be determined using the retail inventory method.…

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

A: Beginning equivalent units=Units×% completion=22,500×40%=9,000

Q: A firm that sells a single product had a beginning inventory of 10,000 units with a total cost of…

A: FIFO means the first in first out which means that goods purchased first will be sold first.…

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: SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data…

A: Net realizable value means the amount that could be received after deducted all incidental expenses…

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: Production data show 27,626 units were transferred out of a stage of production and 7,834 units…

A: The equivalent units are calculated on the basis of work completed during the period.

Q: Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each.…

A: FIFO being a method of valuing inventory sells, that inventory first, which has been bought…

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: Selling price 2,000,000 3,000,000 Materials and conversion costs 1,500,000 1,800,000 General…

A: If the individual approach is taken the NRV of both the products will be calculated separately and…

Q: The beginning inventory was 100 units at P1000 per unit. Purchases for the period were as follows.…

A: Introduction:- Company using FIFO inventory method. FIFO means First in first out. It means first…

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: A company uses the Economic Order Quantity (EOQ) model to establish reorder quantities. The…

A: We have the following information: Order costs = $25 per order Holding costs = 10% of purchase…

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

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.