If Comcast is upgrading its cable boxes and has 650 obsolete boxes in ending inventory.Bох costBeginning inventory and purchasesBeginning inventory: January 1ВоxesTotal cost$17,0008,0004,0002,250$30510,000248,000140,00085,500March 131June 135September 138December 1000,ו4747,00032,250$1,030,500What is the cost of ending inventory using FIFO, LIFO, and the weighted-average method? (Round your intermediate calculations to 2decimal places and final answers to the nearest dollar amount.)Ending inventoryFIFOLIFOWeighted-average

Name: If Comcast is upgrading its cable boxes and has 650 obsolete boxes in
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Description: If Comcast is upgrading its cable boxes and has 650 obsolete boxes in ending inventory.Bох costBeginning inventory and purchasesBeginning inventory: January 1ВоxesTotal cost$17,0008,0004,0002,250$30510,000248,000140,00085,500March 131June 135Septemb

Solution: Under FIFO method, inventory purchased first should be considered as sold first keeping…

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If Comcast is upgrading its cable boxes and has 650 obsolete boxes in ending inventory. ITI Box cost Total cost Beginning inventory and purchases Beginning inventory: January 1 Вохes $ 510,000 17,000 8,000 4,000 2,250 $30 March 1 31 248,000 140,000 85,500 47,000 June 1 35 September 1 38 December 1 1,000 47 32,250 $1,030,500 What is the cost of ending inventory using FIFO, LIFO, and the weighted-average method? (Round your intermediate calculations 1 decimal places and final answers to the nearest dollar amount.) Ending inventory FIFO LIFO Weighted-average

If Comcast is upgrading its cable boxes and has 650 obsolete boxes in ending inventory. ITI Box cost Total cost Beginning inventory and purchases Beginning inventory: January 1 Вохes $ 510,000 17,000 8,000 4,000 2,250 $30 March 1 31 248,000 140,000 85,500 47,000 June 1 35 September 1 38 December 1 1,000 47 32,250 $1,030,500 What is the cost of ending inventory using FIFO, LIFO, and the weighted-average method? (Round your intermediate calculations 1 decimal places and final answers to the nearest dollar amount.) Ending inventory FIFO LIFO Weighted-average

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...

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Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market.
Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its ending inventory was 2,100, and costs had increased 5% during the year. Required: What is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
If Comcast is upgrading its cable boxes and has 500 obsolete boxes in ending inventory. Beginning inventory and purchases Boxes Box Cost Total Cost Beginning inventory: January 1 15,500 $ 15 $ 232,500 March 1 6,500 16 104,000 June 1 2,500 20 50,000 September 1 1,500 23 34,500 December 1 1,000 32 32,000 27,000 $ 453,000 What is the cost of ending inventory using FIFO, LIFO, and the weighted average method? (Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) Ending inventory FIFO LIFO Weighted average
Floyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.
Anna Company included the following items in its ending inventory: Merchandise out on consignment, at sales price, Including 40% markup on selling price P500,000 Goods purchased in transit, FOB shipping point 300,000 Goods held on consignment by Anna Company 400,000 By what amount should ending inventory be reduced? Choices: P900,000 P600,000 P1,200,000 P400,000
Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing. Cost ReplacementCost SalesPrice Net RealizableValue NormalProfit Aluminum siding $ 70,000 $ 62,500 $ 64,000 $ 56,000 $ 5,100 Cedar shake siding 86,000 79,400 94,000 84,800 7,400 Louvered glass doors 112,000 124,000 186,400 168,300 18,500 Thermal windows 140,000 126,000 154,800 140,000 15,400 Total $408,000 $391,900 $499,200 $449,100 $46,400 Instructions a. 1. Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. 2. For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Prior to adjustment, the Allowance account had a balance of $27,500. b. Explain the rationale for the use of the lower-of-cost-or-market rule as it…
APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost – P7,000; Selling Price – P10,000; Cost to sell – P1,200; Cost to complete – P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company’s inventory be reported in its Statement of Financial Position? 7,300 7,000 6,800 5,500
Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000; Net Purchases P45,000; and Cost of Goods Sold P50,000. Determine the Ending Inventory.a. P10,000b. P15,000c. 5,000d. 25,000
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On December 28, 2020, INDIGO Company purchased goods costing 500,000. The terms were FOB destination. Some of the costs incurred in connection with the sale and delivery of the goods were packaging for shipment 10,000, shipping 15,000, and special handling charges 25,000. These goods were received on December 31, 2020. On December 31, 2020, what total cost for these goods should be included in inventory? a. 500,000 b. 550,000 c. 525,000 d. 510,000
If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 110 barrels of crude oil. Beginning inventory and purchases Units (barrels) Cost per barrel Total cost Units (Barrels) in ending inventory Beginning inventory - January 1 132 $96 $12,672 1-Mar 57 $102 $5,814 1-Jun 72 $99 $7,128 1-Sep 82 $91 $7,462 1-Dec 57 $104 $5,928 Ending inventory 110 Required: Please use the above information to answer the following: Note: Use cells A4 to D10 from the given information to complete this question. Units (barrels) Costs Beginning inventory 132 $12,672 Purchases 268 26,332 Goods available for sale 400 $39,004 Ending inventory 110 Cost of goods sold 290 $39,004
Glen Company provided the following for the current year: Warehouse Inventory on Consignment Beg Inventory 1,100,000.00 120,000.00 Purchases 4,800,000.00 600,000.00 Freight In 100,000.00 Transportation to consignees 50,000.00 Freight out 300,000.00 80,000.00 Ending Inventory 1,450,000.00 200,000.00 What is the cost of goods sold for the current year?