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Instructions Inventory Valuation Journal Entries Instructions Lower-of-Cost-or-Market For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO b. Weighted-average 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, type "No entry required" in the account name box and leave the amount boxes blank or enter "0" Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Total Cost Units Unit Price Jan. 1 $20 $200 Beginning inventory 10 1st purchase Mar, 5 10 22 220 Sept. 9 2nd purchase 10 25 250 3rd purchase Dec. 8 10 30 300 $970 40 There are 10 units of inventory on hand on December 31.

Instructions Inventory Valuation Journal Entries Instructions Lower-of-Cost-or-Market For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO b. Weighted-average 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, type "No entry required" in the account name box and leave the amount boxes blank or enter "0" Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Total Cost Units Unit Price Jan. 1 $20 $200 Beginning inventory 10 1st purchase Mar, 5 10 22 220 Sept. 9 2nd purchase 10 25 250 3rd purchase Dec. 8 10 30 300 $970 40 There are 10 units of inventory on hand on December 31.

Intermediate Accounting: Reporting And Analysis
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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Instructions Inventory Valuation Journal Entries Instructions Lower-of-Cost-or-Market For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO b. Weighted-average 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, type "No entry required" in the account name box and leave the amount boxes blank or enter "0" Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Total Cost Units Unit Price Jan. 1 $20 $200 Beginning inventory 10 1st purchase Mar, 5 10 22 220 Sept. 9 2nd purchase 10 25 250 3rd purchase Dec. 8 10 30 300 $970 40 There are 10 units of inventory on hand on December 31.
Transcribed Image Text:Instructions Inventory Valuation Journal Entries Instructions Lower-of-Cost-or-Market For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO b. Weighted-average 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market 3. What journal entry would be made under lower-of-cost-or-market for parts 2(a) FIFO and 2(b) Weighted-average? If no entry is required, type "No entry required" in the account name box and leave the amount boxes blank or enter "0" Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: Total Cost Units Unit Price Jan. 1 $20 $200 Beginning inventory 10 1st purchase Mar, 5 10 22 220 Sept. 9 2nd purchase 10 25 250 3rd purchase Dec. 8 10 30 300 $970 40 There are 10 units of inventory on hand on December 31.
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