(LO 3) tes the following cost and net realizable value Determine Inventory Categories Cost Net Realizable valuation Data Value Data categories Cameras $12,000 (LO 4) $12,100 9,700 12,800 Camcorders Blu-ray players 9,500 14,000 Compute the lower-of-cost-or-net realizable value for the company's total inventory. BE6-9 At December 31, 2019, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold and $270,000, and sales revenue $380,000. Calculate inventory turnover and days in inventory (LO for A. Kamble Company. Com *BE6-10 Gregory Department Store uses a perpetual inventory system. Data for product Ap E2-D2 include the following purchases. Number of Units Unit Price Date $10 13 50 May 7 July 28 30 On June 1, Gregory sold 26 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using (a) FIFO, (b) LIFO, and (c) moving- *BE6-11 At May 31, Suarez Company has net sales of $330,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory, assuming th. gross profit rate is 35%. average cost. (Round average cost per unit to nearest cent.)
(LO 3) tes the following cost and net realizable value Determine Inventory Categories Cost Net Realizable valuation Data Value Data categories Cameras $12,000 (LO 4) $12,100 9,700 12,800 Camcorders Blu-ray players 9,500 14,000 Compute the lower-of-cost-or-net realizable value for the company's total inventory. BE6-9 At December 31, 2019, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold and $270,000, and sales revenue $380,000. Calculate inventory turnover and days in inventory (LO for A. Kamble Company. Com *BE6-10 Gregory Department Store uses a perpetual inventory system. Data for product Ap E2-D2 include the following purchases. Number of Units Unit Price Date $10 13 50 May 7 July 28 30 On June 1, Gregory sold 26 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using (a) FIFO, (b) LIFO, and (c) moving- *BE6-11 At May 31, Suarez Company has net sales of $330,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory, assuming th. gross profit rate is 35%. average cost. (Round average cost per unit to nearest cent.)
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 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...
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Transcribed Image Text:(LO 3)
tes the following cost and net realizable value
Determine
Inventory
Categories
Cost
Net Realizable
valuation
Data
Value Data
categories
Cameras
$12,000
(LO 4)
$12,100
9,700
12,800
Camcorders
Blu-ray players
9,500
14,000
Compute the lower-of-cost-or-net realizable value for the company's total inventory.
BE6-9 At December 31, 2019, the following information was available for A. Kamble
Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold and
$270,000, and sales revenue $380,000. Calculate inventory turnover and days in inventory (LO
for A. Kamble Company.
Com
*BE6-10 Gregory Department Store uses a perpetual inventory system. Data for product Ap
E2-D2 include the following purchases.
Number of
Units
Unit Price
Date
$10
13
50
May 7
July 28
30
On June 1, Gregory sold 26 units, and on August 27, 40 more units. Prepare the perpetual
inventory schedule for the above transactions using (a) FIFO, (b) LIFO, and (c) moving-
*BE6-11 At May 31, Suarez Company has net sales of $330,000 and cost of goods available
for sale of $230,000. Compute the estimated cost of the ending inventory, assuming th.
gross profit rate is 35%.
average cost. (Round average cost per unit to nearest cent.)
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