ver Corporation has provided the following Information about one of Its laptop computers:Numberof Unitate/1Beginning InventoryCoet per Unit2$Transaction15085015Purchase250950$ 1,0501,10010Purchase35015 Purchase225g the year, Lauer sold 875 laptop computers.was ending inventory using the FIFO cost flow assumption?ultiple Choice$85,000.$109,500.$110,000.$105,000.< Prev60 of 67Next ><.MacBook AirEGO

Name: ver Corporation has provided the following Information about one of I
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Description: ver Corporation has provided the following Information about one of Its laptop computers:Numberof Unitate/1Beginning InventoryCoet per Unit2$Transaction15085015Purchase250950$ 1,0501,10010Purchase35015 Purchase225g the year, Lauer sold 875 laptop co

The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Business

Accounting

mer Corporation has provided the following Information about one of its leptop computers Number Transaction of Unita Coet per Unit 850 Beginning Inventory 150 Purchase 250 2. 950 1,050 %24 $ 1,100 Purchase 350 E5 Purchase 225 the year, Lauer sold 875 laptop computers. as ending inventory using the FIFO cost flow assumption? tiple Choice $85,000. $109,500. $110,000. $105,000.

mer Corporation has provided the following Information about one of its leptop computers Number Transaction of Unita Coet per Unit 850 Beginning Inventory 150 Purchase 250 2. 950 1,050 %24 $ 1,100 Purchase 350 E5 Purchase 225 the year, Lauer sold 875 laptop computers. as ending inventory using the FIFO cost flow assumption? tiple Choice $85,000. $109,500. $110,000. $105,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Lauer Corporation uses the periodic inventory system and thefollowing information about their laptop computer is available: Date Transaction Number of Units Cost per Unit 1/1 BeginningInventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 750 laptop computers were sold.What was ending inventory and cost of goods sold on 12/31 under the FIFO costflow assumption? A. $60,000 and $710,000 B. $52,500 and $717,500 C. $52,000 and $718,000 D. None of the answers is correct
Tenace Corporation uses a periodicinventory system and has provided the following information about one of their laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 275 laptop computers were sold on 5/8 and 475 laptops were sold on 10/20. What was cost of goods sold using the LIFOcost flow assumption? Group of answer choices A)$717,500 b)$730,000 C)$703,125 D)$725,500 E)None of the above
1.) ABC Inc. has the following information related to an item in its ending inventory. Predator Laptop has a cost of P502, a selling price of P568, a cost to complete of P53, and a cost to sell of P38. What is the lower-of-cost-or-net realizable inventory value for Predator Laptop? A. P477 B. P515 C. P502 D. P530 2.) If the month-end bank statement shows a balance of P360,000, outstanding checks are P120,000, a deposit of P40,000 was in transit at month end, and a check for P5,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is A. P285,000 B. P275,000 C. P205,000 D. P435,000
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At thedate of this sale, Hudson's perpetual inventory records included the following cost layers for theMillennium laptops: Purchase DateApr. 9May 1Total on hand Quantity Unit Cost 70 30 $1,500$1,600 100 Total Cost$105,000 48,000$153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assumethat Hudson Computing uses the:a. Specific identification method (62 of the units sold were purchased on April 9, and the tmaining units were purchased on May 1).b. Average-cost method.c. FIFO method.d. LIFO method.e. Discuss briefly the financial reporting differences that may arise from choosing the FlFOmethod over the LIFO method.
On May 10, Hudson Computing sold 90 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson’s perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Quantity Unit Cost Total Cost Apr. 9 70 $ 1,500 $ 105,000 May 1 30 $ 1,600 48,000 Total on hand 100 $ 153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1). b. Average-cost method. c. FIFO method. d. LIFO method
On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson’s perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Quantity Unit Cost Total Cost Apr. 9 110 $ 1,530 $ 168,300 May 1 40 $ 1,500 60,000 Total on hand 150 $ 228,300 Prepare journal entries to record the cost of the 140 Millennium laptops sold
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.
Acme Enterprises, a hypothetical company, manufactures computers and prepares itsfinancial statements in accordance with IFRS. In 2008, the cost of ending inventory was€5.2 million but its net realizable value was €4.9 million. Th e current replacement costof the inventory is €4.7 million. Th is figure exceeds the net realizable value less a normalprofit margin. In 2009, the net realizable value of Acme’s inventory was €0.5 milliongreater than the carrying amount.1. What was the eff ect of the write-down on Acme’s 2008 financial statements? Whatwas the eff ect of the recovery on Acme’s 2009 financial statements?2. Under U.S. GAAP, what would be the eff ects of the write-down on Acme’s 2008financial statements and of the recovery on Acme’s 2009 financial statements?3. What would be the eff ect of the recovery on Acme’s 2009 financial statements ifAcme’s inventory were agricultural products instead of computers?
Zimt AG started business in 2007 and uses the FIFO method. During 2007, it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2008,it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its2008 ending inventory balance (€ thousands) was closest to:A. €105.B. €109.C. €110
canova corporation adopted the dollar value LIFO retail method on janurary 1, 2024. on that date, the cost of inventory on hand was $21000 and its retail value was $28,000. information for 2024 and 2025 is as follows 12/31/2024 ending inventory at retail $39000, retail price index 1.30, cost to retail % 78% 12/31/2025 ending inventory at retail $48000, price index 1.50, cost to retail % 79% required 1 what is the cost to retail percentage for the inventory on hand 1/1/2024 2. calculate the inventory value at the end of 2024 and 2025 using the dollar value LIFO retail method
Used Motorcycles Inc. has the following inventory of motorcycles:Cost NRVModel A $ 15,000 $ 15,500Model B 25,000 22,000Model C 17,000 19,000In applying the lower of cost and net realizable value rule, by how much would Used Motorcycle need to adjust its inventory?
Presented below is information related to Rembrandt Inc.’s inventory, assuming Rembrandt uses lower-of-LIFO cost-or-market. 000000(per unit)000000 0 Skis0 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to distribute 19.00 8.00 2.50 Current replacement cost 203.00 105.00 51.00 Normal profit margin 32.00 29.00 21.25 Determine the following: (a) the two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis, (b) the cost amount that should be used in the lower-of-cost-or-market comparison of boots, and (c) the market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.