Norton Company purchased 1,000 widgets and has 200 widgets in its ending inventory at a cost of $91 each and a current replacement cost of $80 each. The ending inventory under lower-of-cost-or-market is: O a. $80,000. O b. $18,200. O c. $16,000. O d. $91,000.

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: Cheap Sheep Company developed the following information about its inventories in applying the lower…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: Year end inventory is valued at £215,000. However, there are several items included within year end…

A: Inventory:  It includes all the finished goods available for sale to the ultimate customers and raw…

Q: Sheffield, Inc. has 8 computers which have been part of the inventory for over two years. Each…

A: Cost of computer      =    $550 Selling price             =   $940 Replacement cost =     $350…

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 Famcor Sales Company employs the perpetual inventory basis in the accounting for new cars. On…

A: Following are the calculation of realized gross profit as of December 31, 2013:

Q: On 31/12/2013, the cost of inventory was 54000, and the Fair value (estimated selling price) was…

A: There are different inventory valuation methods such as FIFO, LIFO, weighted average inventory…

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

A: FIFO is the method whereby the units bought at first are to be sold off first.

Q: Muscat Company has OMR 20,000 of ending finished goods inventory as of December 31, 2019. If…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Crane, Inc. has 8 computers which have been part of the inventory for over two years. Each computer…

A: Inventory is reported as the lower cost or market value under GAAP, and market value is specified as…

Q: On February 3, the company purchased materials amounting to P950,000 on account. Transportation…

A: Perpetual Inventory System: A perpetual inventory system is a computer software that makes ongoing…

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: A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory…

A: Value of inventory: One Year Later Value of ending inventory = ($ 1,800 X 1.00) + ($ 200 X 1.05)…

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: If the ROP is 50 units, New ROP is equal to 75 units and the company purchased 100 units, this means…

A: Reorder point is a point where the inventory balance reaches this point, the company should reorder…

Q: Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item…

A: Cost to be allocated to Inventory = Bulk price X fair value of individual inventory / Total fair…

Q: Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased…

A: Answer:

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

A: Weighted average method: Unit cost or conversion = Total Conversion cost / Conversion units

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

A: Process costing is that method of costing which is used for industries where product has to go…

Q: y taken on December 31, 2021. After further processing costs of P240,000, Racine estimated that the…

A: Correct Answer : c. 560,000   As per the Lower of Cost or Net Realizable Value Rule the inventory…

Q: On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB…

A: Inventory means the goods are kept by a business with an intention of further production or sale.…

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: Several finished products are listed in the inventory account. One such product, X444, is carried at…

A: The decision with regards to the sale or further process can be taken by estimating the net cash…

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: Auge Company annually purchases 1,000 tons of raw material at a cost of $100,000 with terms of 2/10,…

A: Generally, under the net price method, the purchase discounts are shown only when the discounts are…

Q: The company began its operation in 20X1. At the end of 20X1, the cost of inventory was $160,000…

A: Under the allowance method, an allowance account is credited equally to the difference of cost or…

Q: State Company manufactured a machine at a cost of $80,000. The product is sold for $88,000 at a 5%…

A: Inventory is defined as the tangible goods which are meant to be sold by the company with a motive…

Q: Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item…

A: Inventory cost can be allocated by multiplying the individual inventory value by allocation rate.

Q: Racine Co. determined its desiccated coconut inventory on a FIFO basis at P520,000 with a…

A: The financial position of the company can be arrived from the income statement prepared by the…

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: EFG Co. has 600 units in inventory that had been purchased for $22 each and that would currently…

A: Solution: Cost per unit of inventory = $22 Market price = $28.50 per unit According to accounting…

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

A: Per Unit Cost under LCM = Lower of Cost or Market Value Under the US GAAP "market" gen­er­ally means…

Q: At a lump -sum cost of $69,000 , Kyla Company recently purchased the following items for resale:…

A: Total Resale Value: Items Units Unit Resale Price Total Resale Value M 4,000 $3.75 $15,000 N…

Q: When a Mercator manufacturing Inc. checked its stores, it had the following inventory on hand as at…

A: a) Table Showing Closing Inventory Value as on date December 31:   Inventory Quantity Price…

Q: Strand Corp lost its inventory in a fire and they have asked you to calculate the value of Ending…

A: Answer) Calculation of Value of ending inventory Cost of Goods Sold = Beginning inventory + Net…

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: 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: Poe, Co. uses LIFO for its inventory valuation. The original cost of Item #BB-8, the only inventory…

A: Inventory is to be valued at cost or net realisable value which ever is lower. Where cost means cost…

Q: XYZ, Inc. sold 100 widgets to ABC, Inc. on 1/1/18 for $50 per widget on account. The sales agreement…

A: Solution 1- A potential return of any goods sold to a customer should be accounted for as per…

Q: Help

A:

Q: Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased…

A: Net realizable value (NRV): NRV=Price at which the product can be sold-Repackaging cost=$24-$3=$21

Q: Corona Company incurred the following costs: Materials P 700,000 Storage costs of finished goods…

A: Delivery to customer comes under freight-out and will not be part of inventory.

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: 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: Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item…

A: As per the principle of conservatism (prudence rule), unsold stock/inventory should be valued at…

Q: On December 28, 2020, INDIGO Company purchased goods costing 500,000. The terms were FOB…

A: Given Information :  Goods purchased = 500,000 Shipment = 10,000 Shipping = 15,000