Rona Company Pone /731. Rono Compony uses the perpetud inventory syst em Theinveri ary transacticrsfor August f the cure year were dlows:UnitsX1,00010.000X0,00015.000X0.00040,0003.000AUg.1 Beginning7 Purchase10 Purchose12 Sale16 Purchose20 SaleUnit CostTota Cost80.0004200086.0004,004,204.304,6092.0008 Sdles retunsThe soles relurs relotes1othe August 20sde. if ihe FIFO cost fiow method isUsed, the sdes returrs shdi be cosied backintoinveniay at what urii cost ?0. 4.00D. 420C. 4.30d. 460

It is pertinent to note that under FIFO method inventory that is purchased at earlier dates is sold…

Poge /7 31. Rono Compony uses the perpetud inventory system Theinventay transactions for August the curre year were sfdlows: Aug. i Beginning 7 Purchase 10 Purchose 12 Sale 16 Purchose 20 Sade Urits X0.000 10,000 20,000 15,000 X0,000 40,000 3000 Unit Cost Totd Cost 4.00 80.000 42000 86.000 4,20 4.30 4.60 92.000 8 Sdes returs The soles returs reates tothe August 2Dsde. f the AFOcost flow methodis Used, the sdes retuns shal be costed backintoinvetay at what uit cosi ? 0. 4.00 D. 4,20 C. 430 d. 460

Poge /7 31. Rono Compony uses the perpetud inventory system Theinventay transactions for August the curre year were sfdlows: Aug. i Beginning 7 Purchase 10 Purchose 12 Sale 16 Purchose 20 Sade Urits X0.000 10,000 20,000 15,000 X0,000 40,000 3000 Unit Cost Totd Cost 4.00 80.000 42000 86.000 4,20 4.30 4.60 92.000 8 Sdes returs The soles returs reates tothe August 2Dsde. f the AFOcost flow methodis Used, the sdes retuns shal be costed backintoinvetay at what uit cosi ? 0. 4.00 D. 4,20 C. 430 d. 460

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 8P: Retail Inventory Method Red Department Store uses the retail inventory method. Information relating...

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49.The following data were available for Product Z at Mar 31, 20X1:Beg inventory 50 units @ 12Purchases:Mar 2 60 units @ 11Mar 17 60 units @ 10Sales: Mar 5 80 unitsMar 20 50 unitsHow much is the ending inventory under FIFO perpetual? 400 419 438 480
E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)
FE9Advice the closing inventory value as at July 31stProduct Qty On Hand Cost NRVWJ01 225 $0.05 $1.00WJ02 114 $0.20 $0.90WJ03 74 $2.00 $1.60WJ04 35 $6.20 $6.18WJ05 3 $2,500.00 $2,550.00WJ06 58 $1.50 $1.55a) 7,986.05b) 7,955.75c) 8,402.20d) 7,960.65
Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. 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…
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.
Presented below is information related to Rembrandt Inc.’s inventory. 000(per unit)000 00Skis00 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to sell 19.00 8.00 2.50 Cost to complete 32.00 29.00 21.25 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV.
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.
10.The following data were available for Product Z at Mar 31, 20X1:Beg inventory 50 units @ 12Purchases:Mar 2 60 units @ 11Mar 17 60 units @ 10Sales: Mar 5 80 unitsMar 20 50 unitsHow much is the ending inventory under Average costing perpetual? (Round to 4 decimal) 400 419 438 480
4. Sylvia's Designs Co. had the following inventory activity during April:UnitsUnitCostBeginning inventory 100 $10Purchase (April 3) 40 12Sale (April 10) 80Purchase (April 18) 40 14Purchase (April 23) 60 15Sale (April 28) 90Assuming Sylvia's uses a perpetual FIFO cost flow assumption, ending inventory for Aprilwould bea. $ 750b. $2,560c. $ 500d. $1,040 Please show work. Do not use excel
ABC Co. uses a perpetual inventory system and uses the LIFO cost flow assumption. Calculate the dollar value of its cost of goods sold for the sale made on Jan. 10. Jan 1 Beginning Inventory 8 @ $12= $96 Jan 5 Purchase 12 @ $15= $180 Jan 10 Sale 11 units x $50 each Multiple choice question. $141 $198 $550 $165
Weighted Average Cost Method with Perpetual InventoryThe beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:DateTransactionNumberof UnitsPer UnitTotalJan. 1Inventory7,500$75.00$562,50010Purchase22,50085.001,912,50028Sale11,250150.001,687,50030Sale3,750150.00562,500Feb. 5Sale1,500150.00225,00010Purchase54,00087.504,725,00016Sale27,000160.004,320,00028Sale25,500160.004,080,000Mar. 5Purchase45,00089.504,027,50014Sale30,000160.004,800,00025Purchase7,50090.00675,00030Sale26,250160.004,200,000Required:1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.Midnight SuppliesSchedule of Cost of Goods SoldWeighted Average Cost MethodFor the Three Months Ended March 31 PurchasesCost of Goods…