PROBLEM 20 Cayden Company provided the following information: Inventory, January1 Cost Retail P350,000 650,000 Purchases during the year Cost 2,900,000 Retail 4,800,000 Freight in Purchase Returns 230,000 Cost 100,000 Retail 175,000 Purchase Discount 210,000 Sales 5,000,000 Sales Discount 115,000 Sales Returns Markups Markups cancellation Markdown 200,000 150,000 70,000 60,000 Estimated normalshrinkage Shoplifting losses (abnormal) 2% of sales 50,000 Requirements: Compute the ending inventory using the 1 LCNRV approach 2. Average approach 3. FIFO approach
PROBLEM 20 Cayden Company provided the following information: Inventory, January1 Cost Retail P350,000 650,000 Purchases during the year Cost 2,900,000 Retail 4,800,000 Freight in Purchase Returns 230,000 Cost 100,000 Retail 175,000 Purchase Discount 210,000 Sales 5,000,000 Sales Discount 115,000 Sales Returns Markups Markups cancellation Markdown 200,000 150,000 70,000 60,000 Estimated normalshrinkage Shoplifting losses (abnormal) 2% of sales 50,000 Requirements: Compute the ending inventory using the 1 LCNRV approach 2. Average approach 3. FIFO approach
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...
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