Quantity Cost $126 31 Net Realizable Value $157 26 Product Revolvers 14 Spurs Hats 27 11 54 44
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- Compare the calculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG.Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
- Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).Using the following data, how should the inventory be valued under lower of cost or market? Original cost 1,350 Estimated selling price 1,475 Selling expenses 180On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.
- At what figure should the inventory be valued? *a. P 880,000b. P 760,000c. P 980,000d. P 940,0001. In the statement of financial statement restated to current cost, what amount should be reported as inventory on December 31? a. 1080000 b. 2880000 c.975000 d. 870000 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210000 b. 135000 c. 560000 d. 0 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2320000 b. 2880000 c. 2600000 d. 2375000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? a. 225000 b. 135000 c. 350000 d. 505000Lower-of-Cost-or-Market Method On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) IA17 80 $39 $42 O5T4 150 20 16 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $
- Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Item InventoryQuantity Cost perUnit Market Valueper Unit TotalCost TotalMarket A 300 $15.00 $14.50 $4,500 $4,350 B 200 14.00 15.00 2,800 3,000 C 100 17.00 17.50 1,700 1,750 a. $8,850 b. $9,100 c. $9,250 d. $9,000Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for WCS12 are as follow s: Oct 1132220 Inventory SalePurchaseSale 320 units at $10180 units360 units at $12300 units Assuming a perpetual inventory system and using the weighted averagemethod, determine (a) the weighted average unit cost after the October22 purchase, (b) the cost of goods sold on October 29, and (c) theinventory on October 31.On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Raven 10 1,200 $115 $112 Dove 23 6,500 17 22 Determine the value of the inventory at the lower of cost or market. (Note: Apply lower of cost or market to each inventory item, as shown in Exhibit 9.)Exhibit 9
