Question 30 (Mandatory) (3 points) Table for the remainder of the problems on this exam is to be downloaded, Problem: The ending inventory consists of 20,000 units, 3000 of the ending inventory units are from the beginning inventory, 10,000 are from the April purchase and 7,000 are from the June purchase. The cost of the ending inventory using the specific inventory method is A) 15.900 B) 11,300 OC) C) 13,100 OD) 13.930

Question 30 (Mandatory) (3 points) Table for the remainder of the problems on this exam is to be downloaded, Problem: The ending inventory consists of 20,000 units, 3000 of the ending inventory units are from the beginning inventory, 10,000 are from the April purchase and 7,000 are from the June purchase. The cost of the ending inventory using the specific inventory method is A) 15.900 B) 11,300 OC) C) 13,100 OD) 13.930

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 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...

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Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.
LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B. Instructions 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. 3. Determine the ending inventory cost on June 30.
A. Based on the fundamental principle of IAS2, identify two (2) circumstances where the NRV of inventory might be lower than its cost? B. Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased at list price of $18 per unit and normally sells for $24 per unit. Additional information relating to the units in inventory: VAT – 10%; wharehousing cost - $0.55 per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit. Recently , Product X started to deteriorate but can still be sold for $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. Required: At what amount would Product X be required to be stated on 30 June 2020? Provide detailed analysis to support your answer
2: Record the inventory transaction in the month of june 2020, Under LIFO , FIFO and AVG find the closing inventory at the end of the month. In this question value (x) is your UNIVERSITY ROLL NUMBER Date Transaction Details 1-June Balance 800 units @ 10 Per unit 3-June Purchase 100 Units @ (X) Per unit (157) 8-June Unit Sold 100 19-June Purchase 400 Units @ (X) Per Unit (157 25-June Unit Sold 800
Solve the problem using the information given in the table and the first- in, first-out inventory method. Round to the nearest dollar. 45 units are in the ending inventory.Beginning inventory: 35 units at $6.14June 3: 45 units at $6.62August 5: 30 writs at $7.08 Determine the cost of ending inventory Answer: ($312)
9. Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $212,000. Inventory data are as follows: Year Ending Inventory atYear-End Costs Ending Inventory atBase Year Costs 2022 $ 256,200 $ 244,000 2023 340,400 296,000 2024 343,200 286,000 Required:Compute the inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places.)
Assume that Maycces uses a perpetual weighted average inventory system. Its ending inventory consists of 13 units. Calculate the dollar value of its ending inventory assuming the following information. Jan 1 Beginning Inventory 10 @ $12 Jan 5 Purchase 10 @ $15 Jan 30 Purchase 10 @ $18 Feb 8 Sale 17 units x $50 each Multiple choice question. $225 $255 $195 $165
Mission Company provided the following information for the year 2021: Jan. 01 Inventory on hand 200 units @ P1,500 Apr. 03 Purchases 300 units @ P1,750 Oct. 01 Purchases 500 units @ P2,000 The entity sold 400 units on June 25 and 400 units on December 10. Using the FIFO method, what is the unit cost of the ending inventory?
Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description Value Oct. 1 Inventory 340 units at $14 Oct. 13 Sale 160 units Oct. 22 Purchase 320 units at $15 Oct. 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.fill in the blank 1 of 1$ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$ c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$