VALUATIONSuee diferent tybes of laptops: Lekus Granite and Vision Thay use the periodic inventory systemNenificatlon method tố value slockExplain Ihe following valuation methods:FIFOSpecific Idertification3.2Calculate the cost price per laptop on hand on 1 October 2015.3,3Calculate the value of the closing stock on 30 September 2016.INFORMATION:The following Insformation is in tespect of the year ended 30 September 2016:A.Opening stock:DATEMODELUNITSCOST PRICE PER UNITTOTAL1 Oct 2015Lexus118R413 000B.Purchases and returns:DATEMODELUNITSCOST PRICE PER UNITTOTALPURCHASES:Dec, 2015Granite410R3 750R1 537 500Mar. 2016VisionR2 929 500630R4 650RETURNS:Mar. 2016Vision20R4 650(R93 000)Net purchasesR4 374 000C.Sales for the year:MODELUNITSAMOUNTLexus118R598 850Granite356R2 229 375Vision502R4 247 775R7 076 000

Inventory valuation is a systematic method used by businesses to determine the amount of unsold…

REQUIRED Eplain the following valuation methods. OFO Specific Identification 3.2 Caloulale the cost price per laptop on hand on 1.October 2015. 3.3 Calculate the velue of the closing stock on 30 September 2016. INFORMATION: The following Information is in tespect of the year ended 30 Septembér 2016: A. Opening stock: DATE MODEL UNITS COST PRICE PER UNIT TOTAL 1 Oct 2015 Lexus 118 R413 000 B. Purchases and returns: DATE MODEL UNITS COST PRICE PER UNIT TOTAL PURCHASES: Dec, 2015 Granite 410 R3 750 R1 537 500 Mar. 2016 Vision R2 929 500 630 R4 650 RETURNS: Mar. 2016 Vision 20 R4 650 (R93 000) Net purchases R4 374 000 C. Sales for the year: MODEL UNITS AMOUNT Lekus 118 RE98 850 Granite 356 R2 229 375 Vision 502 RA 247 775 R7 076 000

REQUIRED Eplain the following valuation methods. OFO Specific Identification 3.2 Caloulale the cost price per laptop on hand on 1.October 2015. 3.3 Calculate the velue of the closing stock on 30 September 2016. INFORMATION: The following Information is in tespect of the year ended 30 Septembér 2016: A. Opening stock: DATE MODEL UNITS COST PRICE PER UNIT TOTAL 1 Oct 2015 Lexus 118 R413 000 B. Purchases and returns: DATE MODEL UNITS COST PRICE PER UNIT TOTAL PURCHASES: Dec, 2015 Granite 410 R3 750 R1 537 500 Mar. 2016 Vision R2 929 500 630 R4 650 RETURNS: Mar. 2016 Vision 20 R4 650 (R93 000) Net purchases R4 374 000 C. Sales for the year: MODEL UNITS AMOUNT Lekus 118 RE98 850 Granite 356 R2 229 375 Vision 502 RA 247 775 R7 076 000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 80.2C

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Display Financial Statement What is the G/L account number for Inventory-Suspense (Heaven)? Please use the following: company code = US00, Ledger 0L = (Leading Ledger), Statement Version = G000, Statement Type = Normal (Actual – Actual), End Period = 8/ 2020, Comparison End Period = 1 /2016, currency = US00. Select one: A. 200500 B. 200532 C. 200200 D. 202422
6 HW - Con O Young Thug - Livin It Up (with ezto.mheducation.comext/map/index.html?_con3con&external_browser-0&launchUrl-https Flearm.dcoll Saved Help Save & Exit Subn Check my work Required information E7-11 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3 [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,140 units at $37; purchases, 7,920 units at $39; expenses (excluding income taxes), $193,400; ending inventory per physical count at December 31, current year, 1,740 units; sales, 8,320 units; sales price per unit, $77; and average income tax rate, 30 percent. E7-11 Part 3 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow). assuming that prices were falling? Net income Income…
inventory as your base numper and adjust the couss amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) \table[[Date,, \table [[Purchases/Transportation - In /], [(PurchaseReturns/Discounts)]], \table [[Cost of Goods Sold/(Returns to], [Inventory)]], Balance in Inventory], [Units, Cost/Unit, Total $, Units, Cost/Unit, Total $, Units, \table[[Avg], [ Cost/Unit]], Total $], [Mar., Brought Forward,,r, 61, $, 93.00, $, 5, 673.00 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods…
Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following details. Particulars HCA – OMR Price Index Stock on 01-01-2019 160,000 100 Purchases 960,000 Stock on 31-12-2019 240,000 150 a. What is the value of closing stock under LIFO as per CPP Method? b. What is the value of Cost of Goods Sold under LIFO as per CPP Method?
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
Dashboard CengageNOWV2| Onlin X ps://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the necessary adjusting entry for each of the following independent cases using the cost of goods sold accoun If an amount box does not require an entry, leave it blank. Case 1 Physical count as of April 30 $43,100 Perpetual inventory records as of April 30 41,800 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apг. 30 If an amount box does not require an entry, leave it blank. Case 2 Physical count as of April 30 $37,800 Perpetual inventory records as of April 30 38,300 Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 30 2. 1, 2. 2.
Computing cost of goods sold in a periodic inventory system Clink Electric uses the periodic inventory system. Clink reported the following selected amounts at May 31, 2018: Compute the following for Clink: a. Cost of goods sold. b. Gross profit.
cakeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 9. Sale 390units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980 Feedback Check My Work a. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. Think of your inventory in terms of "layers." Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases. Previous Next Check My Work 1:18 AM E ロ 4/18/2021 主 6的

laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acer
The dollar-value LIFO inventory cost flow method involves computations based on A Specific Price Index for Each Year O O Inventory Pools of Similar Items G No g Yes Yes NO NO Yes Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.? Choices For Periodic system/FIFO Method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for Perpetual System/FIFO Method: a. P59,000b. P57,000c. P61,600d. P60,210
File Edit View History Bookmarks Window Help A education.wiley.com ran Hassan D (74) XAYAAD XIKMO O0. w NWP Assessment Playe. N Solved > 5 -1 Accounti. C Home | Chegg.com A D09: Data Min Question 6 of 10 -/3 View Policies Current Attempt in Progress The Vogelson Company accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Camera $11,000 $9.900 Camcorders 7,800 8,500 DVDS 14,000 12,000 What is the lower-of-cost-or-net realizable value of the inventory? Lower-of-cost-or-net realizable value of the inventory 24 Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR ¢tv S 80 00 D00 DII DD F2 F3 F4 F5 F6 F7 FB F9 F10 @ # $ & % * 2 3 4 6 7 8 9 日