Suppose have The Following infrmaion you Cost Per unit units To tar Beguing invenbery 200 1o Purchases : 5600 1니 Feb. 15 400 b,800 17 Jan. 2 400 9000 5.. sep. 12 155 os 21 Dec. 2 5.. 48,000 1,600 30 Sales 12,000 3. 400 oPerah ng exP * Prepare Compartive income starment under [ fifo, LiFo, weighted average A ssume that the company is subject to 30% income tax rare
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- On 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.How much will be the freight in share of C if base on invoice price and in weight P190, P156.25 P95, P106.25 P142.50, P131.25 P95, P156.25Floyd 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.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…Question: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000
- How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…he XYZ Company completed the following perpetual inventory transactions: May 1Beginning inventory20 units @ $ 61 eachMay 11purchase 6 units @ $ 76 eachMay 23sale16 units @ $ 89 eachMay 26purchase14 units @ $ 86 eachMay 29sale17 units @ $ 89 each RequirementsCalculate cost of goods sold, Cost of ending inventory, and gross profit using LIFO. During periods of rising prices, which method (FIFO-LIFO-AVCO) results in the highest gross profit? Why? Which method would be more consistent with the matching principle? Why? error_outlineHomework solutions you need when you need them. Subscribe now.arrow_forward Question The XYZ Company completed the following perpetual inventory transactions: May 1 Beginning inventory 20 units @ $ 61 each May 11 purchase 6 units @ $ 76 each May 23 sale 16 units @ $ 89 each May 26 purchase 14 units @ $ 86 each May 29 sale 17 units @ $ 89 each Requirements…5. For the movement of the INVEST commodity from 01.01.20X1 to 31.12.20X1 you are given the following information: Initial Inventory and Purchases: Units unit price Total 01/01/20X1 Initial Stock 700 350 245.000,00 12/03/20X1 Market 1 270 400 108.000,00 05/06/20X1 Market 2 400 420 168.000,00 12/09/20X1 Market 3 500 440 220.000,00 21/11/20X1 Market 4 200 460 92.000,00 Total 2070 833.000,00 Sales: Units unit price Total 15/02/20X1 Sale 1 300 710 213.000,00 20/05/20X1 Sale 2 500 730 365.000,00 10/09/20X1 Sale 3 400 740 296.000,00 10/12/20X1 Sale 4 750 750 562.500,00 0,00 Total 1950 1.436.500,00 Whereas: A. ABC determines the cost of its goods sold on the basis of: The FIFO method The method of the weighted average (cost) B. During the inventory of the goods on 31/12/20X1 it was found that its current price amounted to € 520 per unit. It is requested to calculate without calendar entries: the cost of…
- Lower-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. $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 9Applying 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. $9,000
