Terizla Company is a retailer and has five major product lines. At year-end, the entity provided the following inventory data: Units Unit cost NRV per unit Shoes 100 1,500 2,020 Tshirts 200 470 450 Pants 300 1,300 1,350 Underwear 400 300 310 Polo shirts 500 500 580 9. What is the inventory at year-end using the lower of cost and net realizable value? a. 1,111,000 b. 1,004,000 c. 1,000,000 d. 1,051,000

Q: What is the cost of goods sold? SHIN Industries uses the average cost approach to- account for its…

A: The cost of goods sold is calculated as cost of goods available for sale minus cost of ending…

Q: Blossom Company is a multiproduct firm that uses the perpetual inventory system. The following…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO, Weighted Average…

Q: lower of cost or net realizable value (LCNRV) rule

A: As per IAS -02 inventory is valued at lower of cost of Net Realisable value  Net Realisable Value is…

Q: At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit…

A: under LIFO method goods first sold are which are purchased last most recent inventory will be sold…

Q: Caminas has the following products in inventory at the year end. Product Quantity Cost Selling…

A: We have the following information: Product : AQuantity: 1,000Cost: $40Selling Price: $55Selling…

Q: At the beginning of the current period, Haitijah Industries has 150 units of a product with a unit…

A: under FIFO Method  the goods which bought first will be sold first  under LIFO method the goods…

Q: the following units of an item were available for sale during the year: Beginning inventory 25…

A: Solution-1                                               Fifo Mehod   Sno Receipt Issue Balance…

Q: Angel Dress Shop had net retail sales of $125,000 during the current year. The following additional…

A: There are multiple methods for measuring inventory. The retail method advocates valuing the closing…

Q: During the current period, Haitijah sells 340 units.   A. Assume Haitijah uses the FIFO method.…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Alta Ski Company’s inventory records contained the following information regarding its latest ski…

A: Accounting Inventory Method - The formula to calculate Cost of good sold for an accounting period is…

Q: For numbers 17-18: Karina Company provided the following data for the current year: Cost Retail…

A: FIFO is a technique of inventory valuation under this inventory is recorded on the basis of first in…

Q: Alta Ski Company’s inventory records contained the following information regarding its latest ski…

A: Using periodic system, no records of inventory is made time to time. It is on periodic basis that…

Q: 1. Assume the company does not expect to replace the units of beginning inventory sold; it plans to…

A: LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the…

Q: The following are information about purchases and sales for main product of AMEER Inc. for year…

A: Weighted average cost = cost of all the units / number of units

Q: Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units @…

A: FIFO  Method - This is a FIrst In First out  Method where in Cost of Goods is calculated where the…

Q: SHIN Industries uses the average cost approach to account for its inventory. For the current year,…

A: Average Cost Method: This approach allocates a cost to inventory items based on the overall cost of…

Q: Thug Life Company provided the following information at year-end: Cost Retail Inventory, January 1…

A: Inventory is one of the important current assets for the business. It includes raw material…

Q: The following data was obtained from the records of ABC Inc., for the current year. Sales  during…

A: A.FIFO Cost of goods sold 80*8=640 65*10=650 55*12=660 10*14=140  Total 210 units= 2090 Cost of…

Q: Oshkosh B'Gosh, Inc., uses LIFO, Recent financial statements included the following daia (dal lars…

A: Formulas :- Inventory turnover rate = Cost of goods sold / Average Inventory Current Ratio = Current…

Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…

A: UNDER FIFO (FISRT IN , FIRST OUT) METHOD THE ASSETS PURCHASED OR ACQUIRED FIRST ARE DISPOSED OF…

Q: The Kansas Company provided the following data for its December 31, 2004, inventory maintained on…

A: Estimated ending inventory at cost = ( Goods available for sale - Cost of sales ) * Cost to retail…

Q: Our company had the following balances and transactions during the current year related to…

A: Under LIFO method, goods bought in last are sold first .  Out of total 150 units sold , units which…

Q: LM ltd has the following products in inventory at the year end. Product             Quantity…

A: Inventory of an entity must be reported at the lower of two; cost or  NRV (Net realizable value).

Q: Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with…

A: Particulars No. of units Rate per unit Total cost 9,500 units sold 8,000 $40 $320,000…

Q: The following data are for the Lite Corporation, which sells just one product:      Units Unit Cost…

A: First in, First out: In FIFO method the units that have purchased first, are released the first to…

Q: Sarasota Inc. had beginning inventory of $20,600 at cost and $30,600 at retail. Net purchases were…

A: Retail method: One of the accounting method where the value of the merchandise or goods sold is…

Q: Thug Life Company provided the following information at year-end: Cost - Retail Inventory, January…

A: There are several methods used for valuation or estimation of inventory in the business. It can be…

Q: I'm having issue with the attached screenshot.   Thanks

A: Given information   First Purchase cost $1,180 Second Purchase cost $1,580 Ending inventory 1…

Q: Rona Company used the perpetual inventory system. The inventory transactions for August of the…

A: Inventory valuation: Inventory valuation is the process applied by a manufacturing company to…

Q: Home Stop sells two product categories, furniture and accessories. Information pertaining to its…

A: Solution: Under lower of cost or market (LCM) rule, cost of inventory and market value of inventory…

Q: Anders Company used the moving average method to determine the cost of the inventory. During January…

A: It is method of Perpetual Inventory Costing System where in the unit cost is calculated every time…

Q: The following is a chart of the inventory purchases in the last year Number of Units Unit Cost Sales…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to…

A: The ending inventory as per retail ratio includes cost and profit both. So for calculating ending…

Q: he following data are available for Sellco for the fiscal year ended on January 31, 2020:…

A: Calculation of COGS and ending inventory: FIFO COGS= (500*4)+(600*5)+(500*6) =2000+ 3000 +3000 =$…

Q: Redmoon Traders provided the following inventory information for the month of March 2018. Units Cost…

A: Given that: Sale of 350 units that are purchased on Mar 18.

Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…

A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…

Q: ANDRES Company used the moving average method to determine the cost of the inventory. During the…

A: Units Unit Cost Total cost 40,000 50 2,000,000 (35,000) 50 (1,750,000) 5000 50 250,000

Q: When preparing the Multiple-Step Income Statement for a merchandising business that is using the…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data…

A: Net realizable value means the amount that could be received after deducted all incidental expenses…

Q: The following information is for the Bud Company; the company sells just one product: Units Unit…

A:

Q: Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each.…

A: FIFO being a method of valuing inventory sells, that inventory first, which has been bought…

Q: Lewis Incorporated and Clark Enterprises report the following amounts for the year.       Lewis…

A: Cost of goods sold means the cost incurred on the goods which have been sold out. This figure can be…

Q: Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit…

A: Cost of goods sold includes all the direct cost of a product that are incurred in its…

Q: The following are information about purchases and sales for main product of AMEER Inc. for year…

A: What is the Weighted Average Costing Method? When using the weighted average method, divide the cost…

Q: Sheldon Company's inventory records for the most recent year contain the following data: Click the…

A: Inventory valuation methods are based on the flow of inventory used by the organization. There are…

Q: Hull Company reported the following income statement information for the current year: Sales…

A: Computation of the correct gross profit is as follows:

Q: Starstruck Company is a retailer of Italian furniture and has five major product lines. At year-end,…

A: >NRV or Net Realizable value is used to determine the inventory value to be reported using the…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.