Do not use dollar signs in your answers. It your answer is a negative number, put a minussign in front.What is the balance in ending inventory using a LIFO cost flow when you sell 2,300 units for$18 per unit?DateSource1/1/2011 Beginning Inventory2/1/2011 Purchase3/1/2011 PurchaseTotal Goods Available for Sale33,400Units Purchased9508001,5003,250Cost Per Unit$14$10$12Total Cost$ 13,300$ 8,000$ 18,000$39,300 Do not use dollar signs in your answers. It your answer is a negative number, put a minussign in front.What is Gross Margin using a weighted average cost flow when you sell 2,300 units for $18per unit?DateSource1/1/2011 Beginning Inventory2/1/2011 Purchase3/1/2011 PurchaseTotal Goods Available for SaleUnits Purchased9508001,5003,250Cost Per Unit$14$10$12Total Cost$ 13,300$ 8,000$ 18,000$39,300

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Description: Do not use dollar signs in your answers. It your answer is a negative number, put a minussign in front.What is the balance in ending inventory using a LIFO cost flow when you sell 2,300 units for$18 per unit?DateSource1/1/2011 Beginning Inventory2/1

Lets understand the basics. In LIFO basis company assumes that, goods purchased last are sold first.…

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What is the balance in ending inventory using a LIFO cost flow when you sell 2,300 units for $18 per unit? Date Source 1/1/2011 Beginning Inventory 2/1/2011 Purchase 3/1/2011 Purchase Total Goods Available for Sale Units Purchased 950 800 1,500 3,250 Cost Per Unit $14 $10 $12 Total Cost $ 13,300 $ 8,000 $ 18,000 $39,300

What is the balance in ending inventory using a LIFO cost flow when you sell 2,300 units for $18 per unit? Date Source 1/1/2011 Beginning Inventory 2/1/2011 Purchase 3/1/2011 Purchase Total Goods Available for Sale Units Purchased 950 800 1,500 3,250 Cost Per Unit $14 $10 $12 Total Cost $ 13,300 $ 8,000 $ 18,000 $39,300

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate...

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Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market.
Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
Company Elmira reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 32,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?
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
Lower of Cost or Market Merediths Appliance Store has the following data for the items in its inventory at the end of the accounting period: Required: 1. Compute the carrying value of Merediths ending inventory using the lower of cost or market rule applied on an item-by-item basis. 2. Prepare the journal entry required to value the inventory at lower of cost or market. 3. CONCEPTUAL CONNECTION What is the conceptual justification for valuing inventory at the lower of cost or market?
Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
The following data pertain to 2012 activities of Twisp Industries: Use your completed worksheet to determine the firms cost of goods sold for 2012. Remember to change the year in row 24 and to enter new beginning inventory balances. Save the 2012 file as MFG3. Print the worksheet when done. If sales and other expenses were identical in 2011 and 2012, during which year did Twisp earn more income? Why?
Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of applying the LCNRV rule for each of two products in its ending inventory. A profit margin of 30% on the selling price is considered normal for each product. Specific data for each product are as follows: Inventory Write-Down Use the information in E8-1. Assume that Stiles uses the LIFO cost flow assumption and is applying the LCM rule. Required: 1. What is the correct inventory value for each product? 2. Next Level With regard to requirement 1, what effect does the imposition of the constraints on market value have on the inventory valuations?
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).