Wildhorse Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawke Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost Your answer is incorrect. 2,800 3,800 4,300 4,800 4,000 $17 26 43 33 48 Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)
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- 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…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…APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost – P7,000; Selling Price – P10,000; Cost to sell – P1,200; Cost to complete – P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company’s inventory be reported in its Statement of Financial Position? 7,300 7,000 6,800 5,500
- Flounder Corporation has the following four items in its ending inventory: Item Cost EstimatedSelling Price EstimatedDisposal Costs Neutrinos $1930 $2210 $99 Ocillinos $4930 $4830 $96 Electrons $4230 $4565 $209 Protons $3470 $4480 $112 Assume that Flounder is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos $enter a dollar amount Ocillinos $enter a dollar amount Electrons $enter a dollar amount Protons $enter a dollar amount Total $enter a total amount Would there be any difference in accounting if Flounder were a private entity using ASPE? select an option Yes/NoWinner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,000 $15 2/4 Purchase 3,000 23 2/20 Sale 3,500 38 4/2 Purchase 4,000 29 11/4 Sale 3,200 42 Compute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
- Blue Devil Inc. uses the LIFO inventory costing method for both tax reporting and financial reporting purposes. Blue Devil’s inventories are reported at $50 million on its balance sheet. In its footnotes, Blue Devil is required to report the amount at which inventories would have been reported under FIFO method. The difference between these two numbers is referred to as what? Group of answer choices LIFO holding gain LCM disclosures LIFO reserve LIFO liquidationCompany A markets only one product X. In the inventory of 31/12/20X5 it was found that there were 500 pieces of X in the warehouse at a cost of EUR 30 per piece. The net realisable market value of X was estimated at EUR 28 per piece but X also has a written non-cancellable agreement to sell 300 pieces of X to company B at EUR 31 per piece. At what value will X's stock be valued?In FY20X6 all the beginning inventory was sold. In particular, the 200 pieces that were valued to KAP were sold at € 35 per piece.Conduct the diaries resulting from the above events up to the calculation of gross profit?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 P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…
- 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.Please choose correct letter of answer and provide a solution Determine the level of current liabilities of a firm with the following information: Sales/Cost of Good Sold = P5,000.00; Current Ratio = 1.4; Inventory Turnover Ratio = 5; and Acid Test Ratio = 1.0 a. P500.00b. P1,500.00c. P2,500.00d. P3,500.00e. P4,500.00If P acquired 90% of the outstanding common stock of S company. During 2015, P Company sells merchandise amounted 1800000 to S Company at 20% above cost. S Company had in its inventory half of the amount of goods purchased from P during 2015. If P company uses cost method, what eliminating entry will be recorded by P in 2016 to eliminate the Unrealized Profit in Inventory related to 2015? Select one: a. DR. Cost of goods sold 150000 CR. Inventory (ending) 150000 b. DR. Retained earnings 1/1 900000 CR. Inventory (ending) 900000 c. DR. Retained earnings 1/1 135000, NCI 15000 CR. Cost of goods sold 150000 d. DR. Retained earnings 1/1 150000 CR. Cost of goods sold 150000 e. DR. Retained earnings 1/1 810000, NCI 90000 CR. Cost of goods sold 900000