Martinez Company's ending inventory includes the following items. Product Units Cost per Unit $ 58 Market per Unit $ 54 Helmets 36 Bats 29 76 82 Shoes 50 95 99 Uniforms 54 40 40 Compute the lower of cost or market for ending inventory applied separately to each product.
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- ( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of December 31 follows: Description Inventory Quantity Market Value per Unit (Net Realizable Value) A54 37 56 C77 24 178 F66 30 132 H83 21 545 K12 375 5 Q58 90 18 S36 8 235 V97 140 20 Y88 17 744 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description Last Purchases Invoice Next-to-the-Last Purchases Invoice Quantity Purchased Unit Cost Quantity Purchased Unit Cost A54 30 60 40 58 C77 25 174 15 180 F66 20 130 15 128 H83 6 547 15 540 K12 500 6 500 7 Q58 75 25 80 26 S36 5 256 4 260 V97 100 17 115 16 Y88 10 750 8 740 Instructions Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Description Unit Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value) Total Cost Market LCM A54 37 30 60 56 1,800 1,680 7 58 56 406 392 2,206 2,072 2,072( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
- Exercise 5-16 (Algo) Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Cost per Unit $ 57 Product Helmets Bats Shoes Uniforms Units Inventory Items Units Helmets Bats Shoes Uniforms 102 Compute the lower of cost or market for ending inventory applied separately to each product. m 29 22 43 47 Market per Unit $ 61 Cost $ Per Unit 98 Market 57 $ 85 102 61 79 98 43 Cost $ Total Market 0 < Prev LCM Applied to Items 4 of 4 MacBook Air Nexttoring Enabled Ex A company has the following products in its ending inventory Compute lower of cost or market for inventory applied separately to each product and then calculate the total lower of cost or market. What is the total lower of cost or market? Product Product A Product 3 Product C Mugle Choice Quantity 10 $31.660 OSUN 15 20 Cost per Unit $708 $508 $658 Market per Unit $678 $548 5683 4Exercise 5-16 (Algo) Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Cost per Market per Unit Unit $58 $ 62 112 80 103 99 44 44 Product Helmets Units 30 23 Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. Helmets Bats Shoes Uniforms 44 48 Inventory Items Units 30 23 44 48 Per Unit Cost Market $ 58 $ 112 103 44 62 80 99 44 24 $ Cost Total Market 10 $ 0 LCM Applied to Items
- ed < Exercise 6-16 (Algo) Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Helmets Bats Shoes Uniforms Units 23 16 37 41 Inventory Items Helmets Bats Shoes Uniforms Cost per Market per Unit Unit $51 $ 55 73 Compute the lower of cost or market for ending inventory applied separately to each product. Units 79 96 37 23 16 37 41 Per Unit Cost $ 92 37 96 37 Market 51 $ 55 79 92 37 $ Cost Total Market 0 Ś 0 LCM Applied to ItemsProblem 6-2AA (Static) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date March 1 March S March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit $ $ FIFO For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. 50,900 $ Units Acquired at Cost 100 units@ $50 per unit 400 units @ $55 per unit Problem 6-2AA (Static) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. 50,900 $ 120 units@ $60 per unit 200 units@ $62 per unit…nces c raw Required information Problem 5-1A (Static) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Static) Part 4 Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost @ $50 per unit @ $55 per unit FIFO 100 units 400 units 120 units 200 units 820 units LIFO @ $60 per unit @ $62 per unit Prey 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal…
- Required Information Problem 6-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Problem 6-1A Part 4 Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost 200 units@ $53.00 per unit 275 units@ $58.00 per unit FIFO 135 units@ $63.00 per unit 250 units@ $65.00 per unit 860 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific Identification, the March 9 sale consisted of 115 units from beginning Inventory and 245 units from the March 5 purchase: the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. (Round weighted average cost per unit to two…Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Helmets 39 $61 79 98 43 Bats Shoes Uniforms 32 53 57 Inventory Items Units Helmets Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. 335 39 32 57 Cost 19 Per Unit $ Market per Unit $57 85 102 98 43 Market 61 $ 57 79 85 102 43 43 Cost Total Market LCM Applied to ItemsRequired information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18. March 25 March 29 Gross Margin Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase. Activities Sales Totals $ $ FIFO Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) 40,570 $ 25.220 15,350 $ Units Acquired at Cost 210 units @ $53.20 per unit 280 units $58.20 per unit LIFO…