Do not give answer in image Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are asfollows:CostSelling priceCosts to sellProduct123Product 11$ 20406Required:What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule toending inventory?CostProduct 2 Product 3$.90$ 5012040NRV7010Per Unit InventoryValue

Name: Do not give answer in image Han Company has three products in its endi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Do not give answer in image Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are asfollows:CostSelling priceCosts to sellProduct123Product 11$ 20406Required:What unit value

Net Realizable value = Selling price - cost to sale Product 1 = $40 - $6 = $34 Product 2 = $120…

Business

Accounting

Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the prod follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 Product 2 Product 3 $ 20 $.90 $ 50 40 120 6 40 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) ending inventory? Cost NRV 地 Per Unit Inventory Value 70 10

Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the prod follows: Cost Selling price Costs to sell Product 1 2 3 Product 1 Product 2 Product 3 $ 20 $.90 $ 50 40 120 6 40 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) ending inventory? Cost NRV 地 Per Unit Inventory Value 70 10

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

See similar textbooks

Similar questions

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.
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:
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, 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).
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
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).
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?