***** Inventory Valuation: If a company uses the LIFO (Last-In-First-Out) method for inventory valuation and purchases 100 units at $10 each, then purchases 150 more units at $12 each, what is the value of ending inventory if 120 units are sold? 2. Depreciation: A company purchases a delivery truck for $30,000 with a salvage value of $3,000 and an estimated useful life of 6 years. If the company uses the double-declining balance method, what is the depreciation expense for the second year? *** This question already posted and received correct answer. Kindly Don't answer.

*** Inventory Valuation: If a company uses the LIFO (Last-In-First-Out) method for inventory valuation and purchases 100 units at $10 each, then purchases 150 more units at $12 each, what is the value of ending inventory if 120 units are sold? 2. Depreciation: A company purchases a delivery truck for $30,000 with a salvage value of $3,000 and an estimated useful life of 6 years. If the company uses the double-declining balance method, what is the depreciation expense for the second year? * This question already posted and received correct answer. Kindly Don't answer.

Name: ***** Inventory Valuation: If a company uses the LIFO (Last - In - Fi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: ***** Inventory Valuation: If a company uses the LIFO (Last - In - First - Out) method for inventory valuation and purchases100 units at $10 each, then purchases 150 more units at $12 each, what is the value of ending inventory if 120 units aresold?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Grit Company had the following for 2019: Purchase P40,000 • Purchase returns and allowances P2,000 Freight In P3,000 Beginning Inventory - 5,000 Ending Inventory - P8,000 What was the cost of goods sold ?
Firm x purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued t $22,000. What was cost of goods sold (COGS) for the quarter? Answer QUESTION Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued at $22,000. What was cost of goods sold (COGS) for the quarter? $ Answer 0
Poe, Co. uses LIFO for its inventory valuation. The original cost of Item #BB-8, the only inventory item of Poe, was $12,000. The current selling price and replacement cost are $13,500 and $9,500, respectively. Costs to sell are estimated to be $2,700. The normal profit margin is 10% of the original cost.
The following information pertain to the only sale of inventory transaction of Orion Company in 2023: Date of sale - December 23, 2023; No. of units sold - 10,000; Selling price -P150 per unit; Right to return period - within 15 days: Estimated return for cash refund within 15 days - 5% of units sold; Estimated return for exchange of equal or greater value of merchandise - 10%; Cost per unit - P100 Question:- Compute the amount of sales to be recognized in 2023. A. P1,500,000 B. P1,475,000 C. P1,425,000 D. P1,000,000 - What amount of cost goods sold will appear in the 2023 statement of income? A. P925,000 B. P950,000 C. P975,000 D. P1,000,000
Departures from Acquisition Cost Determine the proper total inventory value for each of the following items in Viking Company’s ending inventory: Viking has 500 video games in stock. The games cost $36 each, but their year-end net realizable value is $28. Viking has 400 rolls of photographic film that are past the expiration date marked on the film’s box. The films cost $1.65 each and are normally sold for $3.30. To clear out these old films, Viking will drop their selling price to $1.30. There are no related selling costs. Viking has seven cameras in stock that have been used as demonstration models. The cameras cost $380 and normally sell for $480. Because these cameras are in used condition, Viking has set the selling price at $360 each. Expected selling costs are $15 per camera. a. Answer b. Answer c. Answer
6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.
Given the acquisition cost of product ALPHA is $29, the net realizable value for product ALPHA is $27, the normal profit for product ALPHA is $1.00, and the market value (replacement cost) for product ALPHA is $25, what is the proper per unit inventory value for product ALPHA applying LCM?
If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of P30,000, then the inventory turnover is _________ and the average age of inventory is _________. (Assume a 360-day year) 20; 18 c 10; 20 10; 36 d. 20; 36
6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Unit Cost When Acquired Item A B C D Quantity on Hand 80 35 40 75 €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 each in cash and written-off 5 units of D. Make necessary journal entries.
Qu Mult Cullumber Industries had the following inventory transactions occur during 2025, its first year of operations: Multi Que Mult Units Cost/unit Feb. 1, 2025 Purchase 92 $92 Mar. 14, 2025 May 1, 2025 Purchase 158 $96 Purchase 112 $100 Vie 10 Mu The company sold 260 units at $129 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, and operating expenses of $2550, what is the company's net income using LIFO? Qu Mu $5582.00 $3960.18 O $5657.40 $3907.40 ΟΣ
During a recession, a manufacturing company using a perpetual inventory system wrote down its inventory that cost $5.0 million to the net realizable value of $4.5 million. Two years later this inventory was still available for sale; however, its net realizable value had increased to $5.5 million. Using the LCNRV rule, what is the correct journal entry to record this change in value? Select answer from the options below Debit: Cost of Goods Sold, $1 million; Credit: Gain on Inventory Valuation, $1 million Debit: Inventory, $500,000; Credit: Cost of Goods Sold, $500,000 Debit: Gain on Inventory Valuation, $500,000; Credit: Cost of Goods Sold, $500,000 Debit: Inventory, $1 million; Credit: Gain on Inventory Valuation, $1 million
Alfa INC began January 2021 with 20 units of iron inventory that cost 15 euro each. During January, the company completed the following inventory transactions: Date Activity Units Units Cost January 3 Sale 15 January 8 Purchase 75 25 euro January 21 Sale 40 January 30 Purchase 50 30 euro Prepare a perpetual inventory record for the merchandise inventory using the: 1. FIFO 2. LIFO Weighted average method determine the cost of the good sold, comparing the three methods above. determine the residual value of the inventory. 3.