[The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Swing (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II View transaction list Quantity 33 13 28 3. Record any necessary adjusting entry for the lower of cost and net realizable value. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 1 Unit Cost $60 340 370 Unit NRV $68 260 400 Record any necessary adjusting entry for the lower of cost and net realizable value.

[The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Swing (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II View transaction list Quantity 33 13 28 3. Record any necessary adjusting entry for the lower of cost and net realizable value. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Journal entry worksheet 1 Unit Cost $60 340 370 Unit NRV $68 260 400 Record any necessary adjusting entry for the lower of cost and net realizable value.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.) A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity Unit Cost Unit NRV 45 $70 $80 MegaDriver 25 460 350 MegaDriver II 40 480 520 2. Calculate ending inventory using the lower of cost and net realizable value. Inventory Quantity Lower of Cost and NRV per unit Ending Inventory Shirts 45 MegaDriver 25 MegaDriver II 40 $ 0
Required information [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are amounts related to Golf USA's inventory at the end of the year. Cost $ 68 Inventory Quantity NRV $ 78 Shirts MegaDriver MegaDriver II 43 23 440 290 38 390 500
Required information [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Quantity Unit Cost Unit NRV Shirts 29 $60 $64 MegaDriver 14 300 200 MegaDriver II 24 330 360 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
[The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the Mega Driver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity 36 Unit Cost Unit NRV $65 $71 MegaDriver 16 370 290 MegaDriver II 31 390 430 3. Record any necessary adjusting entry to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record any necessary adjusting entry for inventory. Note: Enter debits before credits. Transaction 1 General…
Required information [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts Quantity 45 Unit Cost Unit NRV $70 $80 MegaDriver 25 460 350 MegaDriver II 40 480 520 4. Determine the impact of the adjusting entry in the financial statements. (Amounts to be deducted should be entered with minus sign.) Revenues 0 Income Statement: Expenses Net Income Cost of Goods Sold Balance Sheet: Assets Liabilities Inventory Stockholders' Equity
A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are yearend amounts related to Golf USA’s inventory.Inventory Quantity Unit Cost Unit NRV Shirts 35 $ 60 $ 70 MegaDriver 15 360 250 MegaDriver II 30 350 420Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. 2. Calculate ending inventory using the lower of cost and net realizable…
! Required information [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Swing (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II View transaction list
The Isis Company considers introducing a new lower-end olive oil brand with cheaper packaging in addition to its original brand "Isis". The objective was to increase the company's market share by penetrating the mass market (Isis's current market share in 2020 is 10%). Management wanted to position the two brands very differently. However, they anticipated that the new brand might cannibalize from Isis. The below table summarizes the prices, costs and expected volumes in both scenarios (Isis alone and Isis + New Brand) next year (2021). 2021 Scenario 1 Isis 50 20 Volume (units) Fixed Costs (EGP) 100,000 500,000 90,000 500,000 a) Conduct a cannibalization analysis to evaluate the introduction of the new brand. Next year (2021) Price (EGP/unit) Var. Cost (EGP/unit) 2022 Price (EGP/unit) Var. Cost (EGP/unit) b) What is the % increase (or decrease) in volume and in net profits if the new brand is introduced? What is the new market share of the Isis Company (Isis+ New Brand) in this case…
:53 K ! Required information [The following information applies to the questions displayed below.] A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next generation of drivers, the older models become less marketable and therefore decline in value. Suppose that in the current year, Ping (a manufacturer of golf clubs) introduces the MegaDriver II, the new and improved version of the MegaDriver. Below are year-end amounts related to Golf USA's inventory. Inventory Shirts MegaDriver MegaDriver II Quantity 34 14 29 Unit Cost $65 350 380 Cost of ending inventory (before adjustment) Unit NRV $69 270 410 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments.
Macro Hardware Limited manufactures two types of products, a laptop and an iPod and sells them in a very competitive market. Both products are funky light-weight products that are designed for the 15- to 25-year-old age group market. Due to the popularity of their products, Macro Hardware Limited is considering expanding into different target markets during the next financial year that commences on 1 July 2022. However, management wish to first evaluate the risk and expected profitability of the existing target market for 2022 before embarking on these new endeavours. Management has requested that the financial accountant collect all the relevant financial information relating to the two products for the 2022 financial year and prepare a budget for them for 2023. The financial accountant is not sure how to allocate some of the cost between the two products, but all the other relevant budget information relating to the two products for the financial year ending 30 June 2022 is…
Macro Hardware Limited manufactures two types of products, a laptop and an iPod and sells them in a very competitive market. Both products are funky light-weight products that are designed for the 15-to 25-year-old age group market. Due to the popularity of their products, Macro Hardware Limited is considering expanding into different target markets during the next financial year that commences on 1 July 2022. However, management wish to first evaluate the risk and expected profitability of the existing target market for 2022 before embarking on these new endeavours. Management has requested that the financial accountant collect all the relevant financial information relating to the two products for the 2022 financial year and prepare a budget for them for 2023. The financial accountant is not sure how to allocate some of the cost between the two products, but all the other relevant budget information relating to the two products for the financial year ending 30 June 2022 is summarised…
Ahlia Company, a nanufacturer of computer games, is in the process of introducing a new game to the narket and has nndertaken market research to find out abont customers' views on the valne of the product, as well as to obtain a conparison with competitors' products. The results of this research have been nsed to establish a target selling price of $80. This is the price that the company thinks it will have to sell the product at to achieve the required sales vohume, Cost estinmates have been prepared based on the proposed product specification. Manufacturing cost 2$ Direct material 4.25 Direct labour 23.08 Direct machinery costs 1.05 Ordering and receiving 0.28 Quality assurance 4.8 Non-manufacturing costs Marketing 8.19 Distribution 3.27 The target profit margin for the game is 45% of the target selling price. Instructions: Calculate the target cost of the new game and the target cost gap. %24