18. Information on Broken Co.'s inventories is as follows: 20x2 20x1 450,000 440,000 Inventory, December 31 at cost Inventory, December 31 at NRV 490,000 410,000
Q: 9. The balance of work in process inventory account as of December 31, of the current year of…
A: Balance of WIP = P480,000 Selling price = P450,000 Cost of completion = P10,000 Cost to sell =…
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A: Under the FIFO method, the Retail ratio cost is calculated by taking the values of purchases.…
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A: Inventory is defined as the goods purchased by an entity with the purpose to resell them to earn…
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A: COGS = Beginning Inventory + Purchases During the Period – Ending Inventory = 20,000+100,000-30,000…
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A: Raw materials consumed means actual quantity and value of materials that is being used and consumed…
Q: 46.Jang Jun-woo Company uses the weighted average method to determine the cost of its inventory.…
A: Perpetual inventory system (Weighted average method)…
Q: What is COGS and cost of ending inventory in the company using average costing method where 4.000…
A: No. of units sold = No. of units purchased - no. of units in ending inventory = 4000 - 400 = 3600…
Q: 76. Gannon Company had the following information at December 31:Finished goods inventory, January 1$…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: -The EUP is 20,500 units. Cost incurred during the period is P56,250 while the cost of the beginning…
A: Solution: Equivalent units of production = 20500 Beginning inventory cost = P10,750 Cost incurred…
Q: Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: You have been provided with the following information regarding Sarasota Paper Ltd's inventory for…
A: The inventory cost is calculated as number of units multiplied by cost per unit. NRV stands for net…
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A: Answer: Option (a) 54.5 days is the correct answer.
Q: Alternative Inventory Methods Park Company’s perpetual inventory records indicate the following…
A: The question is based on the concept of Cost Accounting.
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A: Inventory refers to the goods available for sale and used as a raw material for production of…
Q: The following data are extracted from the records of an entity relating to an inventory item:…
A: Under moving average method, average unit cost of inventory is changed every time new purchases or…
Q: 25. W Company carried four items in inventory. The following per-unit data relate to these items at…
A: LCNRV stands for Lower of cost or Net Realizable value is defined as the method of inventory which…
Q: Seolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June…
A: As per the FIFO method, those units are issued first which is purchased first, which means ending…
Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in…
A: Cost of goods sold = Beginning inventory + Purchases - Purchase returns and allowances +…
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A: Cost of goods manufactured = Cost of goods sold + Ending inventory - Beginning inventory
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A: Using weighted average method, unit cost is calculated as total cost divided by number of units…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: EUP of beginning units = beginning units x% Completed = 22500 x 40% = 9000
Q: Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20-,…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
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A: Upper limit (ceiling or net realizable value) : = Selling price - Disposal costs Selling price for…
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A: Definition: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased…
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A: As per weighted average method, the value of ending inventory is determined by deducting the cost of…
Q: Roundtree Company reported the following information with respect to cost of goods sold for the…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Roundtree Company reported the following information with respect to cost of goods sold for the…
A: Dear student, Since you have asked multiple subparts we will answer only first 3 subparts as per…
Q: The related data of Mineyah Company's Finished goods inventory:…
A: Quantity Unit cost Total cost January 1 800 P205 P164,000 January 12 600 210…
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A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…
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A: Under average cost method, average cost per unit is arrived at by dividing Total cost of units…
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A: If the terms are FOB shipping point, the goods in transit are the property of the buyer. Hence, the…
Q: Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete;…
A: Beginning equivalent units=Units×% completion=22,500×40%=9,000
Q: A firm that sells a single product had a beginning inventory of 10,000 units with a total cost of…
A: FIFO means the first in first out which means that goods purchased first will be sold first.…
Q: ABC Company reported the following information with respect to cost of goods sold for the current…
A: Cost of Goods Sold: It refers to the direct production costs of the goods manufactured and sold by…
Q: Roundtree Company reported the following information with respect to cost of goods sold for the…
A: Cost of goods sold (COGS) is the cost of acquiring or manufacturing the products that a company…
Q: Information from NUBD Company's records for the year ended December 31, 2021 is available as…
A: Under variable costing, fixed manufacturing overhead is treated as period cost and entire fixed…
Q: 8. Celine Company provided the following data relating to an inventory item. Total cost 1,000,000…
A: Under Moving Average inventory valuation method, the average cost of each inventory item in stock is…
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A: The inventory valuation of a firm can be done using different methods like First In First Method…
Q: 14. Groh Co. recorded the following data pertaining to raw material X during January 2012: Units…
A: Moving-average unit cost is a method of valuing the inventory wherein the unit cost is recomputed…
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A: Inventory are those products before becoming finished goods or in simple words they raw materials…
Q: May Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory…
A: Solution.. Ending finished goods inventory = P40,000 Beginning Finished goods inventory = P55,000…
Q: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20-2,…
A:
Q: he following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory,…
A: Inventory is the current asset of an entity. These are the resources held by an entity for the…
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- 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).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).Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
- ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,2008. Celine Company provided the following data relating to an inventory item. Units Unit cost Total cost Beginning balance 10 Purchase 200 250 1,000,000 1,250,000 Jan. 1 5,000 5,000 7,000 1,000 16,000 2,000 15 Sale 16 Sale return 2,400,000 300,000 30 Purchase 150 31 Purchase return 150 Under the perpetual system, what is the moving average unit cost on January 31? а. 167 b. 165 C. 181 d. 225Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II
- 14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1, 2018 Finished Goods, June 30, 2018 Cost of Goods Manufactured Recovery from inventory write-down P290,540 276,760 805,820 10,720 Determine the cost of goods sold to be shown in the statement of comprehensive income of Alpha Company for the month of June 2018: а. Р808,880 b. Р880,880 с. Р830,320 d. P808,080es w TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? F2 Year-End Cost $ 250,000 259,000 Multiple Choice O # The amount reported for ending inventory should be calculated as $250,000+ ($9,000 + 1.06). The amount reported for ending inventory should be calculated as $259,000 + 1.06. The amount reported for ending inventory is correct. 20 F3 $ 000 F4 % F5 < Prev A S F6 16 of 16 & # K F7 Next * * O DII F8 44 F9 A F10 A FITTB MC Qu. 05-131 (Algo) A company has the following products... A company has the following products in its ending Inventory. Compute lower of cost or market for inventory applied separately to each product Cost per Market per Unit Unit $ 726 $ 696 $ 526 $ 566 $ 676 $ 701 Product Quantity 10 15 20 Product A Product B Product C
- 26. A company determined the following information for an inventory at year end: Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value 2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 What amount should be reported as inventory at year-end? a. 1,900,000 b. 1,800,000 c. 1,700,000 d. 1,400,000Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total Sep 1 Balance 240 $3.70 $888 Sep 5 Receipt 440 $3.60 $1584 Sep 15 Issue 240 Sep 31 Issue 300 Using the LIFO inventory pricing method, what is the value of closing inventory on Sep 31? Show solution个 Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to two decimal places) Date 1/1 3/5 5/30 12/31 Item Beginning inventory Purchase of inventory Purchase of inventory Ending inventory OA. $351 30 OB. $420.00 OC. $330.00 OD. $300.00 Unit 60 units at $10 per unit 30 units at $10 per unit 15 units at $22 per unit 30 units