A unit of inventory was purchased for $168 three years ago. Currently, its net realizable value is only $49. At what value should the unit of inventory be recorded on the balance sheet? Type your answer...

Use the following information regarding Skysong, Inc. and Kingbird, Inc. to answer the question “Which amount is equal to Skysong, Inc.'s "days in inventory" for 2022 (to the closest decimal place)?” (Use 365 days for calculation.) * Year Inventory Turnover Ending Inventory Skysong, Inc. 2020 * $26800 * 2021 10.6 $31400 * 2022 10.2 $32400 *       Kingbird, Inc. 2020 * $26340 * 2021 8.5 $25230 * 2022 9.2 $23010

In March 2015, XYZ Corp. purchased an item of inventory for $30. By June, that item could be purchased for $26 and re-sold for $31. XYZ's normal profit for the item is $4. At what amount should XYZ report the item in its June 30 balance sheet? XYZ uses the LIFO inventory cost flow assumption. (omit , and $ in the answer) 30

Caterpillar Inc (CAT) has the following excerpts from their financial statements   December 31, 2021 December 31, 2020 Inventory (in $ Millions)                             14,038                             11,402 Net Income(in $ Millions)                                 6,489                             2,998   Inventories are principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis.   If the FIFO (first-in, first-out) method had been in use, inventories would have been $3,258 million and $2,921 million higher than reported at December 31, 2021 and 2020, respectively.   Assume corporate tax rate of 21%.       If CAT had used FIFO method instead of LIFO method   What inventory (in $ Millions) would CAT report for 2021?   What net income (profit) would CAT report in 2021?   What is the cumulative amount of income tax savings that CAT generated through end of 2021 by using LIFO instead of FIFO?   What…

Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate $52,848 $3,398 $3,870 $2,610 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment (S in millions) Inventories $4 6,008 x Total assets %24 Deferred tax liabilkies $ 54,108 x 277 x Equity 0 x b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Cost of goods sold %24 0 x Pretax income %24 0 x Income tax expense $ 0 x Net income %24

JBD, Inc. has the following information pertaining to it 2025 ending inventory. Requirements: Calculate the value of ending inventory using the following methods: LCM for each individual inventory item LCM for aggregated inventory. Record any necessary journal entries for each of the above methods, assuming the amount is material. Explain the purpose of applying the LCM rule to inventory                         Item Quantity Cost per Each Market Cost per Each   Records Market LCM Each LCM Total     R55 300 10 7.5               S49 150 15 12               T21 350 8 6               E33 600 33 35                                                                                 Date Account  Debit   Credit

* Your answer is incorrect. Whispering Winds Corp. had the following records: Ending inventory Cost of goods sold 6.8 times 6.4 times 2021 What is Whispering's inventory turnover for 2022?(rounded) O 7.2 times 6.9 times: 2022 $32600 $29000 209500 211200

(b) Your answer is correct. Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) (c) 2020 86.9 days eTextbook and Media 2021 121.7 days 2022 125.9 days Attempts: unlimited Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2%.) Gross profit rate eTextbook and Media Save for Later 2020 % 2021 % 2022 Attempts: unlimited Submit Answer