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...
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- If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO. (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Ending Inventory $ (1) FIFO S (2) LIFO $ (3) Average-costAt December 31, 2025, suppose that Whispering Company's inventory records indicated a balance of $620000. Upon further investigation it was determined that this amount included the following: ▪ $127000 in inventory purchases made by Whispering shipped from the seller on December 27, 2025 terms FOB destination, but not due to be received until January 2, 2026 $70000 in goods sold by Whispering with terms FOB destination on December 27, 2025. The goods are not expected to reach their destination until January 6, 2026 $7000 of goods received on consignment from Sandra Company ■ What is Whispering's correct ending inventory balance at December 31, 2025? $493000 $486000 O $416000 O $613000 Save for Later Attempts: 0 of 1 used Submit AnswerA company purchased inventory for $1,400 per unit. The company later sold one unit of the inventory for cash of $2,100. Under the perpetual inventory system, which accounts will be debited to record the sale?
- 11.The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:*Goods purchased in transit, FOB shipping point, P130,000*Goods held on consignment, P56,000*Goods out on approval, at sales price of P32,500 (cost is P25,000)What is the correct amount of inventory at December 31, 2021?Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit CreditPlease show your work
- (i) How many units are left in inventory?(ii) What is the cost of closing inventory for the period?(iii)What is the gross profit for the period?(iv)What would be the impact on gross profit on discovering that inventory costing £100 with anet realisable value of £120 had been omitted from the original inventory valuation?I. An increase of £100II. An increase of £120III. A decrease of £20IV. No effect at allAssume that Audio Outfitter Inc. in Discussion Question 9 experienced an abnormal inventory shrinkage of $98,600. Audio Outfitter Inc. has decidedto record the abnormal inventory shrinkage so that it would be disclosed separately on the income statement. What account would be debited for theabnormal inventory shrinkage?If Wakowski Company's ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any? If no entry is required, select "None" and leave the amount boxes blank. Balance Sheet: Merchandise Inventory $4 Current Assets Total Assets Retained Earnings Income Statement: Cost of Goods Sold Gross Profit/Gross Margin Net Income
- 27 )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 CreditThe Jones Company completed its inventory count and arrived at a total inventory value of $216,000. It included in its inventory goods held on consignment for Spring Company, costing $23,000. Is their total inventory value correct? O True False
