At 31 December 2019, Alpha Ltd still had the same three different products in its inventory. The following table provides updated information for the company’s products: Product Cost $ Replace Cost $ Selling Price $ Net Profit Margin X Y Z 130 160 100 180 150 100 190 160 130 20% 20% 15%   Alpha Ltd expects to incur selling costs equal to 5 percent of the selling price. Required: Determine the amount at which Alpha Ltd should report its inventory on the 31 December 2019, balance sheet under (1) IFRS and (2) U.S. GAAP.

Q: At December 31, 2021, Bosan Corporation has 4,900 units of Model 63 and 3,500 units of Model 64 in…

A: The inventory value is calculated as lower of cost or Net realizable value.

Q: Based on the physical inventory taken on December 31, 2020, Maria Company has an ending inventory…

A: Inventory is defined as the goods and materials which the business holds for the ultimate purpose…

Q: eriodic inventory method. a2) Determine ending inventory under (1) specific identification, (2)…

A: Weighted Average Unit Cost = Total Cost of Inventory / Total Units in Inventory   Units Unit Cost…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Using LIFO method, the inventory at last would be sold first and old inventory would be in ending…

Q: Purple company had determined its December 31, 2019 inventory on a FIFO basis at P200,000.…

A: Stock is to be valued at cost or net realizable value which every is lower. Prudence concepts says…

Q: Crane Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Working:   Item D Item E Item F Item G Item H Item I Selling price (A) $ 122.00…

Q: Below is the net income of New Girl Instrument AG, a private company, computed under the two…

A: Weighted average method is a method of inventory valuation where unit cost of goods available is…

Q: Williams Company had the following balances and transactions during 2020: Beginning Inventory 20…

A: Ending inventory refers to the amount of inventory left with the business at the end of accounting…

Q: Assume that the company had switched from the average cost method to the FIFO method with net income…

A: If the company changed its method of inventory pricing from LIFO to FIFO, then the net income that…

Q: Blossom Company manufactures one product. On December 31, 2019, Blossom adopted the dollar-value…

A:

Q: Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that date, the…

A: GIVEN   Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2021. On that…

Q: Whispering Company had ending inventory at end-of-year prices of $104,000 at December 31, 2019;…

A: Year Inventory at end of year prices Price index Inventory at base year prices Change from Prior…

Q: The inventory of Royal Decking consisted of five producta. Information about the December 31, 2021,…

A: Lower of cost or net realisable is a method of valuation of inventory that is to be reported in the…

Q: Mercury Company has only one inventory pool. On December 31, 2021, Mercury adopted the dollar-value…

A: Solution: computation of inventory at December 31, 2022, 2023, and 2024, using the dollar-value LIFO…

Q: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

A: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is…

Q: Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its…

A: LIFO is last in first method that is used for inventory valuation. This says that inventory which is…

Q: On January 2020, Roel Corp. Has th following inventory…

A: FIFO method says that first in first out method in which inventories purchased first will be sold…

Q: At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: The inventory is the current assets of the company.

Q: Indigo Department Store converted from the conventional retail method to the LIFO retail method on…

A: Computation of 2020 and 2021 Year End Inventories Under the Dollar Value LIFO Method Computation…

Q: lower-of-LIFO-cost-or-market.

A: Inventory valuation is very important for the business to calculate the correct amount of profits…

Q: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory…

A: The following are the answers:   1. The price index for 2021 is \$4.25. 2. The ending inventory for…

Q: REQUIRED: What is the amount of loss that Purple Company should recognize at December 31, 2019?

A: Given, Cost of inventory under FIFO method: 200000 Estimated Selling price : 204000 Estimated cost…

Q: Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost.…

A: Cost to retail ratio = ($16,90,000 / $24,80,000) x 100 = 68%

Q: and has the following inventory transactions for the half year ending 31 December 2020:   Units…

A: Weighted average method   Under this method average rate is calculated to value the inventory.…

Q: Amiras Corporation began operations on January 1, 2020, with a beginning inventory of $30,100 at…

A: a. As per Conventional Retail Method, ending inventory is as follows: Formulation as below:…

Q: The inventory of Royal Decking consisted of five products. Information about the December 31, 2021,…

A: Computation of sales commission, Shipping cost, Normal profit is as follows:

Q: Kumar Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,000 at both cost and…

A:

Q: Simplex Company has a fiscal year end on December 31. The company has only one product in inventory,…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: At December 31, Year 2, Beech Corporation still had the same three different products in its…

A: Question is based on the concept of Accounting standards

Q: Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the…

A: The monetary amount associated with the goods in inventory at the end of an accounting period is…

Q: On January 1, 2018, the Taylor Company adopted the dollar-value LIFO method. The inventory value for…

A: 1. Find the value of inventory at the current cost 2.  Convert it to base year cost 3. Then apply…

Q: iegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Solution: The net Realizable value of each item should be calculated as follows: Product…

Q: Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019.…

A: Dollar value LIFO method: Under this method cost of inventory is covered under layering concept. In…

Q: Using the LCNRV rule, determine the proper per-unit value for balance sheet reporting purposes for…

A: Working Note: Computation of Net Realizable value:- Item selling Price Estimated  selling  exp.…

Q: At the beginning of 2018, a company adopts the dollar-value LIFO inventory method for its one…

A:

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Carrying Value of Inventory: Carrying value of inventory is the absolute of all costs connected with…

Q: As a result of its annual inventory count, Bridgeport Corp. determined its ending inventory at cost…

A: Inventory can be referred to as the assets which are held by an entity for the purpose of re sale or…

Q: Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.

A: Dollar-value LIFO method: In this method, the valuation of inventory is calculated on the monetary…

Q: On December 31,2019 an entity's ending inventory at cost was P3,000,000 and the allowance for…

A: Computation of loss to be recognized:     Beginning allowance for inventory = 550,000 Ending…

Q: Goddard Company has used the FIFO method of inventory valuation since it began operations in 2018.…

A: Method of Inventory: Inventory refers to the current assets that a company expects to sell during…

Q: Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2019.…

A:

Q: On December 31, 2021, ECHO Company appropriately changed its inventory valuation method to the FIFO…

A: Solution Introduction When there is change in the accounting method the effect of the change shall…

Q: Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the…

A: Earnings per share is the ratio of total earnings to the total number of shares iutstanding.

Q: Sunshine Snacks uses the conventional retail inventory method to estimate its inventory cost.…

A: Ending inventory is the amount of goods or products that are held by an entity at the end of the…

Q: Alberto Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its…

A: Since you have posted multiple questions in one post, we will be answering first 3 questions only.…

Q: At the end of December 2020, the accounting records of XYZ firm present the following transactions…

A: The question is based on the concept of Cost Accounting.

Q: In 2021, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2020…

A: The cost of goods sold is the difference between total units available for sale and ending…

Q: Encantadia Company had the following inventories on January 1, 2020: Inventory Cost Amihan 725,200…

A:

Q: Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value…

A: Working notes:  2019:   Inventory value on 2018 $200,000 Add: Layer of LIFO in 2019…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.