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AM.1104.
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- The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7PA9. 10.3 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales $100 Beginning inventory Sold Purchased Sold 240 160 $140 520 103 400 142 Purchased 400 110 Sold 370 144 Ending inventory 230
- ('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01Beginning inventory 50 1.0 50 50 Jun-06Purchase 50 1.2 60 100 Jun-10Sales 60 40 Jun-13Purchase 150 1.4 210 190 Jun-20Purchase 100 1.6 160 290 Jun-25Purchase 150 1.8 270 440 Jun-30Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 .input as 54, $54.5 input as 55 ) (do not input comma ",", dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $Informaban relates to the unit the Manino The manufacdunng eb Company 4 praluct Wge by of shs 100 Selling Rrice Cast of sales of Vanigble cats casb -65 (85) Fixed Gmas Propt çllng and administahive conb Net propt 20 15 (10) lempang hudgels fu ficed producb ced. fred to selling and adminishabse codb casb 3,600.000and ace lnwred evenly dunig 150,000 per annum. These the poar Dunng the latert faandial your! were achieved frot 6 monthr second 6 mo nthe Produchren Cunde) (unit) Isales 75,000 60 000 50 1000 70,000 stockr at There were Fried year- locured coab Inured duning the beginniog g the and odmiaiskcabse seling equal o the holged no opening poduchon cast and the were Required: Prepare taiding poAt and the tus six manth methlods; Abcorphon lehi lau statemenb for each sach the plkwy of @) Marguñal CorbngThe following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $
- Qe/ from the following tralasaction, prepar income Statement Sales reven ue tinished Goods V 50006 Net purchoses loo00 rent expenses 250 000 returns sales lo o00 So00 rent revenue 30oo administrutive Expensese 2e00 Sales salaries looo Depreriation other expensese tax income tooo +5006 finished goads 344 7o00 . toooLIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory F Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Beginning Sale Purchase $4 Sale Purchase Sale Total Purchases $4 Total COGS Gross Margin, LIFO perpetuak Sales COGS Gross Margin %24Compute for total cost of purchases. *a. P1,840,000b. P1,800,000c. P1,675,000d. P1,600,000
- What is the cost of goods sold? O A. $751,700 OB. $364,500 O C. $455,400 O D. $520,600If the price of an item displayed as $44 (GST inclusive) then what is the GST component? Select one:$44 divided by 1/11None of these10% of $4411% of $44$44 multiply by 1/112. Nem Level Which of the two methods yields a conceptaly pefenbile valion of invemory E7-10 107.5 Alternative Ivety Methods Nevens Compary nes a peiodic invenory Duting November, the foillowing tranactions occurred: Dete Tronsecfion Units Cot/Uni November Balonce $3.50 50 350 Sole Pierhme Purchese Sole 13 300 400 5.00 21 28 200 SHOW ME HOW 150 Required: 1. Compute the cost of goods sold for November and the inventory ar the end of November for each of the following cost flow assumptions: FIPO 2. b. LIPO C Average cost Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial 2. statements
