Carla Vista Inc. has selected specific identification as its inventory costing method. At December 31, 2025, it has the following information for its finished goods: Replacement value Cost Expected selling price Normal profit margin Selling costs $7670 $4720 $7080 10% 20% of expected selling price At what amount should Carla Vista value its inventory at December 31, 2025?

Carla Vista Inc. has selected specific identification as its inventory costing method. At December 31, 2025, it has the following information for its finished goods: Replacement value Cost Expected selling price Normal profit margin Selling costs $7670 $4720 $7080 10% 20% of expected selling price At what amount should Carla Vista value its inventory at December 31, 2025?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...

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Company Elmira reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 32,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?
Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.
Your answer is incorrect. Sheridan Inc. has selected specific identification as its inventory costing method. At December 31, 2025, it has the following information for its finished goods: Replacement value $5980 Cost $3680 Expected selling price $5520 Normal profit margin 10% Selling costs 20% of expected selling price At what amount should Sheridan value its inventory at December 31, 2025? $5980 • $4416 $3864 $3680
Stigma industries has the following beginning inventory and purchases for 2020: 12each 4,800 14each 8,40d 13,200 Beginning inventory 400 Inventory purchased 600 Cost of goods availablel,000units It sells 600 of these units in 2020. compute its cost of goods sold for 2020 and the ending inventory reported on its 2020 balance sheet under each of the following inventory costing methods: FIFO LIFO Cost of goods soldAnswerAnswer Ending inventory AnswerAnswer
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2019, consists of products D, E, F, G, and H. Relevant per-unit data for these products appear below. Item D E F G H Estimated selling price €125 € 115 € 85 € 95 € 100 Cost 77 82 70 50 55 Cost to complete 30 30 25 35 30 Selling costs 10 18 10 20 10 Instructions: Using the LCNRV rule, determine the proper unit value for statement of financial position reporting purposes at December 31, 2019, for each of the inventory items above.
Uki Company had the following transactions for inventory during 2020: Units Unit Cost Unit Selling Price Inventory, January 1 250 P10.50 Purchase, March 20 200 11.00 Purchase, July 5 275 11.75 Sale, May 11 120 P14.00 Sale, June 15 55 15.00 Sale, October 14 250 16.00 Inventory, December 31 ? Requirements: Determine the cost of ending inventory, cost of goods sold, and gross profit under FIFO method. Determine the cost of ending inventory, cost of goods sold, and gross profit under Weighted average method. Determine the cost of ending inventory, cost of goods sold, and gross profit under Moving average method.
Sheridan Inc. has selected specific identification as its inventory costing method. At December 31, 2025, it has the following information for its finished goods: \table[[Replacement value,$5980
1 Cullumber Company uses a periodic inventory system and the average cost method. At December 31, 2025, the following information has been compiled for its finished goods inventory: Replacement value Cost Expected selling price Normal profit margin Selling costs $13100 $14500 $15100 15% 5% of expected selling price After applying LCNRV. Cullumber, which uses the cost of goods sold method to record inventory write-downs, will make an entry Odebiting Cost of Goods Sold for $155. O crediting Cost of Goods Sold for $1400. O debiting Inventory Loss for $600. Ⓒcrediting Inventory for $600.
Splish Brothers, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2020. Item Quantity UnitCost ReplacementCost/Unit Estimated SellingPrice/Unit Completion & DisposalCost/Unit Normal ProfitMargin/Unit X490 8,976 $11.00 $10.52 $12.32 $2.64 $2.99 X512 4,356 6.16 6.60 7.83 0.22 1.58 X682 15,840 16.72 16.37 27.76 2.86 7.92 Z195 11,000 12.54 12.32 17.42 1.23 5.06 Z846 7,568 10.56 11.22 12.28 1.85 0.97 (a) Correct answer icon Your answer is correct. Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75.) (b) Partially correct answer icon Your answer is partially correct. Show the journal entries Splish Brothers, Inc. will…
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019 $ 42,000 100 (1.00) 2020 58,000 110 (1.10) 2021 60,100 120 (1.20) 2022 68,200 130 (1.30) Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for