Company A purchased 1, 000 inventory and has 200 inventory in itsending inventory at a cost of S91 each and a net realizable value ofS80 each. The ending inventory under LCNRV is ?
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A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…
Q: APOL Company provided the following information related to the ending inventory of its Product X:…
A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…
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A: The answer for the multiple choice question and relevant explanation are presented hereunder :
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Q: what were purchase returns and allowances? Cost of goods sold is P7,400, Beginning inventory is…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information…
A: As per our guidelines, in case of multiple questions, we are only supposed to answer the first…
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A: Ending inventory refers to the sum value of goods or products remaining at a company after making…
Company A purchased 1, 000 inventory and has 200 inventory in its
ending inventory at a cost of S91 each and a net realizable value of
S80 each. The ending inventory under LCNRV is ?
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- (b2) Your Answer Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) (c) Correct Answer (Used) The ending inventory The cost of goods sold (1) (2) FIFO 38,000 71,500 LA ta produces the highest inventory amount, $ LIFO produces the highest cost of goods sold, $ 23,500 86,000 LA LA Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? AVERAGE-COST 31,025 78,475Hh1. AccountCrane 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 Credit
- Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. A1 84 C2 D3 (a) Quantity 4 120 110 190 120 Inventory 1 Unit Cost $3.20 Inventory 1.70 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (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 all debit entries before credit entries.) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at…Gg.149.Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of goods sold part of the transaction and not the sales revenue. Star uses the perpetual inventory system. Which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance Sheet Income Statement Assets = A. 500 B. (500) C. (500) D. (500) Multiple Choice O O оо Liabilities + - Option B Option A Option C Option D (500) Stockholders' Equity 500 (500) n/a (500) Revenue n/a n/a n/a n/a - Expense 500 500 500 n/a Net Income (500) (500) (500) n/a Statement of Cash Flows n/a n/a 500 Operating Activity n/a
- Floyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.Ayayai has the following individual inventory items at cost and net realizable value: Part Units Unit Cost X123 Y135 Z246 A369 B258 (a) 21 30 27 9 14 $4.80 3.15 4.60 1.10 2.25 NRV per Unit $4.30 3.90 5.35 1.10 1.95 Determine the lower of cost and net realizable value of the ending inventory for Ayayai. (Round answers to 2 decimal places, e.g. 15.25.) Lower of cost and net realizable value $P palace provided the following Information:Ending inventory, previous period$95,500Ending inventory, current period$105,500Sales, previous period$450,550Sales, current period$540,450Determine the Inventory turnover for current period, assuming that gross profit for $195,405.3.43 times2.99 times3.27 times3.61 times
- Answer the following 2 questions: 1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost. Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales. v a-290000 b-190000 c-230000 d-150000 2- Which of the following is a product cost as it relates to inventory? v a. Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.Hh1. just Item E and Item Gwhat is the value of a, b, c, and d?
