Davidson Company reports using LIFO inventorycosting. The following information is taken from theirinventory footnote. All numbers are in thousands.RawmaterialsWork-in-processFinishedgoodsTotalAdjust toLIFO costLower ofcost ormarketadjustmentInventory2022$20,155202126,245 $ 28,28319,16970,348 84,020$116,748 131,472(22,693) (41,697)94,055 $ 89,775Had Davidson Corporation reported under FIFOinventory costing, their reported cost of sales in 2022would have been:a. Higher by $19,004b. Higher by $22,693c. Lower by $19,004d. Lower by $22.693e. None of the above.

A system of inventory accounting known as last in, first out registers sales of the most recently…

Davidson Company reports using LIFO inventory costing. The following information is taken from their inventory footnote. All numbers are in thousands. Raw materials Work-in- process Finished goods Total Adjust to LIFO cost Lower of cost or market adjustment Inventory 2022 $ 20,155 70,348 2021 26,245 $ 28,283 $ 19,169 84,020 116,748 131,472 (22,693) (41,697) 94,055 $ 89,775 Had Davidson Corporation reported under FIFO inventory costing, their reported cost of sales in 2022 would have been: a. Higher by $19,004 b. Higher by $22,693 c. Lower by $19,004 d. Lower by $22.693 e. None of the above.

Davidson Company reports using LIFO inventory costing. The following information is taken from their inventory footnote. All numbers are in thousands. Raw materials Work-in- process Finished goods Total Adjust to LIFO cost Lower of cost or market adjustment Inventory 2022 $ 20,155 70,348 2021 26,245 $ 28,283 $ 19,169 84,020 116,748 131,472 (22,693) (41,697) 94,055 $ 89,775 Had Davidson Corporation reported under FIFO inventory costing, their reported cost of sales in 2022 would have been: a. Higher by $19,004 b. Higher by $22,693 c. Lower by $19,004 d. Lower by $22.693 e. None of the above.

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate...

See similar textbooks

Similar questions

Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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).
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate Uncle Butchs ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…
A ezto.mheducation.com Logout Question 7 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work 7 Required information Part 2 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV Furniture $ 86 $101 305 210 Electronics 51 410 eBook 2. Calculate ending inventory using the lower of cost and net realizable value. Hint Lower of Cost Ending Inventory Inventory Quantity and NRV per unit Print Furniture Electronics References Mc Graw Hill
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
A ezto.mheducation.com Logout Question 6 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work Required information Part 1 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV $ 86 $101 305 Furniture 210 Electronics 51 410 еВook Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. Hint Cost of ending inventory (before adjustment) $ 2,205 Print References Mc Graw Hill
The following information is taken from the records of WeBs Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dec1 Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 Dec 12 Purchase 125 3 Dec 13 Sale 300 Dec 19 Purchase 350 2 Dec 29 Purchase 150 1 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: (i) FIFO (ii) Weighted average. (b) Assume each unit was sold for RM5. Complete the following partial income statements : FIFO Weightage Average Sales Less: Cost of Sales Gross Profit