Given the following information for the Albuquerque Company: Date 12/31/16 12/31/17 12/31/18 Inventory at end- of-year prices $ 80,000 $100,000 $110,000 Price Index 100 110 120
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- RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 A. P1,400,000 D. P 1,900,000
- What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,0006. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Year-End Cost $ 250,000 259,000 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? Multiple Choice The amount reported for ending inventory should be calculated as $250,000 + ($9,000 ÷ 1.06). The amount reported for ending inventory should be calculated as $259,000+ 1.06. The amount reported for ending inventory is correct. Proy 16 of 16 HH Ch Next
- Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods available for sale P 200,000.00 P 460,000.00 P 320,000.00 P 400,000.00 P 300,000.00Prepare the journal entry for the inventory write-down using the LCM, net realizable method Company A is preparing their annual financial statements dated December 31, 20X1. Ending inventory is presently recorded at its total cost of $5,465. Information about its inventory item is as follows: Product Line Quantity on Unit Cost When Value at Year-End Hand Acquired (FIFO) Product A 20 12 $ 14 Product B 75 40 38 Product C 35 55 50 Product D 10 30 35es w TB MC Qu. 8-111 (Static) A company has the following information available... A company has the following information available that was used to report inventory using the dollar-value LIFO method. Year 12/31/2023 12/31/2024 Cost Index 1.00 1.06 For the year ended 12/31/2024, the company reported inventory of $274,540 (= $259,000 x 1.06). Which of the following statements is correct? F2 Year-End Cost $ 250,000 259,000 Multiple Choice O # The amount reported for ending inventory should be calculated as $250,000+ ($9,000 + 1.06). The amount reported for ending inventory should be calculated as $259,000 + 1.06. The amount reported for ending inventory is correct. 20 F3 $ 000 F4 % F5 < Prev A S F6 16 of 16 & # K F7 Next * * O DII F8 44 F9 A F10 A FIT
- Abacus Ltd undertook the following transactions during May 2022. Purchased $18,480 inventory; terms 1/10, n/30. May. 1 8 Returned $1,980 of the inventory purchased on May 1. 16 Sold inventory on credit for $8,745. Cost of the inventory sold was $5,700. Required: a) Prepare the journal entries to record the transactions using periodic inventory system. GST apply, and assuming that all the prices are GST inclusive. b) Prepare the journal entries to record the 8th and 16th transactions using perpetual inventory system. Ignore GST.6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Unit Cost When Acquired Item A B C D Quantity on Hand 80 35 40 75 €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 each in cash and written-off 5 units of D. Make necessary journal entries.The following inventory transactions took place for Ivanhoe Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Quantity 24,000 6,400 33.000 9,600 41,600 14,400. 20,400 9,600 16.500. Cost/ Selling Price $49.00 72.00 41.15 48.10 72.00 47.50 72.00 56.50 72,00 V Calculate the ending inventory balance for Ivanhoe Ltd., assuming the company uses a perpetual inventory system and the first-in first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, eg. 52.75 and ending inventory to 0 decimal places, e.g. 5,276.)