(LO 3) tes the following cost and net realizable value Determine Inventory Categories Cost Net Realizable valuation Data Value Data categories Cameras $12,000 (LO 4) $12,100 9,700 12,800 Camcorders Blu-ray players 9,500 14,000 Compute the lower-of-cost-or-net realizable value for the company's total inventory. BE6-9 At December 31, 2019, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold and $270,000, and sales revenue $380,000. Calculate inventory turnover and days in inventory (LO for A. Kamble Company. Com *BE6-10 Gregory Department Store uses a perpetual inventory system. Data for product Ap E2-D2 include the following purchases. Number of Units Unit Price Date $10 13 50 May 7 July 28 30 On June 1, Gregory sold 26 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using (a) FIFO, (b) LIFO, and (c) moving- *BE6-11 At May 31, Suarez Company has net sales of $330,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory, assuming th. gross profit rate is 35%. average cost. (Round average cost per unit to nearest cent.)

(LO 3) tes the following cost and net realizable value Determine Inventory Categories Cost Net Realizable valuation Data Value Data categories Cameras $12,000 (LO 4) $12,100 9,700 12,800 Camcorders Blu-ray players 9,500 14,000 Compute the lower-of-cost-or-net realizable value for the company's total inventory. BE6-9 At December 31, 2019, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold and $270,000, and sales revenue $380,000. Calculate inventory turnover and days in inventory (LO for A. Kamble Company. Com BE6-10 Gregory Department Store uses a perpetual inventory system. Data for product Ap E2-D2 include the following purchases. Number of Units Unit Price Date $10 13 50 May 7 July 28 30 On June 1, Gregory sold 26 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using (a) FIFO, (b) LIFO, and (c) moving- BE6-11 At May 31, Suarez Company has net sales of $330,000 and cost of goods available for sale of $230,000. Compute the estimated cost of the ending inventory, assuming th. gross profit rate is 35%. average cost. (Round average cost per unit to nearest cent.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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