some expert tutor answer this query asap for both Neighbourhood Electronics runs a small storecarrying four items of inventory. At the endof its fiscal year, the physical stock take,their book value, and the market(replacement) price were compiled.UnitsBook costMarket priceCell phones128$ 85$ 66Android Tablets765460Kindles47105108Chrome books246361The company's policy is to record closinginventory at a lower cost or market value,using individual valuation.What correcting entries will this companymake at the fiscal year end?

the correcting entries that Neighbourhood Electronics should make at the end of the fiscal year, we…

Answered: Neighbourhood Electronics runs a small…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in the accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market.
Westcoast Purveyors had 343 computer system in stock at the end of the year. Inventory records show the following information: *Chart Attached* A): Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory. $ B): Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for Save-Mor Merchandisers. *Chart attached*
Lower of Cost or Market Garcia Company's inventory at the end of the year was recorded in its accounting records at $17,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $16,500. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year?$ Hide 2. Prepare the journal entry required to value the inventory at the lower of cost or market. Dec. 31 (Reduced inventory to market value)
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of ProductEF5089 and information about purchases and sales made during June are shown in the picture.Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST. Please answer:a) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June. b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.
Use the following information to answer the next two (2) items Your sales cut-off examination of Indigo, Inc. revealed the following information: • The December 31 inventory was determined by a physical count on December 29 and based on such count, the inventory was recorded by: Inventory P450,000 Cost of Sales P450,000 • The 2021 ledger shows a Sales balance of P1,820,000 • The company sells at a markup of 25% based on cost. • All customers are within a four-day delivery area of the company plant. • The sales register for December 2021 and January 2022 showed the following details: December 2021 Register Invoice Number 101 102 FOB Terms Shipping point Destination Date Shipped 12/30 12/27 Amount P12,000 9,000 17,500 7,200 18,000 103 104 Shipping point Destination 12/29 12/29 105 Shipping point 12/28 January 2022 Register Invoice Number 106 FOB Terms Destination Date Shipped 12/31 Amount P24,000 107 108 Shipping point Destination 12/29 15,000 22,500 30,000 5,000 01/02 109 Destination…
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown in the image. Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales on credit,Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST.Required:a) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June. b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.
louie company sells Astro's photocards for P30 each. the following was taken from the inventory records during march: date photocard units cost march 03 purchase 500 P15 march10 sale 300 17 purchase 1000 P17 20 sale 600 23 sale 300 30 purchase 1000 P20 1. Determine the cost of sales and cost of ending inventory using First-in-First-out Method (Periodic) 2.Determine the cost of sales and cost of ending inventory using Weighted Average Method 3. Determine the cost of sales and cost of ending inventory using Moving Average Method
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The problem is stated in the picture. Here is the question: 1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?
Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 400 units of inventory that cost $15.00 each. At a later date during the year, the company purchased an additional 800 units of inventory that cost $18.00 each. Vargas sold 500 units of inventory for $27.00. What is the amount of cost of goods sold that will appear on the current year's income statement? Multiple Choice ο ο ο ο $4,500 $6,000 $7,800 $5,700
On January 1, 2016, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Account- ing records provided the following information: Retail Cost $ 40,800 $ 68,000 270,000 6,000 8,000 250,000 Beginning inventory Net purchases Net markups Net markdowns 155,440 Net sales Retail price index, end of year 1.02 Calculate the inventory value at the end of the year using the dollar-value LIFO retail method.
Donaldson Corporation uses a periodic inventory system. On January 1, inventory is $253,000. On April 5, Donaldson sells inventory with a selling price of $75,000 on account. The cost of the inventory sold is $50,000. The journal entry (entries) to record the sale is (are) ________. Group of answer choices debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory debit Cash and Cost of Goods Sold and credit Sales Revenue and Inventory debit Accounts Receivable and credit Sales Revenue debit Cash and credit Sales Revenue

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