On September 5, 2024, Howard Corporation signed a purchase commitment to purchase inventory for $137, 000 on or before March 31, 2025. The company's fiscal year-end is December 31. The contract was exercised on March 4, 2025, and the inventory was purchased for cash at the contract price. On the purchase date of March 4, 2025, the market price of the inventory was $121, 600. The market price of the inventory on December 31, 2024, was 5126,300. The company uses a perpetual inventory system. Required: Prepare the necessary adjusting journal entry (if any is required) on December 31, 2024. Prepare the journal to record the purchase on March 4, 2025.

Sports Authority purchased inventory costing $22,000 by signing a 10​% ​short-term, one-year note payable. The purchase occurred on July ​31, 2021. Ivanhoe pays annual interest each year on   July 31.

On January 1, 2024, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $170,000 and $273,000, respectively. Net purchases during the year at cost and at retail were $719,200 and $890,000, respectively. Markups during the year were $9,000. There were no markdowns. Net sales for 2024 were $844,400. The retail price index at the end of 2024 was 1.05. What is the inventory balance that Coldstone would report in its 12/31/2024 balance sheet? Note: Do not round intermediate calculations.   Multiple Choice   $249,600   $327,600   $202,760   $262,080

Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2024. On that date, the cost of the inventory on hand was $22,000 and its retail value was $27,500. Information for 2024 and 2025 is as follows: Date 12/31/2024 12/31/2025 Ending Inventory Retail Price at Retail $ 36,000 $ 39,000 Required: 1. What is the cost-to-retail percentage for the inventory on hand at 1/1/2024? 2. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method. Required 1 Required 2 Index 1.25 1.30 Ending inventory Complete this question by entering your answers in the tabs below. 23,092 $ Cost-to-Retail Percentage 84% 854 Answer is complete but not entirely correct. Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO retail method. Note: Round your answers to the nearest whole dollar amount. 2024 2025 24,112