FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- I need help calculating not only the net realizable value for all four products but also calculating the ending inventory using the LOWER OF COST OR MARKET METHOD for- individual items, category, and total inventory (Please Show Calculations).arrow_forwardThe following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72arrow_forwardhelparrow_forward
- A manufacturer has the following per-unit costs and values for its sole product: Cost $10.00 5.50 Current replacement cost Net realizable value 6.00 Net realizable value less normal profit 5.20 margin Under the first-in first-out (FIFO) cost method, what is the per-unit carrying value of inventory in the manufacturer's statement of financial position? O 55.20 $5.50 $6.00 $10.00arrow_forwardUsing the following data, how should the merchandise be valued under lower of cost or market?Original cost $1,350Estimated selling price 1,475Selling expenses 180arrow_forwardPlease help me with required 1 and 2.arrow_forward
- Answer with correct explanation calculation clearly for all steps and answer in text formarrow_forwardThe inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Per Unit Product A Cost $ 80 Selling Price $ 100 B 120 160 80 120 D E 80 40 110 50 Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule Co units of ending inventory? Product Cost NRV Per Unit Inventory Value A $ 80 B 56 104 104 C 80 D 80 E 40arrow_forwardGiven the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).arrow_forward
- Ames Trading Co. has the following products in its ending inventory. Product Mountain bikes Skateboards Gliders Quantity Cost per Unit 15 30 29 $710 260 810 Market per Unit $660 290 730 Compute lower of cost or market for inventory applied separately to each product. Per Unit Total LCM applied to Inventory Items Units Cost Market Cost Market each product Mountain bikes Skateboards Glidersarrow_forwardDetermine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32arrow_forward
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