Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing.      Cost    ReplacementCost    SalesPrice    Net RealizableValue    NormalProfit Aluminum siding $ 70,000 $ 62,500 $ 64,000 $ 56,000 $ 5,100 Cedar shake siding   86,000   79,400   94,000   84,800   7,400 Louvered glass doors  112,000  124,000  186,400  168,300  18,500 Thermal windows  140,000  126,000  154,800  140,000  15,400  Total $408,000 $391,900 $499,200 $449,100 $46,400 Instructions a.    1. Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. 2.   For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Prior to adjustment, the Allowance account had a balance of $27,500. b.    Explain the rationale for the use of the lower-of-cost-or-market rule as it applies to inventories.

Typed plz and asap please provide me a quality solution reed the question carefully and answer accordingly that  and take care of plagiarism also

Wildhorse's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Wildhorse's Gift Shop's year end, December 31: Clothing Units Unit Cost 91 $8 76 20 2017 Greeting cards 47 4 60 12 Jewellery Stuffed toys (a) Net Realizable Value per Unit Lower of cost and net realizable value $6 $ 27 5 Determine the lower of cost and net realizable value of the ending inventory assuming Wildhorse's Gift Shop applies LCNRV on individual items. 38

13. Using the following information calculate the Cost of Goods Sold (COGS) and Ending Inventory (El) using the "FIFO Periodic/Perpetual" method. Beginning Inventory 2,400 units @$46 each Jan 5th Sold 2,000 units Jan 10th Purchased 4,000 units @, $50 Jan 15th Sold 3,500 units Jan 20th Purchased 2,000 units @$55 13. Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Periodic" method. 13 Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Perpetual" method. Note: This method requires a little more thought but is more in line with the actual events, in chronological order.

vishu subject-Accounting

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…

Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over.   Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1   69 units @ $18 Purchase:     October 7   48 units @ $20 October 18   66 units @ $22 October 27   44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1.  Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2.  FIFO ?   3.  LIFO ? ? 4.  Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?

Note that this was everything given for this particular item.   Use the information below to figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Inventory schedule for JMC Lawncare For the month ended March 31, 2022 Dates Number of units $ per unit Total units Total cost March 1 100 4.00     March 8 50 2.50     March 15 150 5.00     March 22 125 4.50     March 29 200 7.00     Totals     625 3,237.50   25 units purchased on March 30 at $2.00 per unit

Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Using the information below.  Jacob's Footwear Inc. For the Month Ended January 31, 2022 Month          Description                   Units     Unit Cost     Total Cost Jan. 1     -     Beginning Inventory     300       $9                 $2,700 Jan. 10   -     Purchase                       100       $8                 $800 Jan. 15   -     Purchase                       200       $12               $2,400 Jan. 20   -     Purchase                       150       $11               $1,650 Jan. 25   -     Purchase                       250       $12               $3,000 Total                                                   1,000                          $10,550 The amount of units still left on-hand is 375. less