Sanchez Farm Goods sells hay bales and silage to farmers. They use a LIFO inventory system. For 2022, their inventory was valued at $157,417. On their financial statements, they stated that their inventory valued with the FIFO method would have been $168,592 What is Sanchez's LIFO reserve? O 0.934 O $11,175 O 1071 0-$11,175
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- A local manufacturer, who deals with gasolene products, maintains his inventory record using weighted average method. Assuming that the prices would go up, he purchased gasolene on different dates and stored it, to be sold for a higher price. Below are the transactions that were recorded by him in the month September 2022. 02-Sep Purchased 1,200 ltrs. @1.15 pre ltr. 05-Sep Purchased 1,000 ltrs. @1.20 per ltr. 08-Sep Purchased 1,500 ltrs. @1.15 per ltr. 13-Sep Issued 2,000 ltrs. to production 19-Sep Purchased 1,200 ltrs. @1.25 per ltr. 22-Sep purchases 1,000 ltrs. @1.30 per Itr 25-Sep Issued 2,000 Itrs. To production 28-Sep Purchased 800 Itrs. @1.40 per ltr. 30-Sep Purchased 1,000 ltrs. @1.50 per ltr. Please find the value of his closing inventory and value of the issues using weighted average method.The following information is available for Ayayai Corp. for 2023: Payment for goods during year Accounts Payable, beginning Inventory, beginning Accounts Payable, ending Inventory, ending Cost of goods sold for 2023 is $106100. $120600. $137700. $106300. $106200 14200 31500 14100 17000Naylor, Inc. uses a perpetual inventory system. It records its inventory at lower-of-cost-or-net realizable value based on total inventory using an Allowance account to record NRV adjustments. At December 31, 2019, inventory was $215,000 at cost and $200,000 at NRV. At December 31, 2020, the inventory was $278,000 at cost and $260,000 at NRV. Compute the inventory reported by Naylor on (a) December 31, 2019, and (b) December 31, 2020. Also, (c) prepare the journal entry on December 31, 2020 under the Loss Method.
- displayed below.] On July 15, 2021, the Nixon Car Company purchased 2,200 tires from the Harwell Company for $45 each. The terms of the sale were 2/1O, n/30. Nixon uses a perpetual inventory system and the gross method of accounting for purchase discounts. lixon instead unaMarigold Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,649 at both cost and market value. At December 31, 2025, the inventory was $287,776 at cost and $269,210 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation (a) (b) Cost of Goods Sold Allowance to Reduce Inventory to Market Inventory Loss Debit 18566 18566 Credit 18566 18566Middleton Company uses the perpetual inventory system. The company purchased an item of inventory for $130 and sold the item to a customer for $200. How will the sale affect the company's Inventory account?
- Hogan Industries had the following inventory transactions occur during 2022: Units Cost/unit Feb. 1, 2022 Purchase 108 $45 Mar. 14, 2022 Purchase 186 $47 May 1, 2022 Purchase 132 $49 The company sold 306 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars)Nuker Co. uses LIFO for its inventory. Under LIFO, Nuker's: 2019 Cost of Goods Sold is $42,000 • December 31, 2018 Inventory is $8,400 • December 31, 2019 Inventory is $9,300. Nuker's notes disclosed LIFO reserves of $1,200 on December 31, 2018 and $1,500 on December 31, 2019. Identify the following statements that are TRUE. The 2019 Cost of Goods Sold using FIFO would have been $41,700. The December 31, 2019 inventory using FIFO would have been $7,800. Purchases of inventory during 2019 totaled $42,900. The December 31, 2018 inventory using FIFO would have been $9,600.Nash Company uses the LCM method, on an individual-item basis, in pricing its inventory items because it uses LIFO to value its inventory. The inventory at December 31, 2025, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $247 $227 $196 $185 $227 $185 Cost 155 165 165 165 103 74 Replacement cost 247 148 144 62 144 62 Estimated selling expense 62 62 62 52 62 62 Normal profit 41 41 41 42 41 41 41 Using the LCM rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2025, for each of the inventory items above. Item D $ Item E $ Item F $ Item G $ Item H $ ItemI $ +A
- Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method of accounting for inventory. Beginning Inventory, January 1, 2019: 100 units @ $10.00 Purchase of inventory, June 1, 2019: 200 units @ $12.00 Sale of inventory, November 1, 2019: 150 units What amount is reported as cost of goods sold?ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020 for $15 3.One item on 2/25/2020 for $20 ABC Company sells one item on 2/28/2020 for $90. What would be the balance of ending inventory and cost of goods sold for the month ended February 2020. Find the Ending Inventory and Cost of good Sold by : FIFO?Average cost?Novak Inc. uses a perpetual inventory system. At January 1, 2025, inventory was $547,840 at both cost and net realizable value. At December 31, 2025, the inventory was $732,160 at cost and $678,400 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) Debit Credit