Sarasota Enterprises Ltd. 's records reported an inventory cost of $ 56, 500 and a net realizable value of $ 52, 100 at December 31, 2021 At December 31, 2022, the records indicated a cost of $ 70,700 and a net realizable value of $ 60,500. All opening inventory had been sold during the year. (a) Your answer is correct. Assuming that Sarasota Enterprises uses a perpetual inventory system, prepare the December 31, 2022 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Assume that at December 31, 2023, the records show inventory with a cost of $ 60, 900 and a net realizable value of $ 62,800. Prepare the December 31, 2023 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.)

On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $76500. It is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. # 1 2 ... Jen & Mink Clothing, Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Unit Cost ($) Total Value ($) 7649 10824 Blue Jackets Black pants 102 304 22 17 2,244 5,168 *** Total Inventory $76,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 102 blue jackets, for $2,244 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $720 and…

Boulder, Incorporated is computing its inventory at December 31, 2022. The following information relates to the five major inventory items regularly stocked for resale: Item A B C D E Item A B Required: Using the lower of cost or net realizable value, compute the total valuation for each inventory item at December 31 2022, and the total inventory valuation. C Ending Inventory, Quantity on December 31, 2022 Unit Hand 140 190 45 340 740 D E Total Inventory Valuation $ Net Realizable Value (Market) at Cost when Acquired (FIFO) December 31, 2022 $44 $39 $54 $56 $104 $84 $66 $16 0 $64 $19

Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $215,000. Inventory data are as follows: Year 2025 2026 2027 Ending Inventory at Year-End Costs $ 262,500 350,750 354,000 Ending Inventory at Base Year Costs $ 250,000 305,000 295,000 Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory at Date Year-End Cost Year-End Cost Index 12/31/2024 12/31/2025 12/31/2026 = Inventory DVL Cost Ending Inventory at Base Year Ending Inventory at Base Year Year-End Cost Index Cost Cost Inventory Layers Converted to Cost Base $ ° Base 2025 $ 0 Base 2025)

Current Attempt in Progress Marigold Inc. uses a perpetual inventory system. At January 1, 2025, inventory was $368,080 at both cost and net realizable value. At December 31, 2025, the inventory was $491,920 at cost and $455,800 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) e Textbook and Media List of Accounts Save for Later Debit Credit Attempts: 1 of 3 used Submit Answer

s Mercury Company has only one inventory pool. On December 31, 2024, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $210,000. Inventory data are as follows: Year 2025 2026 2027 Date Required: Compute the inventory at December 31, 2025, 2026, and 2027, using the dollar-value LIFO method. Note: Round "Year end cost index" to 2 decimal places. 12/31/2024 12/31/2025 12/31/2026 Ending Inventory at Ending Inventory at Year-End Costs Base Year Costs $ 252,000 333,500 336,000 12/31/2027 $ 240,000 290,000 280,000 Inventory Layers Converted to Base Year Cost Inventory at Year-End Cost Year-End Cost Index = = = = Ending Inventory at Base Year Cost Base Base 2025 Base 2025 2026 Base 2025 2026 2027 Inventory Layers Converted to Cost Ending Inventory at Base Year Cost Year-End Cost Index = Inventory Layers Converted to Cost Inventory DVL Cost $ $ $ $ 0 0 0 0

Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory. The following data has been accumulated from the accounting records: Merchandise inventory, January 1, 2024 Cost $ 299,390 661,388 Net purchases Net markups Net markdowns Net sales Pertinent retail price indexes: January 1, 2024 December 31, 2024 Required: Estimate the ending inventory for December 31, 2024. 1.00 1.10 Note: Round "Cost-to-retail percentage" to 2 decimal places. Estimated ending inventory (At Retail) Estimated ending inventory (At Cost) Retail $ 470,000 1,017,000 13,700 3,700 633,500

Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company’s interim income statements as originally reported under the LIFO method follow:     2019   2020   1stQ   2ndQ   3rdQ   4thQ   1stQ Sales $ 14,000     $ 16,000     $ 18,000     $ 20,000     $ 22,000   Cost of goods sold (LIFO)   4,400       5,400       6,200       7,400       8,900   Operating expenses   2,400       2,600       3,000       3,400       3,600   Income before income taxes $ 7,200     $ 8,000     $ 8,800     $ 9,200     $ 9,500   Income taxes (25%)   1,800       2,000       2,200       2,300       2,375   Net income $ 5,400     $ 6,000     $ 6,600     $ 6,900     $ 7,125       If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows:     2019   2020   1stQ   2ndQ   3rdQ   4thQ…

Bonita Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. 12/31/25 12/31/26 Cost $312,750 393,920 Date Net Realizable Value $286,430 371,370 (a) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold 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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit