Skysong Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase. Sale Quantity Price/Cost 1,600 2,600 3,100 3,600 2,800 $14 22 36 28 40
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- Sunland Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market A $109000 $115000 B 77000 73000 C 154000 156000 If Sunland Company applies the LCM basis, the value of the inventory reported on the balance sheet would be a.) $336000. b.) $344000. c.) $340000. d.) $348000.Pharoah Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $141000 $149000 В 99000 94000 C 198000 201000 After Pharoah Company applies the LCNRV rule, the value of the inventory reported on the balance sheet would be O $444000. O $449000. O $438000. O $433000.According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 156000 Opening stock of WIP Opening stock of FG Closing stock of WIP Closing stock of FG 67000 18000 15500 9000 Select one: O a. 216500 O b. 312000 C. 245000 d. 235000
- Suppose that Ivanhoe Depot developed the following information about its inventories in applying the lower-of-cost-or-net- realizable-value (LCNRV) basis in valuing inventories: Product A B C Cost $119000 83000 166000 NRV $125000 79000 168000 After Ivanhoe Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be $368000. O $364000. O $372000. O $376000.3.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,886Floyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.
- On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) МX62 80 $42 $40 05T4 155 20 23 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $ 6,925 x5. For the movement of the INVEST commodity from 01.01.20X1 to 31.12.20X1 you are given the following information: Initial Inventory and Purchases: Units unit price Total 01/01/20X1 Initial Stock 700 350 245.000,00 12/03/20X1 Market 1 270 400 108.000,00 05/06/20X1 Market 2 400 420 168.000,00 12/09/20X1 Market 3 500 440 220.000,00 21/11/20X1 Market 4 200 460 92.000,00 Total 2070 833.000,00 Sales: Units unit price Total 15/02/20X1 Sale 1 300 710 213.000,00 20/05/20X1 Sale 2 500 730 365.000,00 10/09/20X1 Sale 3 400 740 296.000,00 10/12/20X1 Sale 4 750 750 562.500,00 0,00 Total 1950 1.436.500,00 Whereas: A. ABC determines the cost of its goods sold on the basis of: The FIFO method The method of the weighted average (cost) B. During the inventory of the goods on 31/12/20X1 it was found that its current price amounted to € 520 per unit. It is requested to calculate without calendar entries: the cost of…
- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 169000 Opening stock of WIP 73000 Opening stock of FG 22000 Closing stock of WIP 18500 Closing stock of FG 11000 choose one a. 234500 b. 252300 c. 286400 d. 243000Presented below is information related to Rembrandt Inc.’s inventory. 000(per unit)000 00Skis00 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to sell 19.00 8.00 2.50 Cost to complete 32.00 29.00 21.25 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV.8. Banana Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using FIFO retail? a. 368,950 b. 258,265 c. 250,886 d. 258,625