The following data relates to Bands Are Us. Inc. for the 31, 2015: Ending inventory at cost $ 54,000 Ending inventory at NRV $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 year ended December Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment?a. $65,700b. $68,300c. $67,000d. $72,000e. $62,000Korte Company's Account reported the following information for 2014: Sales revenue Cost of goods sold Operating expenses Cash dividends received on the securities $ 15,00,000 10,50,000 1,65,000 6,000 For 2014, Korte would report a gross profit of:a. $291,000b. $285,000 c. $241,000d. $450,000

The following data relates to Bands Are Us. Inc. for the 31, 2015: Ending inventory at cost $ 54,000 Ending inventory at NRV $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 year ended December Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment?a. $65,700b. $68,300c. $67,000d. $72,000e. $62,000Korte Company's Account reported the following information for 2014: Sales revenue Cost of goods sold Operating expenses Cash dividends received on the securities $ 15,00,000 10,50,000 1,65,000 6,000 For 2014, Korte would report a gross profit of:a. $291,000b. $285,000 c. $241,000d. $450,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...

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Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
Question. The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost Ending inventory at NRV $ 54,000 $ 52,700 Ending inventory at fair value $ 59,000 COGS before any adjustment for NRV $ 67,000 Which of the following is the adjusted COGS balance for Bands Are Us Inc. after NRV adjustment? a. $65,700 b. $68,300 c. $67,000 d. $72,000 e. $62,000
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If Inventory on 1.1.2020 was OMR 240,000, Inventory on 31.12.2020 was OMR 320,000 and cost of goods sold was OMR 900,000, the Inventory conversion period will be: a. 113.55 days b. 129.78 days c. None of these d. 97.33 days