With net sales of $40,000, beginning inventory at retail of $14,000, ending inventory at retail of $20,000, and cost of goods sold of $19,500, the inventory turnover at retail is (to the nearest hundredth): Multiple Choice O O O O 5.15 3.25 2.35 5.23 None of the answer choices are correct.

A3

Valuing Inventory at Lower-of-Cost-or-Market Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of selling price, and gross profit is estimated to be 25% of the selling price. Determine the value of inventory applying the lower-of-cost-or-market rule to each individual inventory item. Note: Round each amount to the nearest dollar. #1 #2 #3 #4 #5 Estimated selling price $66 $76 $82 $100 $130 Original cost (LIFO) 45 48 60 63 90 Replacement cost 50 70 49 66 83 Inventory at the lower-of-cost-or-market $ (10) x $ (11) x $ (12) x $ (25) х $ (20) x

Compute the ending inventory using lower-of-average-cost-or-market. (Round ratios for computational purposes to 0 decimal places, e.g 78% and final answer to 0 decimal places, e.g. 28,987.) Ending Inventory at Lower-of-Average-Cost-Or-Market   $ ____________

The accounting records of Cullumber Electronics show the following data. Beginning inventory Purchases Sales 4,000 units at 8,500 units at $8 10,700 units at $11 * Your answer is incorrect. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ e Textbook and Media $6 X Your answer is incorrect. Cost of goods sold $ Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to O decimal places, e.g. 125.) FIFO 5.36 56,200 $ LIFO 59,800 $ Average-cost 57,352

Your answer is incorrect. Inventory data for Shamrock Company are reported as follows: Date Explanation Number of Units Unit Cost Total Cost June 1 Beginning inventory 370 $5 $1,850 CL Purchase 570 6 3,420 23 Purchase 470 7 Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 530 units on June 27 for $9. On June 30, 270 units remain in inventory. Calculate the cost of ending inventory and cost of goods sold on June 30 under weighted average. (Round the weighted average cost per unit to 3 decimal places, eg. 5.271 and final answers to 2 decimal places, eg. 5,275.75.) Weighted Average Ending inventory $ 1,639.90 Cost of goods sold $ 6,924.80

answer in text form please (without image)

N5. Account

Valuing Inventory at Lower of Cost or Market Management of Tarry Company reports the following inventory using LIFO and applies the lower of cost or market rule. ■ Edgers: 1,680 units in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. ■Clippers: 1,120 units in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal profit is 20% of sale price. Required a. Determine the inventory cost to report on the balance sheet assuming that the company applies the lower of cost or market rule to each inventory item. b. Prepare the journal entry to apply the lower of cost or market rule to inventory assuming that the company adjusts inventory directly and adjusts equity through cost of goods sold. a. Inventory valuation for edgers $ Inventory valuation for clippers Total inventory…