FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
You are given the following data in relation to two items held in inventory.
|
|
Purchase price |
Costs incurred to date |
Estimated selling price |
Selling costs |
|
Item A |
400 |
50 |
425 |
60 |
|
Item B |
100 |
25 |
200 |
50 |
|
|
500 |
75 |
625 |
110 |
What is the aggregate amount at which inventories of these items should be stated in the
Select one:
a.
425
b.
515
c.
600
d.
490
e.
575
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- A company uses ABC analysis to help manage its inventory. Its current stock of inventory reflects the following iterns, itern value and quantity. Click the icon to view company's inventory database. Find the percentage input to the total dollar value for each item (enter your responses rounded to one decimal place) % Dollar Value Item Part 142-AZ More Info W Item Part 142-AZ 4392-GF 86935-ES 173-DC 999-BA 7846-NM 2765-OP 103-VX 2648-YT Item Cost ($) 564 46 16.00 647 193 20 367 11.50 16.50 Quantity In-Stock 330 1,291 3,521 1,856 509 993 809 4,818 5,134 P <-Xarrow_forwardQuestion 12 Which report shows the book (purchase or cost) value of inventory items with quantity on hand? Product/Service List O Transaction List by Inventory Item Sales by Product/Service Summary O Inventory Valuation Summary (or Detail)arrow_forwardThe cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________arrow_forward
- 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 xarrow_forwardLower-of-cost-or-market method On the basis of the following data, 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 10. Commodity InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) JFW1 53 $39 $34 SAW9 108 19 23 fill in the blank 1 of 1$arrow_forwardLower-of-cost-or-market method On the basis of the following data, 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 10. Commodity InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) JFW1 78 $58 $55 SAW9 148 28 33arrow_forward
- Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Item Quantity Cost per Unit Market Value per Unit (Net Realizable Value) JFW1 5,750 $9 $10 SAW9 1,040 27 24 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. 76,710arrow_forwardDetermine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32arrow_forward
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