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- Problem 8. * Alfred Company measured inventory at the lower of cost and net realizable value. BTS TWICE 240,000 188,000 360,000 250,000 48,000 50,000 208,000 168,000 25% 25% Historical cost Selling Price Est. cost to complete Replacement cost Profit margin What is the measurement of the inventory? Your answer EXO 300,000 360,000 68,000 318,000 10%Ch 10b, HW#3 Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning Inventory 120 $46 Purchased Mar. 2 165 48 Sold Mar. 31 for $80 per unit 83 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin %24 %24Current Attempt in Progress Swifty Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Net Product Cost Realizable Value A $126000 $129000 B 80000 72000 C 154000 155000 If Swifty applies the LCNRV basis, the value of the inventory reported on the balance sheet would be O $352000. O $360000. O $356000. O $364000.
- Product Total Cost 101 $ 150,000 102 105,000 103 104 75,000 45,000 Total Net Realizable Value $ 115,000 125,000 65,000 65,000 Required: 1. Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of ending inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Product Cost NRV Inventory Value 101 $ 150,000 $ 115,000 102 105,000 125,000 103 75,000 65,000 104 45,000 65,000 $ 375,000 $ 0P10-5 Perth Amboy Corporation manufactures white board in a two-department processes. The Assembly Department uses weighted average costing and the stage of completion of overhead is unrelated to labor. The Finishing Department uses FIFO costing. Materials are added to the final units from Assembly and overhead is applied on the basis of direct labor. The cost accountant gathered the following data for the two departments during the month of October 2015: Assembly Department Units Beginning WIP inventory (100% complete for direct materials, 30% complete for direct labor and 40% complete for overhead) Units started in October 1,200 7,000 1,000 Ending WIP inventory (100% complete for direct materials, 60% complete for direct labor and 70% complete for overhead) OH Total DL P12,700 P10,300 80,000 P92,700 P80,300 P279,500 DM Costs Beginning WIP inventory Current period Total costs P34,500 P11,500 95,000 P106,500 70,000 245,000 Finishing Department Units 2,000 Beginning WIP inventory (100%…Knowledge Check 01 A company has gathered the following per unit cost and replacement cost information relating to Its inventory: - Item A: 5 units with a cost of $50 and a net realizable value of $45 Item B: 7 units with a cost of $60 and a net realizable value of $65 Item C: 9 units with a cost of $30 and a net reallizable value of $25 Under the lower of cost or net realizable value method, what is the amount of ending inventory that should be reported on the company's balance sheet? Ending inventory 45 Form 1040Sch....pdf Form1040 Sch...pdf f1040 Schedul..pdf Form8829 (1).pdf MacBook Air
- Exercise 9-03 X Your answer is incorrect. Try again. Whispering Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Cost to Complete and Sell Cost Item No. Quantity per Unit Selling Price 1320 1,500 $3.55 $5.00 $1.78 1333 1,200 3.00 3.77 1.11 1426 1,100 5.00 5.55 1.55 1437 1,300 4.00 3.55 1.50 1510 1,000 2.50 3.61 1.55 1522 800 3.33 4.33 0.89 1573 3,300 2.00 2.78 1.33 1626 1,300 5.22 6.66 1.67 From the information above, determine the amount of Whispering Company inventory. The amount of Whispering Company's inventory 45,369Problem 11-6 (IAA) Total cost Unit cost Units 40. 400,000 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 10,000 5,000 15,000 18,000 25,000 12,000 January 50 750,000 April July October 60 1,500,00 Required: Compute the cost of the ending inventory and cost of goods sold using: a. FIFO periodic b. Weighted average c. Moving averageExercise 9-03 X Your answer is incorrect. Try again. Whispering Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Cost to Complete and Sell Cost Item No. Quantity per Unit Selling Price 1320 1,500 $3.55 $5.00 $1.78 1333 1,200 3.00 3.77 1.11 1426 1,100 5.00 5.55 1.55 1437 1,300 4.00 3.55 1.50 1510 1,000 2.50 3.61 1.55 1522 800 3.33 4.33 0.89 1573 3,300 2.00 2.78 1.33 1626 1,300 5.22 6.66 1.67 From the information above, determine the amount of Whispering Company inventory. The amount of Whispering Company's inventory Click if you would like to Show Work for this question: Open Show Work
- Enabled: Midterm 2 i C Cost The following information pertains to one item of inventory of the Simon Company. Saved Per unit $ 200 170 190 10 30 Replacement cost Selling price Disposal costs Normal profit margin Using the lower of cost or market method, this item should be valued at:Exercise 6-9 Moving weighted average cost flow assumption-perpetual LO2, 3 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) Date Units Mar 1 2 3 4 7 17 28 Purchases/Transportation-In/ (PurchaseReturns/Discounts) 32 Cost/Unit Brought Forward 27 $ 96.00 97.00 Total $ Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 40 (20) 47 35 Total $ Units 52 $ Balance in Inventory Avg Cost/Unit 94.00 $ Total $ 4,888.00Exercise 9-03 X Your answer is incorrect. Try again. Whispering Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost to Complete and Sell Cost Estimated Item No. Quantity per Unit Selling Price 1320 1,500 $3.55 $5.00 $1.78 1333 1,200 3.00 3.77 1.11 1426 1,100 5.00 5.55 1.55 1437 1,300 4.00 3.55 1.50 1510 1,000 2.50 3.61 1.55 1522 800 3.33 4.33 0.89 1573 3,300 2.00 2.78 1.33 1626 1,300 5.22 6.66 1.67 From the information above, determine the amount of Whispering Company inventory. The amount of Whispering Company's inventory 26,783 Click if you would like to Show Work for this question: Open Show Work
