A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units 345 260 326 204 480 291 212 185 170 Per Unit Cost $ 90 111 86 52 150 93 310 70 97 Market $98 100 95 41 125 84 322 84 105 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.

A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio equipment Speakers Stereos Amplifiers Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Units 345 260 326 204 480 291 212 185 170 Per Unit Cost $ 90 111 86 52 150 93 310 70 97 Market $98 100 95 41 125 84 322 84 105 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.

Name: A physical inventory of Liverpool Company taken at December 31 reveal
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Description: A physical inventory of Liverpool Company taken at December 31 reveals the following.ItemCar audio equipmentSpeakersStereosAmplifiersSubwoofersSecurity equipmentAlarmsLocksCamerasBinocular equipmentTripodsStabilizersUnits345260326204480291212185170P

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 5E: Inventory Write-Down The following information is taken from Aden Companys records: Required: 1....

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03:02:04 A physical inventory of Liverpool Company taken at December 31 reveals the following. Item Car audio equipment Speakers Stereos Amplifiers. Subwoofers Security equipment Alarms Locks Cameras Binocular equipment Tripods Stabilizers Required 1 No Units 1 336 251 317 195 Date 471 282 203 December 31 176 161 Per Unit Cost $.91 112 87 53 151 94 311 71 98 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Market Complete this question by entering your answers in the tabs below. Required 2 If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. $.99 101 96 42 126 85 323 Cost of goods sold Merchandise inventory 85 106 Answer is complete but not entirely correct. < Required 1 General Joumal Required 2 ✔ Debit 266,419…
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File Edit View History Bookmarks Window Help A education.wiley.com ran Hassan D (74) XAYAAD XIKMO O0. w NWP Assessment Playe. N Solved > 5 -1 Accounti. C Home | Chegg.com A D09: Data Min Question 6 of 10 -/3 View Policies Current Attempt in Progress The Vogelson Company accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Camera $11,000 $9.900 Camcorders 7,800 8,500 DVDS 14,000 12,000 What is the lower-of-cost-or-net realizable value of the inventory? Lower-of-cost-or-net realizable value of the inventory 24 Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR ¢tv S 80 00 D00 DII DD F2 F3 F4 F5 F6 F7 FB F9 F10 @ # $ & % * 2 3 4 6 7 8 9 日

Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
Peete Company identifies the following items for possible inclusion in the physical inventory.Indicate whether each item should be included or excluded from the inventory taking. (a) 900 units of inventory shipped on consignment by Peete to another company. Select between included or excluded from the inventory taking IncludedExcluded (b) 3,000 units of inventory in transit from a supplier shipped FOB destination. Select between included or excluded from the inventory taking ExcludedIncluded (c) 1,200 units of inventory sold but being held for customer pickup. Select between included or excluded from the inventory taking IncludedExcluded (d) 500 units of inventory held on consignment from another company.
Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…
Brief Exercises Identify items to be included in taking a physical inventory. BE6.1 (LO 1), C Peete Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be included or excluded from the inventory taking. a. Goods shipped on consignment by Peete to another company. b. Goods in transit from a supplier shipped FOB destination. c. Goods sold but being held for customer pickup. d. Goods held on consignment from another company. Determine ending inventory amount.
Edit View History Bookmarks Window Help A education.wiley.com ssan D 74) XAYAAD XIKMO OO. w NWP Assessment Playe. N Solved > 5-1 Accounti.. C Home | Chegg.com A DQ9: Data Mining - S Question 5 of 10 - /3 view Policies Current Attempt in Progress Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3,34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. (Round cost per unit to 2 decimal places, e.g. 15.25 and ending inventory and cost of goods sold to the nearest dollar, e.g. 5,275.) Ending inventory Cost of goods sold $ Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR 7 tv ... 80
education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddlewa Prin X M Question 4 - Chapter 5, Assign X Maps Porter's Five Forc... signment 2 8 January 1 April 1 October 1 The following information pertains to the inventory of Parvin Company during Year 2. 300 units @ $37 2,900 units @ $42 500 units @ $45 During Year 2, Parvin sold 3,500 units of inventory at $80 per unit and incurred $46,000 of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $84,000, inventory of $11,100, common stock of $59,000, and retained earnings of $36,100. FIFO General Journal Required a. Record the above transactions in general journal form and post to T-accounts using (1) FIFO and (2) LIFO. Use a separate set of journal entries and T-accounts for each method. Beginning Inventory…
Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
A ezto.mheducation.com Logout Question 7 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work 7 Required information Part 2 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV Furniture $ 86 $101 305 210 Electronics 51 410 eBook 2. Calculate ending inventory using the lower of cost and net realizable value. Hint Lower of Cost Ending Inventory Inventory Quantity and NRV per unit Print Furniture Electronics References Mc Graw Hill