Sunland Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawke Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost 2,300 3,300 3,800 4,300 3,500 $16 24 40 31 44
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- Pharoah Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $141000 $149000 В 99000 94000 C 198000 201000 After Pharoah Company applies the LCNRV rule, the value of the inventory reported on the balance sheet would be O $444000. O $449000. O $438000. O $433000.Suppose that Ivanhoe Depot developed the following information about its inventories in applying the lower-of-cost-or-net- realizable-value (LCNRV) basis in valuing inventories: Product A B C Cost $119000 83000 166000 NRV $125000 79000 168000 After Ivanhoe Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be $368000. O $364000. O $372000. O $376000.Seagull Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?
- Blue Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 Transaction 4/2 11/4 Beginning inventory Purchase 2/20 Sale Purchase Sale Quantity 3,200 4,200 4,700 5,200 4,400 Price/Cost $18 27 46 35 503.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,8861. Details of OCC Corp inventory balance and Cost of Good Sold are given below: $ Million 2022 2021 Inventory Balance 2032 1940 Cost of Goods Sold 22344 21998 OCC uses LIFO for valuation of approximately 60% of its inventory, and FIFO for the rest. LIFO reserve for 2022 and 2021 are respectively $ 205 and $212. What would be inventory values respectively for 2022 and 2021 if FIFO was being used for inventory valuation? a. $ 2237 and $ 2152 b. $ 1424 and $ 1376 c. $ 1827 and $1728 d. $ 2155 and $ 2067 e. None of the above
- Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail?Nash Company uses the LCM method, on an individual-item basis, in pricing its inventory items because it uses LIFO to value its inventory. The inventory at December 31, 2025, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $247 $227 $196 $185 $227 $185 Cost 155 165 165 165 103 74 Replacement cost 247 148 144 62 144 62 Estimated selling expense 62 62 62 52 62 62 Normal profit 41 41 41 42 41 41 41 Using the LCM rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2025, for each of the inventory items above. Item D $ Item E $ Item F $ Item G $ Item H $ ItemI $ +AFloyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.
- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 156000 Opening stock of WIP Opening stock of FG Closing stock of WIP Closing stock of FG 67000 18000 15500 9000 Select one: O a. 216500 O b. 312000 C. 245000 d. 235000After the business combination on the basis of full-goodwill approach, what amount of inventory will be reported? a. P179,000 b. P200,000 c. P210,500 d. P215,000Presented below is information related to Rembrandt Inc.’s inventory. 000(per unit)000 00Skis00 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to sell 19.00 8.00 2.50 Cost to complete 32.00 29.00 21.25 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV.