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Snyder’s cost of goods sold using the LIFO method would be:
a. $7,200.
b. $7,400.
c. $7,475.
d. $7,700.
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- The estimated inventory amount is: A. P720,000 B. P600,000 C. P784,000 D. P840,000 E. P550,000What is the adjusted balance of inventory on December 31, 2021? a. P250,000 b. P274,000 c. P260,000 d. P300,000FE9Advice the closing inventory value as at July 31stProduct Qty On Hand Cost NRVWJ01 225 $0.05 $1.00WJ02 114 $0.20 $0.90WJ03 74 $2.00 $1.60WJ04 35 $6.20 $6.18WJ05 3 $2,500.00 $2,550.00WJ06 58 $1.50 $1.55a) 7,986.05b) 7,955.75c) 8,402.20d) 7,960.65
- Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…FE19Closing InventoryDec Type Qty Price1 Op Inv 65 $34.001 Purchase 79 $36.2511 Purchase 72 $36.5018 Purchase 60 $36.7522 Purchase 59 $37.003 Sale -84 $45.005 Sale -45 $46.0019 Sale -85 $48.0029 Sale -48 $49.0031 Sale -57 $50.00Required:a) Calculate closing inventory Qty and Value as per FIFO method b) Calculate closing inventory Qty and Value as per Weightage Average methodQo' On 31, 2020 Ca and all o $1.350.000 $1.150.000 Red carings Acce 187.000 Cash $2.807.000 12.807.000 An appraisal indicated that the fair valse of the inventory was $372.000 and the fair value of the plast sirts was $1.590,000. The speed pack price www $1.500,000, and th amount was paid in cash to the previous owners of Brighton Company Required: a. Prepare the entry to record the purchase of Brighton Company b. Assume that the carrying amount of Brighton Company dission's net mets, including goodwill $2,550,000 The cevable amount of the division is to be 1 3,000,000. Prepare the journal urnal entry to record the impairment loss (If any) on December 11, 2020.
- Q7 What amount will Music, Inc. report as ending inventory on its December 31, 2021 balance sheet?How much is the total inventory to be reported in the statement of financial position? A. 870,000 B. 866,000 C. 926,000 D. 930,000Inventory as of December 31, 2020 should amount to: *A. 1,200,000B. 1,221,000C. 1,296,000D. 1,452,000
- The inventory of Ivanhoe Company on December 31, 2020, consists of the following items. Cost per Net Realizable Part Quantity unit Value A419 3,400 $ 8 $ 14 A435 2,890 6 5 A545 6,868 5 8 A615 5,100 7 5 A721 7,480 7 7 A885 9,520 11 14 a A999 6,256 5 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. LOWhat should be the reported amount of inventory on December 31, 2021? a.3,330,000 b.3,555,000 c.3,705,000 d.3,880,000Question: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000