Cost formula Information on Entity A's inventory of Product A is as fóllows: Units Total Cost P 58,650 Unit Cost Balance at Jan. 1 3,000 P19.55 Purchases: 10,200 21.50 219,300 Jan. 6 Jan. 26 2,250 20.60 46,350 Sales: Jan. 7 2,700 Jan. 31 7,200 2. How much are the ending inventory and cost of sales u the FIFO cost formula? Ending inventory a. 117,300 b. 120,300 Cost of sales 207,000 204,000 C. 121,300 d. 124,300 203,000 200,000
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- The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costing is A. P2.50 B. P3.00 C. P3.50 D. P4.50
- How do i create an NPV graph on excel using these data: Unit Sale NPV 1,000,000.00 - 2,952,452.00 1,500,000.00 - 2,001,492.00 2,000,000.00 - 1,050,533.00 2,500,000.00 - 384,861.00 2,789,077.17 - 3,000,000.00 280,811.00 3,500,000.00 946,482.00 4,000,000.00 1,612,154.00 4,500,000.00 2,277,826.00Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Quantity 3,400 4,400 4,900 5,400 4,600 Price/Cost $19 28 47 36 51Jammy Company developed the following information about its inventories in applying the lower of cost and market (LCM) basis in valuing inventories: 1. Market $ 75.000 48,000 102.000 Product Cost $ 70,000 50.000 100,000 A. The value of the inventory reported on the balance sheet should be a. $227.000. b. $220.000. $225,000. $218.000.
- Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rareUse the following date to answer the requirement of this item:Quantity (Product X) - 1,200.00Quantity (Product Y) - 1,800.00Purchase cost per unit (Product X) - 70.00Purchase cost per unit (Product Y) - 90.00Cash discount taken for both products – 10%Freight cost from supplier (Product X) 10.00Freight cost from supplier (Product Y) 30.00Estimated selling price (Product X) 120.00Estimated selling price (Product Y) 150.00Estimated selling costs (Product X) 22.00Estimated selling costs (Product Y) 35.00General and administrative (Product X) 15.00General and administrative (Product Y) 21.00Cost of goods sold per record – 385,800Inventory at year-end shall be carried atThe following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $
- PA9. 10.3 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). a anal Accountingp x+ eburowner abcocteunccT atructorm.omesourcese oand.oeyeinancia.conccountingpar = Contes O Ote p IA t 700 of soss LD Pegevie 692 Chapter 10 Inventory PA9. LO 10.3 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales Beginning inventory Sold Purchased Sold Purchased Sold Ending inventory 240 160 520 $100 $140 103 400 400 142 110 370 144 230d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) a. 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system b. Unit Units Cost 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory 121,848 121,675 X 121,676 Units and Amounts Cost of Goods Sold $ 311,000 311,064 311,328 $ Gross Margin 370,200 370,136 X 369,872Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving average