The GMA corporation shows the following data related to an item of Inventory Inventory, January 1 100 units @P50 Purchases, January 9 300 units @ P54 Purchases, January 19 90 units @ P60 Sales, January 20 340 units Inventory, January 31 150 units What value should be assigned to the ending inventory using FIFO? None of the above O 3,240 O 17,960 O 5,400 O 8.640

The GMA corporation shows the following data related to an item of Inventory Inventory, January 1 100 units @P50 Purchases, January 9 300 units @ P54 Purchases, January 19 90 units @ P60 Sales, January 20 340 units Inventory, January 31 150 units What value should be assigned to the ending inventory using FIFO? None of the above O 3,240 O 17,960 O 5,400 O 8.640

Name: The GMA corporation shows the following data related to anitem of Inv
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The GMA corporation shows the following data related to anitem of InventoryInventory, January 1100 units @P50Purchases, January 9300 units @ P54Purchases, January 1990 units @ P60Sales, January 20340 unitsInventory, January 31150 unitsWhat value sho

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

See similar textbooks

Similar questions

Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit
Sunland Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market A $109000 $115000 B 77000 73000 C 154000 156000 If Sunland Company applies the LCM basis, the value of the inventory reported on the balance sheet would be a.) $336000. b.) $344000. c.) $340000. d.) $348000.
Cinco Company determined the following information for an inventory at year-end: P2,000,000 1,400,000 1,800,000 1,700,000 1,900,000 Historical cost Current replacement cost Net realizable value Net realizable value less a normal profit margin Fair value What amount should the inventory be reported at yearend? B. P1,700,000 C. P1,800,000 A. P1,400,000 D. P 1,900,000
The inventory records of Sunshine company show the following data: UNITS UNIT COST ESTD. SALES PRICE COST OF TO SELL A 8,000 400 415 20 B 8,000 365 405 15 C 6,000 410 412 7 What amount of inventory will be presented in the statement of financial position under the lower of cost or NRV convention?
Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory: Category Item Quantity Unit Cost Unit Market Price A 101 84 $26.00 $25.00 A 102 40 $45.00 $40.00 A 103 125 $35.00 $32.00 B 104 55 $40.00 $42.00 B 105 55 $68.00 $70.00 C 106 70 $66.00 $77.00 C 107 20 $255.00 $245.00 Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory:
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 700 $1.00 $0.80 1 300 1.50 1.55 200 4.90 5.15 2 100 6.50 6.40 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A Product B Product C Product D Product E Total inventory value b. Groups of items Group 1 Group 2 Group 3 Total inventory value c. The inventory as a whole Total inventory value 24 %24 B.
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32
Shannon, Inc. values its inventory at the lower-of-cost-or-NRV. The following information is available from the company's inventory records as of December 31, 2022. Unit Estimated Selling Completion & Disposal Cost/Unit Item Quantity Cost Price/Unit X490 10,200 $12.50 $14.00 $3.00 X512 4,950 7.00 8.90 0.25 X682 18,000 19.00 31.55 3.25 Z195 12,500 14.25 19.80 1.40 Z846 8,600 12.00 13.95 2.10
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 II