The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: (Image 1 Table attached) Required:1. Calculate the LCNRV for the: (Image 2 attached)a)inventory by major groupb)inventory applied separately to each product. The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:Per UnitUnits onProductHandCostNRVAudio equipment:Wireless audio receivers327$193$182Touchscreen MP3 players242197217Audio mixers308187171Audio standsVideo equipment:1867997Televisions4622472925GB video cards273165177Satellite video recorders194607612Car equipment:GPS navigatorsDouble-DIN Car Deck with iPod/iPhone Control167165139152207192and Aux InputRequired:1. Calculate the LCNRV for the:a. inventory by major groupb. inventory, applied separately to each product. Per UnitLCNRV applied to:b.a.InventoryItemsUnits onSeparatelyto EachProductCostNRVTotal costTotal NRVMajorGroupHandAudio equipment:Wireless audio receivers327$193$182Touchscreen MP3 players242197217Audio mixers308187171Audio stands1867997Subtotal$Video equipment:Televisions4622472921GB video cards273165177Satellite video recorders194607612Subtotal$Car equipment:GPS navigators167165139Double-DIN Car Deck with iPod/iPhone152207192Control & Aux InputSubtotal$Totals$$$

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Description: The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: (Image 1 Table attached) Required:1. Calculate the LCNRV for the: (Image 2 attached)a)inventory by major groupb)inventory applied separately t

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The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: (Image 1 Table attached) Required: 1. Calculate the LCNRV for the: (Image 2 attached) a)inventory by major group b)inventory applied separately to each product.

The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: (Image 1 Table attached) Required: 1. Calculate the LCNRV for the: (Image 2 attached) a)inventory by major group b)inventory applied separately to each product.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
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
Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
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The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. 2. 3. 4. 5. 6. 7. An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the materials were received on December 28, 2020. Materials costing $7,300 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns were entered into Ogale's general ledger on December 28, even though the returned items did not arrive at the vendor's office until January 6, 2021. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a railroad car on the company's siding on that date and…
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…
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