Chapter 1 - Inventories The December 31, 2019 inventory of Hope Company consisted of four products, for which certain information is provided below. Estimated Unit Number disposal cost selling price TITTTT Estimated Normal profit on sales 20% 25% 30% 10% Product Cost of units H per unit 6.50 12.00 25.00 3.00 per unit 40 25 42 120 18 1,000 2,000 3,000 4,000 48 P 190 E 26 Hope Company measures its inventory at the lower of cost and net realizable value on an item-by-item basis. How much is the total inventory value at December 31, 2019? P692,500 P541,000 P529,000 P469,000 a. b. с. d.

Chapter 1 - Inventories The December 31, 2019 inventory of Hope Company consisted of four products, for which certain information is provided below. Estimated Unit Number disposal cost selling price TITTTT Estimated Normal profit on sales 20% 25% 30% 10% Product Cost of units H per unit 6.50 12.00 25.00 3.00 per unit 40 25 42 120 18 1,000 2,000 3,000 4,000 48 P 190 E 26 Hope Company measures its inventory at the lower of cost and net realizable value on an item-by-item basis. How much is the total inventory value at December 31, 2019? P692,500 P541,000 P529,000 P469,000 a. b. с. d.

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 62E

See similar textbooks

Similar questions

Chapter 1-Inventories Inancial lued a ating Mega Company had the following inventory transactions during 2019 Unit Selling Price Units 250 200 275 (120) (55) (250) 300 Unit Cost P10.50 11.00 Inventory, January 1 Purchase, March 7 Purchase, July 15 Sale, May 20 Sale, June 30 Sale, September 17 Inventory, December 31 अधि a P562,500 11.75 P14.00 15.00 16.00 endor om eived and shipped on REQUIRED: 31, 2019 ry 2, 2020 -The goods Determine the cost of ending Insontory, cost of goods sold and gross profit under cach of the following inientory cost flru methods. Complete the table given beiow. cost to nearest rentare and total cost fo neerest pese (Where necessary, round off unit पा oापा ecember 31 in the year ere deliverr Cost of End ng Inventory Cost of Goods Sold Gross Proft FIFO Weighted Average received an
The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021: Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5 Purchase No. 1 400 €5 Sale No.1 600 €10 Sale No.2 100 €12 Purchase No. 2 1,000 €7 Sale No.3 700 €10 Purchase No. 3 1,000 €7 Sale No.4 600 €15 Sale No.5 600 €15 Purchase No. 4 1,200 €9 Selling price as at December 31, 2021 €14 Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400 €12 Purchase No. 1 600 €8 Purchase No. 2 500 €7 Sale No.2 650 €12 Purchase No. 3 150 €9 Purchase No. 4 200 €8 Selling priceas at December 31, €11 2021…
Question: 3 On February 27, 2019, Webmaster, Inc. sold 1200 printer to Marine Supplies. Prior to this sale the Webmaster perpetual inventory records for these units included the following cost layers: Purchase Date Quantity Unit Cost Total Cost Feb. 12, 2019 500 14 7,000 Feb. 18, 2019 1400 16 22,400 Total on hand 1,900 29400 Required: Refer to the cost of goods sold figures (computed column of sold items in subsidiary ledger). For financial reporting purposes, can the company use the valuation method that resulted in the highest cost of goods sold if, for tax purposes, it used the method that resulted in the lowest cost of goods sold? Explain.
PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…
MC35 The December 31, 2019 inventory of Hope Company consisted of NC35 The December 31, 2019 inventory of Hope Company consisted of four products, for which certain information is provided below. Estimated Unit Number disposal cost selling price per unit 6.50 Estimated Normal profit on sales 20% Product Cost of units 1,000 2,000 3,000, 4,000 per unit 40 25 42 12.00 48 25% 120 25.00 3.00 P 190 30% E 18 26 10% Hope Company measures its inventory at the lower of cost and net realizable value on an item-by-item basis. How much is the total inventory value at December 31, 2019? P692,500 P541,000 P529,000 P469,000 а. b. с. d.
In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costing is P2.50 P3.00 P3.50 P4.50
02/ The following data industrial company for materials (X) 1/2 Balance 1000 unit@10$ 1/5 Issued 500 unit 1/9 purchase S00 unit @12 1/10 purchase 1000 unit @14 25/11 Returen 200unit fram issued quantity 5/1 1/30 purchase 300 unit @15 R)prepare the cost of materials used and the cost assigned to the ending inventory using (LiFo, weighted averge method)
PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records: 2019 2020 2021 Number of units produced 120,000 116,250 101,250 Number of units sold 75,000 108,750 97,500 Unit production cost P 4.50 P 5.20 P 5.80 Sales revenue 600,000 900,000 975,000 Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:
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
Question 14 Sami Company had the following balances and transactions during 2020. ot yet pajƏMS arked out of Beginning inventory 10 units at OR70 D0 March Sold 8 units Flag auns October 30 Purchased 20 units at OR80 Sold 15 units What would the company's Inventory amount be on the December 31, 2020 balance sheet, if the periodic average-costing method IS used? (Answers are rounded to the nearest Rial.) Select one O a OR 490 Ob OR 554 Oc. OR537 Od.OR 50
Question: 3On March 31, 2020, Sole way, Inc. sold 800 computers to Xavier Company. Prior to this sale the Sole way records for these units included the following cost layers: Purchase Date Quantity Unit Cost Total CostMar. 11, 2019500 20 10,000Mar. 19, 2019 1200 23 27,600Total on hand 1700 37,600 Required:⦁ Complete a subsidiary ledger record for the computer using each of the three inventory valuation methods listed below⦁ Average cost.⦁ FIFO. ⦁ LIFO. Your inventory records should show both purchases of this product, the sale on Mar 31, and the balance on hand on Mar 31, 2020.⦁ Which of the three cost flow assumptions will result in reporting the lowest net income for the current year? Explain
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