Blossom Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Types: Units Unit Cost Unit Net Realizable Value Marilyn 12 $130 $127 Farrah 10 200 210 Jane 7 50 75 J-Lo 6 181 197 Cpt. Kirk 9 145 103 Assuming Blossom values each type of wig separately, determine the lower of cost and net realizable value of the ending inventory. Lower of cost and net realizable value $

Blossom Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Types: Units Unit Cost Unit Net Realizable Value Marilyn 12 $130 $127 Farrah 10 200 210 Jane 7 50 75 J-Lo 6 181 197 Cpt. Kirk 9 145 103 Assuming Blossom values each type of wig separately, determine the lower of cost and net realizable value of the ending inventory. Lower of cost and net realizable value $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Sheridan Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Types: Marilyn Farrah Jane J-Lo Cpt. Kirk Units 13 11 9 6 9 Unit Cost $146 217 55 198 153 Unit Net Realizable Value $141 222 89 207 111
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Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…
help me The following information is taken from the records of Wildlife Florist. The company usesthe perpetual inventory system.Date Description Units Unit Cost (RM)Dec1 Opening inventory 200 20Dec 5 Sale 108Dec 6 Purchase 200 18Dec 12 Purchase 125 17Dec 13 Sale 300Dec 19 Purchase 350 21Dec 29 Purchase 150 18Dec 30 Sale 4005Required:-a. Calculate cost of goods sold and the cost of ending inventory under each of thefollowing inventory cost flow assumptions:i. FIFO.ii. Weighted average.
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Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units Cost per purchased unit Total cost 51 $ 8.10 $ 413.10 46 7.35 338.10 61 7.10 433.10 56 7.60 425.60 214 $ 1,609.90 Cost of goods sold Ending inventory
The Pins Shop shows the following data related to an item of inventory. SHOW ALL COMPUTATION FOR FULL CREDITI Inventory, January 1 99 units @ $5.00 Purchases, January 9 300 units @ 6.00 Purchases, January 19 100 units @ $7.00 Inventory Sold: 398 Units a. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using FIFO? b. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using LIFO?