Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 10, Problem 10.1BE
Types of Manufacturing Inventory. Complete the following inventory disclosure: At the end of 2019 and 2018, inventories wore composed of:
| 2019 | 2018 | |
| Raw materials and supplies | $2,206 | $ b. |
| Goods in process | a. | 2,320 |
| Finished goods | 3,566 | 3,490 |
| Total inventories | $8,537 | $7,883 |
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The inventories of Berry Company for the years 2019 and 2020 are as follows:
Cost NRVJanuary 1, 2019 $10,000 $10,000December 31, 2019 13,000 11,500December 31, 2020 15,000 14,000
Berry uses the periodic inventory method and the FIFO inventory cost flow assumption.
Required:
1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the:
a. direct method
b. allowance method
2. Refer to your answer for E8-6. How does the use of a periodic or perpetual inventory system affect the valuation of inventory?
Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method of accounting for inventory.
Beginning Inventory, January 1, 2019: 100 units @ $10.00
Purchase of inventory, June 1, 2019: 200 units @ $12.00
Sale of inventory, November 1, 2019: 150 units
What amount is reported as cost of goods sold?
The table below is a summary of inventory for YZ company. Do a descriptive analysis on products in inventory with regards to minimum, maximum and average book value. Advise manager of YZ of the level of inventory at December 31, 2019.
Chapter 10 Solutions
Intermediate Accounting
Ch. 10 - How is inventory tracked under a perpetual...Ch. 10 - Barbara Wight is Chief Financial Officer at Taylor...Ch. 10 - What costs should be included in the unit cost of...Ch. 10 - When does the inventory allocation problem arise?Ch. 10 - Explain the difference between the FIFO method of...Ch. 10 - Which method of inventory results in an inventory...Ch. 10 - If unit costs are rising and inventory levels are...Ch. 10 - How can financial statements be converted from the...Ch. 10 - Explain the unit of measure under the dollar-value...Ch. 10 - What do firms use as the market value when...
Ch. 10 - Do U.S. GAAP and IFRS treat inventory write-downs...Ch. 10 - Under IFRS, how do firms determine...Ch. 10 - How does the conventional retail method...Ch. 10 - Why would a company use the gross profit method to...Ch. 10 - How are required LIFO disclosures used to compute...Ch. 10 - How does a company build LIFO layers under the...Ch. 10 - Giddens Company adopted the dollar-value UFO...Ch. 10 - The Loyd Company lad 150 units of product Omega on...Ch. 10 - Simmons, Inc. uses the lower-of-cost-or-market...Ch. 10 - Simmons, Inc. uses the lower-of-cost-or-market...Ch. 10 - The Loyd Company had 150 units of product Omega on...Ch. 10 - The Loyd Company had 150 units of product Omega on...Ch. 10 - On March 1, Year 1, LuxWear me had beginning...Ch. 10 - Types of Manufacturing Inventory. Complete the...Ch. 10 - Periodic Inventory System. Emmy Company uses a...Ch. 10 - Prob. 10.4BECh. 10 - Prob. 10.5BECh. 10 - FIFO, Perpetual Basis. Spider incorporated...Ch. 10 - LIFO, Perpetual Basis. Using the information...Ch. 10 - Prob. 10.8BECh. 10 - LIFO Reserve. Best Stores is considering a change...Ch. 10 - LIFO. Perpetual Basis. Source Enterprises reports...Ch. 10 - LIFO Liquidation. Using the information provided...Ch. 10 - Prob. 10.12BECh. 10 - Dollar-Value LIFO, Conversion to FIFO. Using the...Ch. 10 - Lower of Cost or Market. Count Clothing Company...Ch. 10 - Lower of Cost or Market. Using the information in...Ch. 10 - Lower of Cost or Market, IFRS. Using the...Ch. 10 - Prob. 10.17BECh. 10 - Prob. 10.18BECh. 10 - Lower of Cost or Market. Sarat Boot Company...Ch. 10 - Prob. 10.20BECh. 10 - Prob. 10.21BECh. 10 - Gross Profit Method. Sammi Company needs to...Ch. 10 - Prob. 10.23BECh. 10 - LIFO Retail Inventory Method. Complete the...Ch. 10 - LIFO Retail Inventory Method. Complete the...Ch. 10 - Moving Average, FIFO, LIFO. Arthur Lloyd...Ch. 10 - Moving Average, FIFO, LIFO, Presentation, and...Ch. 10 - Moving Average, FIFO, LIFO. Zoola, Inc. provided...Ch. 10 - Prob. 10.4ECh. 10 - LIFO, Conversion to FIFO. Inventory transactions...Ch. 10 - LIFO. Burke Company uses the LIFO perpetual method...Ch. 10 - Prob. 10.7ECh. 10 - Prob. 10.8ECh. 10 - Lower of Cost or Market. All-Kinds-of-Cases...Ch. 10 - Prob. 10.10ECh. 10 - Lower of Cost or Market. Printmaster Distributors...Ch. 10 - Prob. 10.12ECh. 10 - Conventional Retail Inventory Method. Melvin...Ch. 10 - Gross Profit Method. A tsunami destroyed Kyoto...Ch. 10 - Prob. 10.15ECh. 10 - Dollar-Value LIFO Retail Inventory Method....Ch. 10 - Moving Average, FIFO, LIFO. Morocco Imports...Ch. 10 - Prob. 10.2PCh. 10 - Prob. 10.3PCh. 10 - Prob. 10.4PCh. 10 - Prob. 10.5PCh. 10 - Lower of Cost or Market. O'Sullivan Corporation...Ch. 10 - Conventional Retail Inventory Method. John Stevens...Ch. 10 - Prob. 10.8PCh. 10 - Prob. 10.9PCh. 10 - Prob. 1JCCh. 10 - Prob. 2JCCh. 10 - Prob. 3JCCh. 10 - Prob. 1FSACCh. 10 - Prob. 2FSACCh. 10 - Prob. 1SSCCh. 10 - Prob. 2SSCCh. 10 - Surfing the Standards Case 3: Time Shares Treasure...Ch. 10 - Surfing the Standards Case 4: Lower of Cost or...Ch. 10 - Prob. 1BCCCh. 10 - Basis for Conclusions Case 2: The Lower of Cost or...
Additional Business Textbook Solutions
Find more solutions based on key concepts
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
Disposal of assets. Answer the following questions. 1. A company has an inventory of 1,300 assorted parts for a...
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Discussion Analysis A13-41 Discussion Questions 1. How do managers use the statement of cash flows? 2. Describ...
Managerial Accounting (4th Edition)
Place the letter of the appropriate accounting cost in Column 2 in the blank next to each decision category in ...
Fundamentals Of Cost Accounting (6th Edition)
Assume you are a CFO of a company that is attempting to race additional capital to finance an expansion of its ...
Financial Accounting, Student Value Edition (4th Edition)
Analysis of inventory errors A2 Hallam Company’s financial statements show the following. The company recently ...
FINANCIAL ACCT.FUND.(LOOSELEAF)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Using first-in, first-out perpetual inventory costing and the following information, determine the cost of materials used and the cost of the July 31 inventory:arrow_forwardCalculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).arrow_forwardThe following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit.arrow_forward
- The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000arrow_forwardUse the following income to answer all questions in this section: Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What is 2021 Gross Margin Percentage? Question 10 options: 80.19% 87.22% 83.49% 85.19%arrow_forwardDuring 2021, a company sells 460 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 77 $ 76 $ 5,852 May 5 Purchase 265 77 20,405 Nov. 3 Purchase 187 79 14,773 529 $ 41,030 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Cost of goods sold: ______ Ending Inventory: _________arrow_forward
- Splish Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. 12/31/20 12/31/21 Cost Net Realizable Value $361,140 415,460 $336,200 394,860 (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation 12/31/20 12/31/21 Debit Credit (b) Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is…arrow_forwardDuring 2021, a company sells 260 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Date Transaction Cost. Total Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase 67 $62 $ 4,154 166 63 10,458 12,220 188 65 421 $26,832 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold 吕口 F3 88 F4 4) FI1 F5 FB F9 F12 F10 @ # $ 4 & 3 5 6 7 8 { W E Y F H J K > ? C V alt command option command .. .* V • * co B.arrow_forwardK Baldwin Company had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January 1, 2019 175 units at $82 March 10 Sold 50 units June 10 October 30 Purchased 225 units at $84 Sold 225 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2019 if the perpetual inventory system and the first - in, first-out inventory costing method are used? OA. $14,350 OB. $22,750 OC. $18,650 OD. $33,250arrow_forward
- Groh Co., recorded the following data pertaining to raw material X during January 2019: Units Date Received Cost Issued On Hand 1/1/19 1/11/19 1/22/19 C8.00 3,200 1,600 Inventory Issue 1,600 Purchase 4,000 €9.40 5,600 The moving-average unit cost of X inventory at January 31, 2019 is?arrow_forwardDuring 2021, a company sells 280 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 68 $ 68 $ 4,624 May 5 Purchase 166 69 11,454 Nov. 3 Purchase 190 71 13,490 424 $ 29,568 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory: __________ Cost of goods sold: ___________arrow_forwardDuring 2021, a company sells 500 units of inventory for $88 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Cost Total Cost $80 81 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase 74 266 182 $ 5,920 21,546 15,106 83 522 $42,572 Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Cost of goods sold Ending inventoryarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License