Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Unit Cost Unit NRV Furniture 230 $ 88 $ 103 Electronics 53 430 315 Required: 1. Calculate the total recorded cost of ending inventory before any adjustments.
Added by Frank J.
Step 1
- Quantity: 230 - Unit Cost: $88 - Total Cost = 230 * $88 = $20,240 Show more…
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The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp. Per Unit Inventory Classification Quantity Cost NRV Keyboards Stock A 8 $101 $90 Stock B 13 $81 $75 Stock C 11 $101 $110 Hard drives Stock X 21 $182 $173 Stock Y 32 $171 $188 CD burners Stock D 64 $94 $85 Stock E 202 $130 $144
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From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 4 $ 3.10 April 10 11 3.60 May 15 11 4.10 July 22 16 4.35 August 19 17 5.10 September 30 21 5.30 November 10 31 5.50 December 15 17 5.90 Cost of ending inventory?_________________ Cost of goods sold?___________________
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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 to the nearest dollar.)
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