Tatum Company has four products in its inventory. Information about the december 31, 2009, inventory is as follows:product total total total Net cost replacement realizable cost Value101 $120,000 110,000 100,000102 90,000 85,000 110,000103 60,000 40,000 50,000104 30,000 28,000 50,000The normal gross profit percentage is 25% of cost.Determine the balance sheet inventory carrying value at december 31,2009, assuming the LCM rule is applied to individual products.Assuming that Tatum recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.
Herman Company has three products in its ending inventory. Specific per unit data for each of the products are as follows:Required:What unit values should Herman use for each of its products when applying the LCM rule to ending inventory?
Sunset Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost 1/1 Beginning Inventory 200 $6.20 1/20 Purchase 300 $6.507/25 Purchase 200 $6.8010/20 Purchase 300 $7.00 A physical count of inventory on December 31 revealed that there were 150 units on hand. Therefore, 850 units were sold.InstructionsAnswer the following independent questions and show computations supporting your answers.1. Assume that the company uses the FIFO method. Calculate 1) Costs of Goods Sold and 2) Value of Ending Inventory: 2. Assume that the company uses the average cost method. Calculate 1) Costs of Goods Sold and 2) Value of Ending Inventory: 3. Assume that the company uses the LIFO method. Calculate 1) Costs of Goods Sold and 2) Value of Ending Inventory: (SHOW ALL YOUR WORK)HELP PLEASSSEEE
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012:1) Started the business by issuing common stock for $7,500 cash2) Paid cash to purchase $5,000 of inventory3) Sold inventory that cost $3,000 for $7,250 cash4) Incurred and paid operating expenses, $250
I need a formula to get the possible products that will be needed to be ordered in the current month to avoid products out of stock in my inventory. Is this possible? All the information I have for each product are the selling stats of the past months and the restocking purchases for each product. I remember from college that this wasn't possible but there was a way to get the probability that a product will sell X number of items given the number of sales.
Once Inventory has been recorded, can a company modify the value of inventory? I also need a source, like a text book reference or a website address. Current Text or Original Pronouncements would be even better (FARS).
Fogerty Company makes two products, titanium Hubs and Sprockets. Data regarding the two products follow:
A U.S. company sells products to a Dutch company and will receive payment of €550,000 in three months. At the time of sale, the spot rate of the euro was $1.25, and the 90-day forward rate was $1.21. At the time of sale, the U.S. company negotiated a forward contract with a bank to sell €550,000 forward in three months. The spot rate of the euro on 9/1 is $1.28. What amount in $ will the US Company receive?
A sporting goods company exports products to customers worldwide. The company stores its sales information in a database named sales. Customer names are stored in a table named Customer in this database. CREATE TABLE customers (CustmerID int NOT NULL,CustomerName varchar(30) NOT NULL,ContactName varchar(30) NULL,Phone varchar(20) NULL,Country varchar(30) NOT NULL,CONSTRAINT PK_Customers PRIMARY KEY (CustomerID))There are usually only one or two customers per country. However, some countries have as many as 20 customers. Your company's marketing department wants to target its advertising to countries that have more than 10 customers. You need to create a list of these countries for the marketing department.
On December 31 of last year, Wolfson Corporation had in inventory 400 units of its products, which cost $21 per unit to produce. During January, the company produced 800 units at a cost of $24 per unit. Assuming that Wolfson Corporation sold 700 units in January, what was the cost of goods sold (assume FIFO inventory accounting)?
A company has inventory with a market value of $217,000 and a cost of $241,000. According to the lower of cost or market, the inventory should be written down to$217,000.TrueFalse
A company's bank inventory is confirmed by?Is this correct- a physical count