The following information is taken from Max Imus' inventory records: Women's Apparel Men's Apparel Accessories Selling price $95,000 $60,000 $30,000 Selling costs 7, 500 5,500 3,000 Cost 75,000 50,000 24,000 Replacement cost 80, 000 45,000 10,000 Normal profit margin is 15% of the selling price. a) What is the correct inventory value for each product using the lower of cost or market. b) Journalize the required adjusting entry.
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- Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%What is the cost of goods sold? SHIN Industries uses the average cost approach to account for its inventory. For the current year, the following information is available: Goods available for sale at cost 7,500,000 12,000,000 97,000 8,500,000 20,000 45,000 75,000 Goods available for sale at retail Net markups Sales Sales discount Employee discount Normal Shortage O 5,387,500 O 5,375,000 O 5,344,300 O 5,331,900The following information relates to CEE Company: (Refer to image). Assume that the company uses the average cost approach. What is the cost ratio? Express your answer in percentage and round up to two decimal points. * Retail Cost 500,000.00 Inventory, 12/31/2021 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase returns 20,000.00 35,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations 160,000.00 70,000.00 Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00
- Strand Retail Corp had the following info: Beg Inventory 2,500 units @ $40/each Purchased 4,000 units @ $45/each Purchased 4,500 units @ $47/each Sold 6,500 units for $80/each REQUIRED: for FIFO, LIFO and Weighted Average: 1. Calculate the value of Ending Inventory 2. Show the schedule for Cost of Goods Sold 3. Show the schedule for Gross Profit 4. Calculate Gross Profit % (carry out at least 1 decimal point) 5. What inventory method should Strand use and why?If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***Terizla Company is a retailer and has five major product lines. At year-end, the entity provided the following inventory data: Units Unit cost NRV per unit Shoes 100 1,500 2,020 Tshirts 200 470 450 Pants 300 1,300 1,350 Underwear 400 300 310 Polo shirts 500 500 580 9. What is the inventory at year-end using the lower of cost and net realizable value? a. 1,111,000 b. 1,004,000 c. 1,000,000 d. 1,051,000
- Sunland company provided the following information of its two products: Product A Product B Cost $20 $90 Replacement cost $18 $85 Selling price $40 $120 Selling costs $6 $40 Normal profit margin $5 $30 1 12 Suppose company's ending inventory contains 1,500 units of both the products. Computethe carrying value of the company's inventory using LCM rule applied to individual products. 12Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000; Net Purchases P45,000; and Cost of Goods Sold P50,000. Determine the Ending Inventory.a. P10,000b. P15,000c. 5,000d. 25,000If the cost of goods available for sale equals $101,757, calculate the cost of goods sold using the table below. Number of units on hand Cost per unit Total cost $850 9 $7,650 $1760 11 $19,360 $965 8 $7,720 $470 5 $2,350 Ending inventory 33 $37,080 The cost of goods sold is $ 4
- Neyman Inc. has the following data for purchases and sales of inventory: Date Units Cost per Unit Beginning inventory 22 $400 Purchase 1, Feb. 24 130 370 Sale 1 145 Purchase 2, July 2 180 330 Purchase 3, Oct. 31 90 250 Sale 2 265 All sales were made at a sales price of $450 per unit. Assume that Neyman uses a perpetual inventory system. How do you find the Cost of Inventory and Cost of Goods Sold using the Average Cost method? (Round per-calcualtions to 4 decimal place, other answers to the nearest dollar)Calculate the cost of goods available for sale for Atlantis Company, in units and in dollar amounts, given the following facts about their inventory for the period: # of units Cost per unit Beginning Inventory 140 $75 Purchased Goods during the period 240 $77 Sold goods during the period 80 $125 Purchased goods during the period 220 $80 Possible item names to complete the table below: Sales Goods Available for Sale Ending Inventory Purchases Beginning Inventory Cost of Goods Sold PLEASE NOTE: You will enter the item names exactly as written above, the units will be just the number, and all dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345). Items Units Dollar AmountPresented below is information related to Tamarisk Inc.'s inventory. (per unit) Historical cost Skis Boots Parkas $342.00 $190.80 $95.40 Selling price Cost to sell 381.60 261.00 132.75 34.20 57.60 14.40 4,50 Cost to complete 52.20 38.25 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, e.g. 52.75.) Item Cost NRV LCNRV Skis Boots Parkas Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.