Smith Corp determines the Ending Inventory he has on Cost and LCNRV values like data following:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Smith Corp determines the Ending Inventory he has on Cost and LCNRV values like data following: Year End 31-Dec-19 31-Dec-20 31-Dec-21 Cost $ 650.000 $ 780.000 $ 905.000 LCNRV $ 650.000 $ 712.000 $ 830.000 Requested: 1. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume that Smith Corp uses the Perpetual recording method and the Cost of method Goods Sold for Cost adjustment to LCNRV. 2. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume Smith Corp uses the Perpetual recording method and the Loss method to Cost adjustment to LCNRV Smith Corp determines the Ending Inventory he has on Cost and LCNRV values like data following: Year End 31-Dec-19 31-Dec-20 31-Dec-21 Cost $ 650.000 $ 780.000 $ 905.000 LCNRV $ 650.000 $ 712.000 $ 830.000 Requested: 1. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume that Smith Corp uses the Perpetual recording method and the Cost of method Goods Sold for Cost adjustment to LCNRV. 2. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume Smith Corp uses the Perpetual recording method and the Loss method to Cost adjustment to LCNRV
Expert Answer:
Answer rating: 100% (QA)
1Using the Cost Method for Adjusting Inventory to LCNRV December 31 2020 Debit Inventory LCNRV Adjus... View the full answer
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these accounting questions
-
Assume that Sea Travel uses a perpetual inventory system. (See the data given above.) Instructions a. Compute (a) the cost of goods sold relating to the sale on April 28 and (b) the ending inventory...
-
assume that abc company uses a perpetual inventory system the company has the same inventors purchase and sales date for the month of march as shown earlierinventorymarch 1200 units400800purchase...
-
Assume that ABC Company uses a perpetual inventory system. The company has the same inventors, purchase and sales data for the month of March as shown below: Inventory: March 1 200units@$4.00 $800...
-
An assistant treasurer is currently reevaluating their firm's banking relationship. The firm's current lender charges an effective borrowing cost of 4.25 percent. A competing lender provides the...
-
Knowing that the pulley has a radius of 60 mm, determine the components of the reactions at A and E. 450 mm 450 mm 600 mm 240 mm C
-
The V6 engine in a 2014 Chevrolet Silverado 1500 pickup truck is reported to produce a maximum power of 285 hp at 5300 rpm and a maximum torque of 305 ft lb at 3900 rpm. (a) Calculate the torque, in...
-
How do you reconcile these two statements: You cant make money without borrowing money. Borrowing cant create value.
-
Refer to the data in Problem 6.36. In exercise Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the...
-
Determine the graph of the hyperbolic paraboloid. 2 y-x -x = 36z Choose the correct graph of the hyperbolic paraboloid. OA. C. X X Z y W OB. OD. X N Z
-
Please complete the 2018 federal income tax return for Tim and Linda Jones. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing,...
-
co 8 9 0 The Packaging Department started the month with 600 units in process, received 1,200 units from the Finishing Department, and transferred 1,500 units to Finished Goods. Direct materials are...
-
You invest 31% of your money in Stock A and the rest in Stock B. The standard deviation of annual returns is 35% for Stock A and 39% for Stock B. The covariance between the two stocks is 0.03. What...
-
What is the value of a perpetuity of $100 years paid annually forever at a discount rate of 7%? What is the value of the annuity of $100 paid annually for the next 25 years? how an annuity is the...
-
Please state if you agree/disagree with these statements and kindly support the stance by giving real-world examples or researches that would attest or refute the author's claims. (include citation)...
-
Consider a two-period binomial model, where each period is 6 months. Assume the stock price is $75.00, = 0.35, and r = 0.05. An American call option with a strike price of $80 would be exercised...
-
Now carry out an RCF analysis. If a PE sponsor has a target return of 20% on its funds (equity contribution), what is the maximum enterprise value it can offer for DPC under parts b and c above? What...
-
Use excel solver. Maximize profit = $4X + $5Y Subject to 5X + 2Y < 40 3X + 6Y < 30 X S 7 2X - Y2 3 X, Y 2 0
-
What is a manufacturing system?
-
Marple Associates is a consulting firm that specializes in information systems for construction and landscaping companies. The firm has two officesone in Houston and one in Dallas. The firm...
-
Heritage Gardens uses a job-order costing system to track the costs of its landscaping projects. The company provides complete garden design and landscaping services. The following table provides...
-
Lindex Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during October is given below: The department started...
-
The headquarters of Hill Crest Corporation, a pri- vate company with $15.5 million in annual sales, is located in California. Hill Crest provides for its 150 clients an online legal software service...
-
Transferring people from job to job within the organization is the philosophy at Arcadia Plastics. Management feels that job rotation deters employees from feeling that they are stagnating in their...
-
Gustave, CPA, during its preliminary review of the financial statements of Comet, Inc., found a lack of proper segregation of duties between the programming and operating functions. Comet owns its...
Study smarter with the SolutionInn App