14.
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Unit A 19 $36 $38 Unit B 27 43 40 Unit c 21 21 25 Unit D 24 14 13 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction listView transaction list Journal entry worksheet Record the adjusting entry for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 115 A company:r reports inventory using the lower of cost and net realizable value (NRVL Below is information related to its year-end in ventory. Cost per m For Inventory Quantity Unit Unit ski jackets 20 $160 $140 Skin 3 5 3 5 D 2 1 [I Calculate the amount to be reported for ending inventory. 16 A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory: Inventory Quantity Cost NRV Item A 120 $26 $31 Item B 50 31 21 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list17 Required information [The following information applies to the questions displayed below.] Part 1 of 4 Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5, 100 October 4 Sale October 10 Purchase 860 4,300 October 13 Sale October 20 Purchase 870 3,480 October 28 Sale October 30 Purchase 880 7, 040 $19, 920 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase. Ending inventory Cost of goods sold18 Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Part 2 of 4 Sandra's Purse Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $ 850 $ 5, 100 October 4 Sale October 10 Purchase 860 4, 300 October 13 Sale October 20 Purchase 870 3, 480 October 28 Sale October 30 Purchase 880 7, 040 $19, 920 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods sold19 Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Part 3 of 4 Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory $ 850 $ 5, 100 October 4 Sale October 10 Purchase 860 4,300 October 13 Sale October 20 Purchase 870 3,480 October 28 Sale October 30 Purchase 880 7, 040 $19 , 920 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31. Ending inventory Cost of goods soldRequired information 20 [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Part 4 of 4 Date Transactions Units Unit Cost Total Cost October Beginning inventory 6 $ 850 $ 5, 100 October Sale October 10 Purchase 860 4, 300 October 13 Sale October 20 Purchase 870 3, 480 October 28 Sale October 30 Purchase 880 7, 040 $19, 920 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and final answers to 2 decimal places.) Ending inventory Cost of goods sold
