Brief Exercise 8-18 (Part Level Submission) Pronghorn Corporation has the following four items in its ending inventory Estimated Estimated Item Cost Selling Price Disposal Costs Neutrinos $1,830 $2,110 Ocillinos4,910 4,810 Electrons4,2604,595 Protons 3350 4,360 $106 91 204 109 Assume that Pronghorn is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos$ Ocillinos Electrons Protons Total Brief Exercise 8-10 (Part Level Submission) Concord Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,700,000. At December 31, 2016, the raw materials to be purchased in 2017 have a market price of $1,635,000 (a) Prepare any necessary December 31, 2016 entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter O for the amounts Date Account Titles and Explanation Debit Credit Dec. 31, 2016 Exercise 8-5 Your answer is incorrect. Try again. In an annual audit of Concord Company Limited, you find that a physical inventory count on December 31, 2017, showed merchandise of $449,000. You also discover that the following items were excluded from the $449,000. 1. Merchandise of s61,100 is held by Concord on consignment from BonBon Corporation. 2. Merchandise costing $32,400 was shipped by Concord f..b. destination to XYZ Ltd. on December 31, 2017. This merchandise was accepted by XYZ on January 6, 2018. 3. Merchandise costing $45,300 was shipped f.o.b. shipping point to ABC Company on December 29, 2017. This merchandise was received by ABC on January 10, 2018. 4. Merchandise costing $73,400 was shipped f..b. destination from wholesaler Inc. to Concord on December 30, 2017. Concord received the items on January 3, 2018 5. Merchandise costing $51,100 was shipped by Distributor Ltd. f.o.b. shipping point on December 30, 2017, and received at Concord's office on January 2, 2018 6. Concord had excess inventory and incurred an additional $1,540 in storage costs due to delayed shipment in transaction (3) above. 7. Concord incurred $2,080 for interest expense on inventory it purchased through delayed payment plans in fiscal 2017 Based on the information provided above, calculate the amount of inventory that should appear on Concord's December 31, 2017 balance sheet. Amount of inventory Brief Exercise 8-22 Your answer is incorrect. Try again. whispering winds Inc.'s April 30 inventory was destroyed by the explosion of an underground oil tank January l invento y was $32 Sales for the same period were $1.0 million. whispering winds' normal gross profit percentage is 30%. 000 an purchases for anuary through April total e ss o Using the gross profit method, estimate the amount of Whispering Windss' April 30 inventory that was destroyed Estimated ending inventory destroyed in explosionS
