Hw.7. Kevin's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Kevin adopteddollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:Category QuantityPortable16,200Midsize21,600Flat-screen8,10045,900CategoryPortableMidsizeFlat-screenDuring 2025, the company had the following purchases and sales.QuantityPurchased40,50054,00027,000121,500Ending inventoryShow Transcribed TextGross profit* Your answer is incorrect.Cost per Unit$100250Cost of goods soldLA400Cost per Unit$110SA300Total Cost$1,620,0005,400,0003,240,000$10,260,000500QuantitySold37,80064,80016,200118,800Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, eg. 6,548.)48,60032,175,360Selling Priceper Unit7,514,640$150400600

Answer to Question:- Category Value of Ending Inventory Workings Portable…

Kevin's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Kevin adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 16,200 Midsize 21,600 Flat-screen Category Portable Midsize Flat-screen During 2025, the company had the following purchases and sales. 8,100 45,900 Quantity Purchased Ending inventory Gross profit 40,500 54,000 27,000 121,500 Cost per Unit $100 250 400 x Your answer is incorrect. Cost of goods sold Cost per Unit $110 300 Total Cost $1,620,000 5,400,000 3,240,000 $10,260,000 500 Quantity Sold 37,800 64,800 16.200 118,800 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, eg. 6,548.) 48,600 7,514,640 32,175,360 Selling Price per Unit $150 400 600

Kevin's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Kevin adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 16,200 Midsize 21,600 Flat-screen Category Portable Midsize Flat-screen During 2025, the company had the following purchases and sales. 8,100 45,900 Quantity Purchased Ending inventory Gross profit 40,500 54,000 27,000 121,500 Cost per Unit $100 250 400 x Your answer is incorrect. Cost of goods sold Cost per Unit $110 300 Total Cost $1,620,000 5,400,000 3,240,000 $10,260,000 500 Quantity Sold 37,800 64,800 16.200 118,800 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, eg. 6,548.) 48,600 7,514,640 32,175,360 Selling Price per Unit $150 400 600

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...

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Steven’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Steven adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of: Category Quantity Cost per Unit Total Cost Portable 13,800 $100 $ 1,380,000 Midsize 18,400 250 4,600,000 Flat-screen 6,900 400 2,760,000 39,100 $8,740,000 During 2020, the company had the following purchases and sales. Category QuantityPurchased Cost per Unit QuantitySold Selling Priceper Unit Portable 34,500 $110 32,200 $150 Midsize 46,000 300 55,200 400 Flat-screen 23,000 500 13,800 600 103,500 101,200 Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g.…
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Flat-screen (a1) Quantity 3,000 Price index 4,000 1,500 8,500 Quantity Purchased During 2025, the company had the following purchases and sales. 7,500 10,000 5,000 Cost per Unit $100 22,500 250 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600 Calculate the price index for 2025. (Round price index to 4 decimal places, e.g. 1.4562.)
Norman's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Norman adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Cost per Unit Total Cost Portable 6,000 $100 $ 600,000 Midsize 8,000 250 2,000,000 Flat-screen 3,000 400 1,200,000 17,000 $3,800,000 During 2020, the company had the following purchases and sales. Category QuantityPurchased Cost per Unit Quantity Sold Selling Price per Unit Portable 15,000 $110 14,000 $150 Midsize 20,000 300 24,000 405 Flat-screen 10,000 500 6,000 600 45,000 44,000 Instructions (Round to four decimals.) a. Compute ending inventory, cost of goods sold, and gross profit. b. Assume the company uses three inventory pools instead of one. Repeat instruction (a).
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Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2021 year-end inventory is as follows: Inventory,by Product Category Quantity Per UnitCost Market Furniture: Chairs 40 $ 44 $ 50 Desks 70 92 77 Tables 80 103 111 Accessories: Rugs 40 79 67 Lamps 20 41 37 Required:1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory.2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjustment amount for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or market…
Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM/NRV is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? Product Line Rustic Mediterranean Contemporary Mutiple Choice O C (543,100) ($102,0001 $500,000 Cost per Unit $765 665 1,000 Market Value per Unit $ 855 735 700 Quantity 320 430 340
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