What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
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64. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
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- Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?Circetrax, Inc. has provided the following financial information for the year: Finished Goods Inventory: Beginning balance, in units Units produced Units sold Ending balance, in units Production costs: Variable manufacturing costs per unit Total fixed manufacturing costs What is the unit product cost for the year using absorption costing? OA. $117 630 1,400 1,500 530 $50 $42,000 WI. Manly Company has the following data available for gross profit analysis : Product A Product B Product C P45,000 33,750 7,500 20x1 Total P510,000 Sales P225,000 Cost of sales 180,000 22,500 P240,000 210,000 30,000 423,750 60,000 Units Product A P360,000 Cost of sales 270,000 30,000 Product B P270,000 Product C Total P660,000 20x2 Sales P30,000 24,000 6,000 225,000 519,000 66,000 Units 30,000 Required: Prepare a statement accounting for variation in gross profit taking into account the sales mix factor.
- Crane, Inc. has three divisions: Bud, Wise, and Er. The results of operations for May, 2022 are presented below. Units sold Revenue Less variable costs Less direct fixed costs Less allocated fixed costs Net income Bud 2,700 $63,000 28,800 12,600 5,400 $16,200 Wise 4,500 $45,000 23,400 17,100 9,000 $(4,500) Er 1,800 $36,000 14,400 10,800 3,600 $7,200 Total 9,000 $144,000 66,600 40,500 18,000 $18,900 All of the allocated costs will continue even if a division is discontinued. Crane allocates indirect fixed costs based on the number of units to be sold. Since the Wise division has a net loss, Crane is concerned that it should be discontinued. Crane thinks that if the division is closed, that sales at the Bud division will increase by 12% while sales at the Er division will stay the same.Blossom Manufacturing Ltd. had sales for January 2022 of $1,025,000. The units sold were 20.500, and the expenses for January 2022 were as follows: Cost of goods sold Selling expenses Administrative expenses Show Transcribed Text Variable $207.050 56.375 29,725 Fixed $123,000 28,700 35,875 10 C Blossom Manufacturing Inc. CVP Income Statement Total Per unitThe following information applies to the questions displayed below.]Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. 2018 2019 Sales ($46 per unit) $ 920,000 $ 1,840,000 Cost of goods sold ($31 per unit) 620,000 1,240,000 Gross margin 300,000 600,000 Selling and administrative expenses 290,000 340,000 Net income $ 10,000 $ 260,000 Additional Information Sales and production data for these first two years follow. 2018 2019 Units produced 30,000 30,000 Units sold 20,000 40,000 Variable cost per unit and total fixed costs are unchanged during 2018 and 2019. The company's $31 per unit product cost consists of the following. Direct materials $ 5 Direct labor 9 Variable overhead 7 Fixed overhead ($300,000/30,000 units) 10 Total product cost per unit $ 31 Selling…
- According to the information given in the table below, which of the following is Cost of Goods Sold? Cost of Production 238600 Opening stock of WIP 44400 Opening stock of FG 39000 Closing stock of WIP 21000 Closing stock of FG 1500 units Total production units 26200 Select one: a. 296000 b. 299000 c. 286000 d. 303000 According to the information given in the table below, which of the following is Raw materials consumed? Opening Stock Raw Materials 27300 Purchases 231600 Freight in 4500 Purchase return raw Material 6500 Wages 123000 Closing Stock Raw Materials 19500Winner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?Use the information given below to prepare the Income Statement for March 2022 according to theabsorption costing method. INFORMATIONThe following information was extracted from the accounting records of Alpha Enterprises for the month ended 31March 2022: Sales 3 200 unitsSelling price per unit R100Finished products on 01 March 2022 400 unitsProducts manufactured during the month 3 600 unitsVariable manufacturing costs per unit R26Variable selling and administrative costs per unit sold R12Fixed manufacturing costs R25 200Fixed selling and administrative costs R12 400
- mpany reports the following information for August: Net Sales Revenue: $835,000 Variable Cost of Goods Sold: 364,000 Fixed Cost of Goods Sold: 188,000 Variable Selling and Administrative Costs 175,000 Fixed Selling and Administrative Costs 82,000 For this company, under absorption costing, Gross Profit is O $296,000 O $253,000 O $317,000 O $283,000 O $471,000Use the information given below to prepare the Income Statement for March 2022 according to theabsorption costing method. INFORMATIONThe following information was extracted from the accounting records of Alpha Enterprises for the month ended 31March 2022:Sales 3 200 unitsSelling price per unit R100Finished products on 01 March 2022 400 unitsProducts manufactured during the month 3 600 unitsVariable manufacturing costs per unit R26Variable selling and administrative costs per unit sold R12Fixed manufacturing costs R25 200Fixed selling and administrative costs R12 400 Additional informationThe variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March2022 was R21.60…Use the information given below to prepare the Income statement of Kendall Manufacturers for October 2023 using the following methods: 2.1 Marginal costing 2.2 Absorption costing INFORMATION October 2023: The following information was provided by Kendall Manufacturers for the only product produced during Opening inventory 0 Number of units manufactured 5000 Sales R4 200 000 Selling price per unit R1000 Variable manufacturing costs per unit R425 Fixed manufacturing overhead cost R325 000 Variable selling cost per unit R80 Fixed selling cost R175 000 Fixed administrative cost R200