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What is the ending inventory of bee company a 3900000

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2.What is the ending inventory of Bee Company?a.3,900,000b.4,050,000c.5,062,000d.4,875,0003.What is the ending inventory of Cee Company?a.3,090,000b.2,390,000c.2,200,000d.2,900,000LOWER OF COST AND NET REALIZABLE VALUE1.)Chicago Company has two products in the inventory.Product XProduct YSelling price2,000,0003,000,000Materials and conversion costs1,500,0001,800,000General administration costs300,000800,000Estimated selling costs600,000700,000
At the year-end, the manufacture of items of inventory has been completed but no selling costshave yet been incurred. What is the measurement of Product X and Y, respectively?a.1,400,000 and 2,300,000b.1,400,000 and 1,800,000c.1,500,000 and 2,300,000d.1,500,000 and 1,800,0002.) Based on physical inventory taken on December 31, 2013, Chewy Company determineits chocolate inventory on a FIFO basis at P 5,200,000 with a replacement cost ofP4,000,000. The entity estimated that, after further processing costs of P2,400,000, thechocolate could be sold as finished candy bars for P8,000,000. The normal profit marginis 10% of sales. Using the measurement at the lower of cost or net realizable value, whatamount should be reported as chocolate inventory on December 31, 2013?a.5,600,000b.4,000,000c.5,200,000d.4,800,0003.)Greece Company provided the following data for the current year:Inventory – January 1:3,000,000Cost3,000,000Net realizable value2,800,000Net purchases8,000,000Inventory – December 31:Cost4,000,000Net realizable value3,700,000
What amount should be reported as cost of goods sold?a.7,000,000b.7,100,000c.7,300,000d.7,200,0004.)Gracia Company used the lower of cost or net realizable value method to value inventory.Data regarding the items in work in process inventory are presented below.MarkersPensHighlightersHistorical cost250,000188,000300,000Selling price360,000250,000360,000Estimated cost to complete48,00050,00068,000Replacement cost208,000168,000318,000Normal profit margin as apercentage of selling price25%25%10%What is the measurement of the work in process inventory?a.720,000b.728,000c.676,000d.694,000
5.) On December 31, 2013, Julie Company’s ending inventory was P3,000,000, and theallowance for inventory writedown before any adjustment was P150,000. Relevantinformation on December 31, 2013 follows:Product 1Product 2Product 2Product 3Historical cost800,0001,000,000700,000500,000Replacement cost900,0001,200,0001,000,000600,000Sales price1,200,0001,300,0001,250,0001,000,000Net realizable value550,0001,100,000950,000350,000Normal profit250,000150,000300,000300,000What amount of loss on inventory writedown should be included in cost of goods sold?a.100,000b.200,000c.400,000d.250,0006.)Uptown Company used the perpetual method to record inventory transactions for 2013.Inventory1,900,000Sales6,500,000Sales return150,000Cost of goods sold4,600,000Inventory losses120,000On December 24, 2013, the entity recorded a P150,000 credit sale of goods costing P100,000.These goods were sold on FOB destination terms and were in transit on December 31, 2013. Thegoods were included in the physical count. The inventory on December 31, 2013 determined byphysical count had a cost of P2,000,000 and a net realizable value of P1,700,000. Any inventorywritedown is not yet recorded. What amount should be reported as cost of goods sold for 2013?
a.5,020,000b.4,500,000c.4,720,000d.4,920,000

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Term
Fall
Professor
yuyan,Lee
Tags
Balance Sheet, The Land, Norway Company

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