Amco, Inc. manufactures stereo turntables in the United States. It reports its financial information on a...
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Amco, Inc. manufactures stereo turntables in the United States. It reports its financial information on a calendar year basis. For its FY 2020 it shows the following per unit information for its turntables: Inventory January 1 Components and Materials Purchased FY 2020 -0- $125 Transportation of Components to Amco's Factory Insurance on Components and Materials Pending Delivery Labor to Assemble Components into Finished Turntables 35 10 90 Office Overhead Related to Manufacture 30 Marketing Costs 80 Storage of Materials and Work in Process Storage of Finished Goods Security & Insurance for Finished Goods Amco's Target Sales Price Inventory Costing Method Used There are no sales during FY 2020. There is no work in process as of 12/31/2020. Assuming no other information is available or relevant, what is the DOLLAR VALUE of Amco's 10 10 10 500 Specific Identification 10. Per unit inventory as of 12/31/2020? 11. Assuming the above and that Amco determines as of December 31 there is insufficient demand for its turntables and sets a new target sales price of $310 per unit, what is the DOLLAR VALUE of Amco's per unit inventory as of 12/31/2020? 12. Assuming the above and that Amco determines as of December 31 there is insufficient demand for its turntables and sets a new target sales price of $280 per unit, what is the DOLLAR VALUE of Amco's per unit inventory as of 12/31/2020? 13. Assuming the above, that Amco has determined as of December 31, 2020 there is insufficient demand for its turntables and sets a new target sales price of $250 per unit, and that during FY 2021, Amco has determined that demand for turntables has increased and sets a new target per unit sales price of $400, what will the likely DOLLAR VALUE of Amco's per unit inventory be as of 12/31/2021? Amco, Inc. manufactures stereo turntables in the United States. It reports its financial information on a calendar year basis. For its FY 2020 it shows the following per unit information for its turntables: Inventory January 1 Components and Materials Purchased FY 2020 -0- $125 Transportation of Components to Amco's Factory Insurance on Components and Materials Pending Delivery Labor to Assemble Components into Finished Turntables 35 10 90 Office Overhead Related to Manufacture 30 Marketing Costs 80 Storage of Materials and Work in Process Storage of Finished Goods Security & Insurance for Finished Goods Amco's Target Sales Price Inventory Costing Method Used There are no sales during FY 2020. There is no work in process as of 12/31/2020. Assuming no other information is available or relevant, what is the DOLLAR VALUE of Amco's 10 10 10 500 Specific Identification 10. Per unit inventory as of 12/31/2020? 11. Assuming the above and that Amco determines as of December 31 there is insufficient demand for its turntables and sets a new target sales price of $310 per unit, what is the DOLLAR VALUE of Amco's per unit inventory as of 12/31/2020? 12. Assuming the above and that Amco determines as of December 31 there is insufficient demand for its turntables and sets a new target sales price of $280 per unit, what is the DOLLAR VALUE of Amco's per unit inventory as of 12/31/2020? 13. Assuming the above, that Amco has determined as of December 31, 2020 there is insufficient demand for its turntables and sets a new target sales price of $250 per unit, and that during FY 2021, Amco has determined that demand for turntables has increased and sets a new target per unit sales price of $400, what will the likely DOLLAR VALUE of Amco's per unit inventory be as of 12/31/2021?
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As per IAS2 Inventories Calculation cost per Unit of Inventory Particulars Amount in Components and Materials Purchased 125 Transportation of Components to Amcos Factory 35 Labor to Assemble Component... View the full answer
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Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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