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problem 1

problem 2

Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 30 $100 $ 60 28 95 50 Replacement cost Selling price 50 130 60 Selling costs 7 45 12 Normal profit 15 40 22 Required: What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory? Replacement Product Cost NRV NRV - NP Market Per Unit Inventory Value cost 1 2 3 $ 30 $ 100 60 28 95 50 Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2021 fiscal year: Beginning inventory Net purchases Freight-in Net markups Cost Retail $295,000 $ 550,000 696,000 1,255,000 18,800 31,000 Net markdowns 12,000 Normal spoilage 9,000 Sales 1,450,000 The company records sales to employees net of discounts. These discounts totaled $30,000 for the year. Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e.. 0.1234 should be entered as 12.34%.)) Cost Retail Cost-to-Retail Ratio Beginning inventory $ Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage 295,000 $ 696,000 18,800 1,009,800 550,000 1,255,000 31,000 1,836,000 (12,000) 1,824,000 Beginning inventory Plus: Purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal spoilage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ Cost 295,000 $ 696,000 18,800 1,009,800 $ Retail 550,000 1,255,000 31,000 1,836,000 (12,000) 1,824,000 (9,000) (1,450,000) (30,000) 335,000 Cost-to-Retail Ratio