On December 31, 2013, the balance of Panganiban's inventory account was P251,000, while its Allowance for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, 2013, the balance of Panganiban's inventory account was P251,000, while its Allowance for Inventory Writedown account has a balance of P16,000. On December 31, 2014, the following inventory details were shown: Product USTF Cost P 44,500 47,000 62,500 97,000 Replacement Cost P 43,000 46,000 67,500 57,000 Sales Price P 45,750 45,000 69,000 8,000 Net Normal Profit Realizable Value P 43,500 42,500 55,500 98,500 P 3,200 3,720 5,805 10,250 Determine the following: 1. The required balance of the Allowance to Reduce Inventory to NRV account on December 31, 2014. 2. The amount of inventory to be shown in the December 31, 2014 Statement of Financial Position. On December 31, 2013, the balance of Panganiban's inventory account was P251,000, while its Allowance for Inventory Writedown account has a balance of P16,000. On December 31, 2014, the following inventory details were shown: Product USTF Cost P 44,500 47,000 62,500 97,000 Replacement Cost P 43,000 46,000 67,500 57,000 Sales Price P 45,750 45,000 69,000 8,000 Net Normal Profit Realizable Value P 43,500 42,500 55,500 98,500 P 3,200 3,720 5,805 10,250 Determine the following: 1. The required balance of the Allowance to Reduce Inventory to NRV account on December 31, 2014. 2. The amount of inventory to be shown in the December 31, 2014 Statement of Financial Position.
Expert Answer:
Answer rating: 100% (QA)
1 To determine the required balance of the Allowance to Reduce Inventory for NRV account on December 31 2014 we need to calculate the Inventory WriteD... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-4. Ivan and Irene paid the following in 2012 (all by check or can otherwise be...
-
Given the data (a) Calculate (2.8) using Newtons interpolating polynomials of order 1 through 3. Choose the sequence of the points for your estimates to attain the best possible accuracy. (b) Utilize...
-
Each of the two long parallel threads carries a uniform charge , per unit length. The threads are separated by a distance l. Find the maximum magnitude of the electric field strength in the symmetry...
-
A Thermodynamic Process in an Insect the African bombardier beetle Stenaptinus insignis can emit a jet of defensive spray from the movable tip of its abdomen (Fig. 19.32). The beetle's body has...
-
Athens Academy Surplus had 50,000 shares of common stock and 10,000 shares of \(5 \%, \$ 10\) par preferred stock outstanding through December 31, 2008. Income from continuing operations of 2008 was...
-
Penny Lennon, the chief financial officer of Johnson Inc., is considering the options available to her for financing the company's new plant. Short-term interest rates right now are 6%, and long-term...
-
What three records or documents under the liquor control act must be kept and made available to regulatory authorities
-
Crane Library, a nonprofit organization, presented the following statement of financial position and statement of activities for its fiscal year ended February 28, 2024. Assets Current Assets Cash...
-
Explain why unit cost analysis without considering other cost factors is not recommended. Which other cost factors should be considered?
-
Using the financial information of ABC Co. below, compute its current ratio for the period. $ in millions 20x1 Current assets $ 520 Current liabilities $ 128 Long-term liabilities $ 250
-
The total revenue from the sale of a popular book is approximated by the rational function R(x)= is the total revenue in millions of dollars. Use this function to complete parts a through d (a) Find...
-
What Is Credit Report? What is Consumer Proposal vs. Bankruptcy What is A trustee in Bankruptcy ? What is Discharge by Bankruptcy? What is Searches against the debtors? What is Small Claims...
-
Using the following data to determine the total dollar amount of assets to be classified as current assets. Ace Supply Company Balance Sheet December 31, 2025 Cash $126000 Accounts payable $165000...
-
At Marlin's biscuit factory, manufacturing overhead is applied based on direct labor cost. At the beginning of 2019, Marlin's cost accountant estimated the following information for the year: Total...
-
Based on Westlaw's data on the case Christoff v. Nestl USA, INC., I did the brief case. My question is, is there any need to add and adjust the content and form of the case brief, especially the...
-
Refrigerant R-12 at 30C, 0.75 MPa enters a steady flow device and exits at 30C, 100 kPa. Assume the process is isothermal and reversible. Find the change in availability of the refrigerant.
-
Use the information from BE7-8, assuming Yoshi Corp. uses the net method to account for cash discounts. Prepare the required journal entries for Yoshi Corp. In BE7-8 Yoshi Corp. uses the gross method...
-
Hamm Inc. purchased land, a building, and equipment from Spamela Corporation for a cash payment of $306,000. The assets' estimated fair values are land $95,000, building $250,000, and equipment...
-
There are many forms of inventory that are not covered under the basic accounting standards for inventory: Instructions For each of the following forms of inventory, briefly explain how the inventory...
-
Which of the following is not a condition that potentially increases the entity's business risk? a. The entity's information system is not adequate to handle its volume of sales transactions. b. The...
-
Define auditing, attest, and assurance services. Provide two examples of each type of service.
-
Which of the following, if material, would be fraud? a. Mistakes in the application of accounting principles. b. Clerical mistakes in the accounting data underlying the financial statements. c....
Study smarter with the SolutionInn App