Smart Company prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to apply LCM to the ending inventory. The preliminary income statement follows: Sales Revenue $302,000
Cost of Goods Sold
Beginning Inventory $41,000
Purchases 204,000
Goods Available for sale 245,000
Ending Inventory (FIFO cost) 95,400
Cost of Goods Sold 149,600
Gross Profit 152,400
Operating Expenses 72,000
Income from Operations 80,400
Income Tax Expense (30%) 24,120
Net Income $56,280
Assume that you have been asked to restate the financial statements to incorporate LCM. You have developed the following data relating to the ending inventory:
Item Quantity Per Unit Total Market Value per Unit
A 3,000 $5 $15,000 $6
B 2,000 8 16,000 6
C 8,100 4 32,400 6
D 3,200 10 32,000 7
$95,400
Required:
1. Restate the income statement to reflect LCM valuation of the ending inventory. Apply LCM on an item-by-item basis.
2. Compare the LCM effect on each amount that was changed in requirement 1.

The different concepts in the architecture operating model are aligned with how the business chooses to integrate and standardize with an enterprise solution. in the the technology solution shares data across the enterprise.

During the year, the delph company had no beginning or ending inventories and it started, completed, and sold only two jobs—job d-75 and job c-100. it provided the following information related to those two jobs: job d-75: molding fabrication total direct materials cost $ 375,000 $ 325,000 $ 700,000 direct labor cost $ 200,000 $ 160,000 $ 360,000 machine-hours 15,000 5,000 20,000 job c-100: molding fabrication total direct materials cost $ 300,000 $ 250,000 $ 550,000 direct labor cost $ 175,000 $ 225,000 $ 400,000 machine-hours 5,000 25,000 30,000delph had no overapplied or underapplied manufacturing overhead during the year. assume delph uses a plantwide overhead rate based on machine-hours.1-a. compute the predetermined plantwide overhead rate.1-b. compute the total manufacturing costs assigned to job d-70 and job c-200.1-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 1-d. what is delph's cost of goods sold for the year? assume delph uses departmental overhead rates based on machine-hours.2-a. compute the predetermined departmental overhead rates.2-b. compute the total manufacturing costs assigned to job d-70 and job c-200.2-c. if delph establishes bid prices that are 150% of total manufacturing costs, what bid price would it have established for job d-70 and job c-200? 2-d. what is delph's cost of goods sold for the year?

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