The ending inventory = $ 6,292
Explanation
Calculation of the ending balance of Inventory | |||
Product | Cost/Unit | Market Value/Unit | Lower of Market& Cost |
Minolta | $ 174.00 | $ 165.00 | $ 165.00 |
Canon | 141.00 | 190.00 | 141.00 |
Vivitar | 138.00 | 107.00 | 107.00 |
Kodak | 125.00 | 135.00 | 125.00 |
Inventory: | |||
Units | Lower of Market & Cost | Total | |
Minolta | 3 | $ 165.00 | $ 495.00 |
Canon | 12 | $ 141.00 | $ 1,692.00 |
Vivitar | 15 | $ 107.00 | $ 1,605.00 |
Kodak | 20 | $ 125.00 | $ 2,500.00 |
Ending Inventory | $ 6,292.00 |
Whispering Winds Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are...
x Your answer is incorrect. Try again. Sheffield Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Net Realizable Value Unit Cost 4 10 $177 145 $164 186 Cameras: Minolta Canon Light meters: Vivitar Kodak 14 131 19119 112 139 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6725 LINK TO TEYT
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Cost per Unit Net Realizable Value per Unit Cameras Minolta 5 $178 $149 Canon 7 153 161 Light Meters Vivitar 13 136 111 Kodak 10 111 141 What amount should be reported on Blossom Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 7 $178 153 $149 161 Canon 153 Light Meters Vivitar 136 111 Kodak 111 141 What amount should be reported on Blossom Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ 4425
Oriole Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Cost per Unit Net Realizable Value per Unit Cameras Minolta 5 $165 $156 Canon 7 136 140 Light Meters Vivitar 11 137 103 Kodak 10 120 123 What amount should be reported on Oriole Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total
Waterway Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31 Net Realizable Value per Unit Cost per Unit Units Cameras Minolta $184 Canon $147 162 154 Light Meters Vivitar 114 104 Kodak 109 What amount should be reported on Waterway Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rules applied Total $
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 7 $179 $153 Canon 10 149 172 Light meters: Vivitar 13 136 108 Kodak 19122 128 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6627) 6627
Answer part 1 and 2 Sunland Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Market Value Cameras: Minolta 9 $164 $153 Canon 10 151 153 Light meters: Vivitar 20 124 114 Kodak 18 120 135 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory $ ----- Sheffield Company had a beginning inventory on January 1 of...
Tour answer is COTTEL Wildhorse Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 $158 $156 Canon Light Meters Vivitar 12 127 108 103 130 Kodak What amount should be reported on Wildhorse Camera Shop's francial statements, assuming the lower-of-costornet realizable value rule is applied? Total 5 4236
Net Realizable Value per Unit Cost per Unit Units Cameras Minolta $173 $151 Canon 135 156 Light Meters Vivitar 120 110 Kodak 115 143 What amount should be reported on Bramble Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $
Exercise 6-9 Blue Spruce Corp. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Cost Market Units per Unit per Unit Cameras Minolta Canon $168 133 $143 154 Light Meters Vivitar Kodak 114 109 12 100 128 What amount should be reported on Blue Spruce Corp.'s financial statements, assuming the lower-of-cost-or-market rule is applied? Total LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Question Attempts: 1 of 3 used