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The inventory of Cullumber Company on December 31, 2017,
consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
640
$126
$133
111
1,100
80
69
112
450
106
101
113
190
226
239
120
410
273
277
121
a
1,700
21
1
122
320
319
313
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December 31,
2017, by the LCNRV method,...
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As a result of its annual inventory count, Bramble Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bramble’s first year end. This information
is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,000
$283,350
Dec. 31, 2020
385,100
351,950
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
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Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost NRV 12/31/20 $650,200 $650,200 12/31/21 778,000 705,000 12/31/22 958,800 878,200 Your answer is correct. Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of- goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when amount is...
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The inventory of Sheridan Company on December 31, 2020,
consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
600
$107.00
$113.00
111
1,000
67.80
59.00
112
500
90.40
86.00
113
210
192.10
203.40
120
410
232.00
235.00
121
a
1,600
18.00
1.00
122
270
271.20
266.00
a Part No. 121 is obsolete and has a realizable value of
$1.00 each as scrap.
(a) Determine the inventory as of December 31,
2020, by the LCNRV method,...
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The inventory of Swifty Company on December 31, 2020, consists
of the following items.
Part Quantity Cost per Unit Net Realizable Value
110 540 $100.00 $105.00
111 1,010 63.00 55.00
112 450 84.00 80.00
113 220 178.50 189.00
120 430 215.00 218.00
121 a 1,800 17.00 1.00
122 330 252.00 247.00
a Part No. 121 is obsolete and has a realizable value of $1.00
each as scrap.
(a) Determine the inventory as of December 31, 2020, by the
LCNRV method,...
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The inventory of Blue Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 610 $136.00 $143.00 111 85.80 74.00 920 460 112 114.40 109.00 113 210 257.40 243.10 293.00 410 297.00 121 a 1,500 23.00 1.00 122 320 343.20 336.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this...
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The inventory of Marigold Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 650 $102.00 $107.00 111 1,050 64.20 56.00 112 85.60 81.00 210 181.90 192.60 120 420 219.00 223.00 121a 1,800 17.00 1.00 290 256.80 251.00 490 113 122 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying...
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Kingbird Company determined its ending inventory at cost and at
LCNRV at December 31, 2020, December 31, 2021, and December 31,
2022, as shown below.
Cost
NRV
12/31/20
$707,100
$707,100
12/31/21
807,500
741,400
12/31/22
850,600
777,300
(a)
Prepare the journal entries required at December 31, 2021, and at
December 31, 2022, assuming that a perpetual inventory system and
the cost-of-goods-sold method of adjusting to LCNRV is used.
(Credit account titles are automatically indented when
amount is entered. Do not indent...
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Bluebell Enterprises Ltd.'s records reported an inventory cost of $55,600 and a net realizable value of $54,000 at December 31, 2015. At December 31, 2016, the records indicated a cost of $68,700 and a net realizable value of $61,625. All opening inventory had been sold during the year. *(a) Your answer is correct. Assuming that Bluebell Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles...
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The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net Realizable Value Part per unit Quantity A419 6,400 $15 $27 A435 5,440 A545 12,928 A615 9,600 A721 14,080 A885 17,920 A999) 11,776 Part No.A999 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine...
The inventory of Cullumber Company on December 31, 2017,
consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
640
$126
$133
111
1,100
80
69
112
450
106
101
113
190
226
239
120
410
273
277
121
a
1,700
21
1
122
320
319
313
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December 31,
2017, by the LCNRV method,...
As a result of its annual inventory count, Bramble Corp.
determined its ending inventory at cost and at lower of cost and
net realizable value at December 31, 2019, and December 31, 2020.
December 31, 2019, was Bramble’s first year end. This information
is as follows:
Cost
Lower of Cost
and NRV
Dec. 31, 2019
$
321,000
$283,350
Dec. 31, 2020
385,100
351,950
Prepare the journal entries required at December 31, 2019 and
2020, assuming that the inventory is recorded...
Headland Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost NRV 12/31/20 $650,200 $650,200 12/31/21 778,000 705,000 12/31/22 958,800 878,200 Your answer is correct. Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of- goods-sold method of adjusting to LCNRV is used. (Credit account titles are automatically indented when amount is...
The inventory of Sheridan Company on December 31, 2020,
consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
600
$107.00
$113.00
111
1,000
67.80
59.00
112
500
90.40
86.00
113
210
192.10
203.40
120
410
232.00
235.00
121
a
1,600
18.00
1.00
122
270
271.20
266.00
a Part No. 121 is obsolete and has a realizable value of
$1.00 each as scrap.
(a) Determine the inventory as of December 31,
2020, by the LCNRV method,...
The inventory of Blue Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 610 $136.00 $143.00 111 85.80 74.00 920 460 112 114.40 109.00 113 210 257.40 243.10 293.00 410 297.00 121 a 1,500 23.00 1.00 122 320 343.20 336.00 Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this...
The inventory of Marigold Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 650 $102.00 $107.00 111 1,050 64.20 56.00 112 85.60 81.00 210 181.90 192.60 120 420 219.00 223.00 121a 1,800 17.00 1.00 290 256.80 251.00 490 113 122 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying...
Kingbird Company determined its ending inventory at cost and at
LCNRV at December 31, 2020, December 31, 2021, and December 31,
2022, as shown below.
Cost
NRV
12/31/20
$707,100
$707,100
12/31/21
807,500
741,400
12/31/22
850,600
777,300
(a)
Prepare the journal entries required at December 31, 2021, and at
December 31, 2022, assuming that a perpetual inventory system and
the cost-of-goods-sold method of adjusting to LCNRV is used.
(Credit account titles are automatically indented when
amount is entered. Do not indent...
Bluebell Enterprises Ltd.'s records reported an inventory cost of $55,600 and a net realizable value of $54,000 at December 31, 2015. At December 31, 2016, the records indicated a cost of $68,700 and a net realizable value of $61,625. All opening inventory had been sold during the year. *(a) Your answer is correct. Assuming that Bluebell Enterprises uses a perpetual inventory system, prepare the necessary December 31, 2016 entry under the direct method and the indirect method. (Credit account titles...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net Realizable Value Part per unit Quantity A419 6,400 $15 $27 A435 5,440 A545 12,928 A615 9,600 A721 14,080 A885 17,920 A999) 11,776 Part No.A999 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine...