Homework Answers
The ending balance of Inventory on the balance sheet = $ 4,017
Explanation
| Calculation of the ending balance of Inventory on the balance sheet | |||
| Product | Cost/Unit | Market Value/Unit | Lower of Market& Cost |
| Minolta | $ 158.00 | $ 156.00 | $ 156.00 |
| Canon | 147.00 | 150.00 | 147.00 |
| Vivitar | 127.00 | 103.00 | 103.00 |
| Kodak | 108.00 | 130.00 | 108.00 |
| Inventory: | |||
| Units | Lower of Market & Cost | Total | |
| Minolta | 5 | $ 156.00 | $ 780.00 |
| Canon | 7 | $ 147.00 | $ 1,029.00 |
| Vivitar | 12 | $ 103.00 | $ 1,236.00 |
| Kodak | 9 | $ 108.00 | $ 972.00 |
| Ending Inventory | $ 4,017.00 | ||
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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...
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WD1 6-9 Exercise 6-9 Sweet Acacda, Inc. uses the lower-of-cost-or-market basis for its inventory. The following...
WD1 6-9
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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...
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
WD1 6-9
Exercise 6-9 Sweet Acacda, Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31 Cost Market per Unit Units per Unit Minolta $179 153 $143 158 Light Meters Vivitar Kodak 13 132 120 119 130 What amount should be reported on Sweet Acacia, Inc.'s financial statements, assuming the lower-of-cost-or-market rule is applied?
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