Homework Answers
Answer (b). 75, when inventory is valued at lower of cost or net reloasable value then inventory is valued at low of the net relisable value and cost of inventory.
Add Answer to:
If the cost of an item of inventory is $80 and the current selling price is...
Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 80 $180 $185...
Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 80 $180 $185 Item 2 150 100 98 Item 3 200 165 175 Item 4 140 158 120 Classification: Classic Item 5 100 100 98 Item 6 50 90 95 Item 7 500 105 115 Item 8 280 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual item.
73) Ending inventory for Commodity X consists of 20 units. Under the FIFO method, the cost...
73) Ending inventory for Commodity X consists of 20 units. Under the FIFO method, the cost of the 20 units is $5 each. Current net realizable value is $4.75 per unit. Using the lower-of-cost-and-net -realizable-value rule to value inventory, the balance sheet would show ending inventory of: A) $5.00 B) $4.75 C) $95.00 D) $100.00 74) Piggly Wiggly Sales had six CD players in inventory on December 31. They were purchased in November for $170 each. A quoted price received...
Information about an item of inventory accounted for using the LIFO method is given below: Historical...
Information about an item of inventory accounted for using the LIFO method is given below: Historical cost $36.00 Selling price 60.00 Cost to distribute 4.00 Replacement cost 35.00 Normal profit margin % of selling price) 30% At what amount should the inventory item be reported in the financial statements under the lower-of-cost-or-market (LCM) rule. O A $36 B. $56 OC. $35 OD. $38
Diego Corporation values its inventory at the lower of cost or net realizable value as required...
Diego Corporation values its inventory at the lower of cost or net realizable value as required by IFRS. Diego has the following information regarding its inventory Historical cost $100,000 Estimated selling price 98,000 Estimated costs to complete and sell 3,000 Replacement cost 90,000 What is the amount for inventory that Diego should report on the balance sheet under the lower of cost or net realizable value method? O$95,000 $97,000 O$98,000 $100,000
One inventory item has a sales price of $ 26.62 and selling expenses of $ 7.97....
One inventory item has a sales price of $ 26.62 and selling expenses of $ 7.97. The replacement cost of the item is $ 13.32 and the original cost was $ 25.59. The normal profit margin on this item is $ 1.70. If there are 2860 units on hand, at what amount will inventory be recorded on the balance sheet? Select one: a. $73187 ob. $48477 O c. $53339 d. $38095 Check
4. Lorrer of Cost or Not Realizable Riegal Company uses the Lower of Cost or Net...
4. Lorrer of Cost or Not Realizable Riegal Company uses the Lower of Cost or Net Realizable Value method, applying this method to each item Tha nventory at December 31, 2017, consists of products D, E, F, G, H, and i. Relevant per unit data for these products appear below Item Estimated seling price $120 $110 $95 $90 $110 $90 Cost to complete Cost 30 30 75 80 8080 50 36 018 10 20 10 20 25 35 30 30...
Riverbed Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price...
Riverbed Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price Estimated Disposal Costs Neutrinos $ 1,950 $2,230 $99 Ocillinos 5,060 4,960 112 Electrons 4,280 4,615 219 Protons 3,420 4,430 91 (a) Assume that Riverbed is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis.
14. The following information is given for a specific inventory item: $100 120 32 Cost Estimated...
14. The following information is given for a specific inventory item: $100 120 32 Cost Estimated selling price Cost to complete Selling cost 15 What is the proper inventory value under the lower-of-Cost-or-Net Realizable Value rule? a. $53 b. $73 c. $88 d. $105 15. The 2020 financial statements of Sheridan Company reported a beginning inventory of $85,000, an ending inventory of $125,000, and cost of goods sold of $777,000 for the year. Sheridan's Inventory Turnover for 2020 is a....
Sheffield Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price...
Sheffield Corporation has the following four items in its
ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,930
$2,210
$117
Ocillinos
4,940
4,840
107
Electrons
4,350
4,685
206
Protons
3,460
4,470
107
Assume that Sheffield is a public company using IFRS. Determine
the total value of ending inventory, using the lower of cost and
net realizable value model applied on an individual item
basis.
Item
LC and NRV
Neutrinos
$
Ocillinos
$
Electrons
$
Protons
$...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual...
Information about an item of inventory accounted for using the LIFO method is given below: Historical cost $36.00 Selling price 60.00 Cost to distribute 4.00 Replacement cost 35.00 Normal profit margin % of selling price) 30% At what amount should the inventory item be reported in the financial statements under the lower-of-cost-or-market (LCM) rule. O A $36 B. $56 OC. $35 OD. $38
Diego Corporation values its inventory at the lower of cost or net realizable value as required by IFRS. Diego has the following information regarding its inventory Historical cost $100,000 Estimated selling price 98,000 Estimated costs to complete and sell 3,000 Replacement cost 90,000 What is the amount for inventory that Diego should report on the balance sheet under the lower of cost or net realizable value method? O$95,000 $97,000 O$98,000 $100,000
One inventory item has a sales price of $ 26.62 and selling expenses of $ 7.97. The replacement cost of the item is $ 13.32 and the original cost was $ 25.59. The normal profit margin on this item is $ 1.70. If there are 2860 units on hand, at what amount will inventory be recorded on the balance sheet? Select one: a. $73187 ob. $48477 O c. $53339 d. $38095 Check
4. Lorrer of Cost or Not Realizable Riegal Company uses the Lower of Cost or Net Realizable Value method, applying this method to each item Tha nventory at December 31, 2017, consists of products D, E, F, G, H, and i. Relevant per unit data for these products appear below Item Estimated seling price $120 $110 $95 $90 $110 $90 Cost to complete Cost 30 30 75 80 8080 50 36 018 10 20 10 20 25 35 30 30...
14. The following information is given for a specific inventory item: $100 120 32 Cost Estimated selling price Cost to complete Selling cost 15 What is the proper inventory value under the lower-of-Cost-or-Net Realizable Value rule? a. $53 b. $73 c. $88 d. $105 15. The 2020 financial statements of Sheridan Company reported a beginning inventory of $85,000, an ending inventory of $125,000, and cost of goods sold of $777,000 for the year. Sheridan's Inventory Turnover for 2020 is a....
Sheffield Corporation has the following four items in its
ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,930
$2,210
$117
Ocillinos
4,940
4,840
107
Electrons
4,350
4,685
206
Protons
3,460
4,470
107
Assume that Sheffield is a public company using IFRS. Determine
the total value of ending inventory, using the lower of cost and
net realizable value model applied on an individual item
basis.
Item
LC and NRV
Neutrinos
$
Ocillinos
$
Electrons
$
Protons
$...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual...
Most questions answered within 3 hours.
-
Why
are large,multinational firms more likely to be concerned about
CSR?Why are lifestyle brands more susceptible...
asked 3 minutes ago -
answer the below qestion in term of marketing in “personal
selling steps”
( Question )
Consider...
asked 3 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 5 minutes ago -
A student holds a ruler by one end (x=0 where the student holds
it). The student...
asked 5 minutes ago -
People are most likely to believe their ancestors play an active
role in their lives in...
asked 5 minutes ago -
A speeding car is traveling along a straight road with a
constant speed of 100 km/hour....
asked 23 minutes ago -
When 60.1 gg of calcium is reacted with nitrogen gas, 31.7 gg of
calcium nitride is...
asked 28 minutes ago -
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 43 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 38 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 50 minutes ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 59 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 58 minutes ago