Inventory item | Units | Cost per unit | Market price per unit | Cost | Market price | Lower of cost and market price | |||
Tools: | |||||||||
Hammers | 110 | $5.70 | $6.20 | $627 | $682 | $627 | |||
Saws | 270 | $10.70 | $9.70 | $2,889 | $2,619 | $2,619 | |||
Screwdrivers | 370 | $2.70 | $3.30 | $999 | $1,221 | $999 | |||
Total | $4,515 | $4,522 | $4,245 | (ans to a) | $4,515 | (ans to b) | |||
Paint Products: | |||||||||
1-gallons cans | 570 | $6.70 | $5.70 | $3,819 | $3,249 | $3,249 | |||
Paint Brushes | 110 | $4.70 | $5.20 | $517 | $572 | $517 | |||
Total | $4,336 | $3,821 | $3,766 | (ans to a) | $3,821 | (ans to b) | |||
Total | $8,851 | $8,343 | $8,343 | ans to © |
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 110 $ 4.10 $ 4.60 Saws 110 9.10 8.10 Screwdrivers 210 1.10 1.70 Paint products: 1-gallon cans 410 5.10 4.10 Paint brushes 110 3.10 3.60 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 120 $ 5.50 $ 6.00 Saws 250 10.50 9.50 Screwdrivers 350 2.50 3.10 Paint products: 1-gallon cans 550 6.50 5.50 Paint brushes 120 4.50 5.00 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 110 $ 5.40 $ 5.90 Saws 240 10.40 9.40 Screwdrivers 340 2.40 3.00 Paint products: 1-gallon cans 540 6.40 5.40 Paint brushes 110 4.40 4.90 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Realizable Value Per Unit Cost Quantity Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 120 280 $ 5.80 10.80 2.80 $6.30 9.80 380 3.40 580 120 6.80 4.80 5.80 5.30 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Inventory, by Product Category Per Unit Cost Realizable Quantity Value Tools: $ 5.00 Hammers 100 $5.50 200 Saws 10.00 9.00 Screwdrivers 300 2.00 2.60 Paint products: 500 6.00 1-gallon cans 5.00 100 Paint brushes 4.00 4.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Per Unit Cost Realizable Inventory, by Product Category Quantity Value Tools $ 5.80 $6.30 Hammers 120 Saws 280 10.80 9.80 Screwdrivers 2.80 380 3.40 Paint products: 1-gallon cans Paint brushes 580 6.80 5.80 5.30 120 4.80 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. Net Realizable Value Per Unit Cost Quantity Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 120 280 380 $ 5.80 10.80 2.80 $6.30 9.80 3.40 580 120 6.80 4.80 5.80 5.30...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Net Per Unit Realizable Cost Value Quantity Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products! 1-gallon cans Paint brushes 100 150 250 $4.50 9.50 1.50 $5.00 8.50 2.10 450 100 5.50 3.50 4.50 4.00 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied...
8 Almaden Hardware Store sells two product categorles, tools and paint products. Information pertaining to its 2021 year-end Inventory is as follows: points Per Unit Cost Net Realizable Value Quantity Skipped Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 1ee 18e 280 $4.80 9.80 1.80 $5.30 8.88 2.40 eBook 480 5.80 3.80 4.8e 4.30 1ee Required: 1. Determine the carrying value of Inventory at year-end, assuming the lower of cost or net realizable value...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Per Unit Cost Realizable Value Quantity $ Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 200 300 5.00 10.00 2.00 $5.50 9.00 2.60 500 100 6.00 4.00 5.00 4.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is...