Homework Answers
| Ans. | ||||||
| Item | Cost | Market | LCM | |||
| Jokers | $2,160 | $2,268 | $2,160 | |||
| Penguins | $5,400 | $5,346 | $5,346 | |||
| Riddlers | $4,752 | $4,995 | $4,752 | |||
| Scarecrows | $3,456 | $4,136 | $3,456 | |||
| Total | $15,768 | $16,745 | $7,506 | |||
| *Lower of cost or market value (LCM) = Lower value between total cost and total market | ||||||
| Ans. 1 | Item | Cost (a) | LCM (b) | Write Down (a-b) | ||
| Jokers | $2,160 | $2,160 | $0 | |||
| Penguins | $5,400 | $5,346 | $54 | |||
| Riddlers | $4,752 | $4,752 | $0 | |||
| Scarecrows | $3,456 | $3,456 | $0 | |||
| Total | $54 | |||||
| Write down amount = Cost - Market | ||||||
| Ans. 2 | Item | Cost | Market | |||
| Jokers | $2,160 | $2,268 | ||||
| Penguins | $5,400 | $5,346 | ||||
| Riddlers | $4,752 | $4,995 | ||||
| Scarecrows | $3,456 | $4,136 | ||||
| Total | $15,768 | $16,745 | ||||
| *Total cost is $15,768 which is less than the total market value (i.e. $16,745) | ||||||
| So, the toal category LCNRV will be $15,768. | ||||||
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Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows...
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Brief Exercise 9-2
Monty Corporation has the following four items in its ending
inventory.
Item
Cost
Net Realizable
Value (NRV)
Jokers
$2,440
$2,562
Penguins
6,100
6,039
Riddlers
5,368
5,643
Scarecrows
3,904
4,673
Determine the following the LCNRV for each item.
Item
LCNRV
Jokers
$
Penguins
Riddlers
Scarecrows
LINK TO TEXT
(1) Determine the amount of write-down, if
any, using an item-by-item LCNRV evaluation. (If no
write-down, enter 0 for the amounts.)
Item
Write-down
Jokers
$
Penguins
Riddlers
Scarecrows
(2) Determine...
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Sheffield Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price...
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ending inventory:
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Selling Price
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Disposal Costs
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107
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206
Protons
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Assume that Sheffield is a public company using IFRS. Determine
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net realizable value model applied on an individual item
basis.
Item
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$
Ocillinos
$
Electrons
$
Protons
$...
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Brief Exercise 9-2
Monty Corporation has the following four items in its ending
inventory.
Item
Cost
Net Realizable
Value (NRV)
Jokers
$2,440
$2,562
Penguins
6,100
6,039
Riddlers
5,368
5,643
Scarecrows
3,904
4,673
Determine the following the LCNRV for each item.
Item
LCNRV
Jokers
$
Penguins
Riddlers
Scarecrows
LINK TO TEXT
(1) Determine the amount of write-down, if
any, using an item-by-item LCNRV evaluation. (If no
write-down, enter 0 for the amounts.)
Item
Write-down
Jokers
$
Penguins
Riddlers
Scarecrows
(2) Determine...
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Selling Price
Estimated
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Neutrinos
$
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$2,210
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Ocillinos
4,940
4,840
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Electrons
4,350
4,685
206
Protons
3,460
4,470
107
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the total value of ending inventory, using the lower of cost and
net realizable value model applied on an individual item
basis.
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$
Ocillinos
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Electrons
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