The inventory for Ji-Leng Company on 12/31/17 consists of the following items: Part No. Quantity Cost...
Homework Answers
Calculate following
| Part No | Quantity | Cost | NRV | Lower of Cost and NRV |
| 1062 | 900 | 121500 | 135000 | 121500 |
| 1153 | 1500 | 135000 | 117000 | 117000 |
| 1249 | 750 | 90000 | 85500 | 85500 |
| 1350 | 300 | 76500 | 81000 | 76500 |
| Total | 423000 | 418500 | 400500 |
a) Inventory value = $400500
b) Inventory value = 418500
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The inventory for Ji-Leng Company on 12/31/17 consists of the
following items:
Part No. Quantity Cost...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Part Quantity...
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a Part No. 121 is obsolete and has a realizable value of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 Ohio Company on December 31, 2017, consists of the following items Part Quantity...
The inventory of Ohio Company on December 31, 2017, consists of the following items Part Quantity Cost per unit Net Realizable Value per unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 1,600 16 1 122 300 240 235 Part No. 121 is obsolete and as a result has a realizable value of $1 each as scrap. Determine the inventory as of December 31, 2017, by the...
The inventory of Blue Company on December 31, 2020, consists of the following items. Part Quantity...
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The inventory of Marigold Company on December 31, 2020, consists of the following items. Part Quantity...
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The inventory of Cullumber Company on December 31, 2017, consists of the following items. Part Quantity...
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a Part No. 121 is obsolete and has a realizable value of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,...
The following information concerns several of the inventory items at DC's. Net Realizable Value Quantity Unit...
The following information concerns several of the inventory items at DC's. Net Realizable Value Quantity Unit Cost 80 Description Department A: Model XP 235 Model XP 376 Model XP 522 Department B: Model ZY 114 Model ZY 232 Model ZY 183 105 90 $24.40 28.25 21.50 $23.10 26.50 22.85 76.50 101.50 146.50 76.50 97.50 143.80 1. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation...
The inventory of Swifty Company on December 31, 2020, consists of the following items. Part Quantity...
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The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net...
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Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit...
Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) CK3J 114 $61 $56 O5T4 238 30 35 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.
The lo g information concerns several of the inventory items at DC'S. 20 boints Net Realizable...
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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,...
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...
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,...
The following information concerns several of the inventory items at DC's. Net Realizable Value Quantity Unit Cost 80 Description Department A: Model XP 235 Model XP 376 Model XP 522 Department B: Model ZY 114 Model ZY 232 Model ZY 183 105 90 $24.40 28.25 21.50 $23.10 26.50 22.85 76.50 101.50 146.50 76.50 97.50 143.80 1. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation...
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 lo g information concerns several of the inventory items at DC'S. 20 boints Net Realizable Value Quantity Unit Cost eBook los Description Department A: Model XP 235 Model XP 376 Model XP 522 Department : Model ZY 114 Model ZY 232 Model ZY 183 $24.40 20.25 21.50 90 $ 23.10 26.50 22.85 Print 76.50 101.50 146.50 76.50 97.50 References 1. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net...
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