Skysong, Inc. sells coffee beans, which are sensitive to price fluctuations
1. Skysong, Inc. sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2022
Calculate Skysong's inventory by applying the lower-of-cost-or-market basis.
Skysong's inventory $ _______
2. Crane Company sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2022.
Calculate Crane's inventory by applying the lower-of-cost-or-market basis.
Crane's inventory $_______
Homework Answers
1) Lower of cost or market value
| Unit Cost | NRV | Total Value | |
| Coffea arabica | 5.50 | 5.45 | 5.45*13700 = 74665 |
| Coffea robusta | 3.30 | 3.40 | 3.30*5600 = 18480 |
| Total | 93145 | ||
Inventory value = $93145
2) Lower of cost or market value
| Unit Cost | NRV | Total Value | |
| Coffea arabica | 6.10 | 6.05 | 6.05*11700 = 70785 |
| Coffea robusta | 3.20 | 3.30 | 3.20*4500 = 14400 |
| Total | 85185 | ||
Inventory value = $85185
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Skysong, Inc. sells coffee beans, which are sensitive to price fluctuations
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$
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assuming that Novak uses a perpetual inventory system. (Round
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