Question

Google Docs Google Classroom Netflix Desmos Khan Academy Mastering Bio WileyPLUS Kimmel, Financial Accounting, Be FINANCIAL ACCOUNTING ACC 20 ractice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR FULL SCREEN PRINTER VERSION BACK NET Exercise 6-9 Sheffield Corp. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Market Units Cost per Unit per Unit Cameras Minolta Canon Light Meters $187 $161 148 155 Vivitar Kodak 127 110 105 129 What amount should be reported on Sheffield Corp's financial statements, assuming the lower-of-cost-or-market rule is applied? el corp's fina Total Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO SIMILAR EXERCISE Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Privacy Policy I 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.16.2 oon

Answer 1

Solution:

Item	Nos of units	Unit Cost	Market value per unit	Total Cost	Total Market	Carrying value of inventory (Lower of Cost or Market value)
Minolta	5	$187.00	$161.00	$935.00	$805.00	$805.00
Cannon	7	$148.00	$155.00	$1,036.00	$1,085.00	$1,036.00
Vivtar	12	$127.00	$105.00	$1,524.00	$1,260.00	$1,260.00
Kodak	10	$110.00	$129.00	$1,100.00	$1,290.00	$1,100.00
Total				$4,595.00	$4,440.00	$4,201.00