Mike's beans had the following perpetual inventory records for september for a coffee maker:
Homework Answers
Solution A:
Solution B:
| Account title | Debit | Credit |
| Cost of goods sold (17800 -17000) | 800 | |
| Inventory | 800 |
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Mike's beans had the following perpetual inventory
records for september for a coffee maker:
BUAD 215...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost of market. Assemble the data in the form illustrated in Bibit Inventory Item Inventory Quantity Unit Market Value per Unit (Net Realizable Value) $282 212 Birch $297 Cypress 204 Mountain Ash 13 Spruce 39 292 Willow Inventory at the Lower of Cost or Market Total Cost Total Market Total Lower of Cor Inventory Item Birch Cypress Mountain Ash Spruce WO...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $273 $275 Cypress Mountain Ash Spruce Willow 208 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Crores Mountain Spruce Willow EXHIBIT A...
The following information is available from the inventory records Involute Apparel as of December...
The following information is available from the inventory records Involute Apparel as of December 31, 2028. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,100 $15.00 $16.80 $21.00 $3.00 $3.60 B 800 16.40 15.80 18.80 1.80 2.40 C 1,000 11.20 10.80 14.40 2.35 1.30 D 1,000 7.60 8.40 12.30 1.60 3.00 E 1,400 12.80 12.60 12.70 1.40 2.00 Instructions (a) Determine, for each item, the lower-of-cost-or-net-realizable value. (b) Determine for each...
The Jewel Fool had the following inventory items on hand at the end of the year....
The Jewel Fool had the following inventory items on hand at the end of the year. Quantity 30 Necklaces Bracelets Cost per Item $71 Value per Item $ 66 Se 36 56 Determine the lower of cost or market/net realizable value per unit and the total amount that should be reported on the balance sheet for each item of inventory. Lower of Cost or Market per Unit Total Amount Reported Necklaces Bracelets Total
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Item Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 Greg Forda is an accounting clerk in...
Ivanhoe Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Ivanhoe Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2017. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,900 $9.23 $10.33 $12.92 $1.85 $2.21 B 1,600 10.09 9.72 11.56 1.11 1.48 C 1,800 6.89 6.64 8.86 1.41 0.74 D 1,800 4.67 5.17 7.75 0.98 1.85 E 2,200 7.87 7.75 8.24 0.86 1.23 Greg Forda...
Problem 9-5 Waterway Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
Problem 9-5
Waterway Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,300
$8.78
$9.83
$12.29
$1.76
$2.11
B
1,000
9.59
9.24
11.00
1.05
1.40
C
1,200
6.55
6.32
8.42
1.35
0.70
D
1,200
4.45
4.91
7.37
0.94
1.76
E
1,600
7.49
7.37
7.84
0.82
1.17...
Problem 9-5 Pearl Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
Problem 9-5
Pearl Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,800
$8.18
$9.16
$11.45
$1.64
$1.96
B
1,500
8.94
8.61
10.25
0.98
1.31
C
1,700
6.10
5.89
7.85
1.25
0.65
D
1,700
4.14
4.58
6.87
0.87
1.64
E
2,100
6.98
6.87
7.30
0.76
1.09...
At the end of the year, Randy’s Parts Co. had the following items in inventory: Item...
At the end of the year, Randy’s Parts Co. had the following items in inventory: Item Quantity Unit Cost Unit Market Value P1 63 $ 86 $ 88 P2 34 62 72 P3 82 137 125 P4 41 59 67 a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy’s Parts Co. uses the...
Brooks Company carries three inventory items. The following information pertains to the ending inventory Item А...
Brooks Company carries three inventory items. The following information pertains to the ending inventory Item А F K Quantity 120 170 110 Unit Cost $60 80 30 Unit Market Value $55 75 40 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or. market rule to individual inventory items. b. Calculate the adjustment required assuming the decline in value is immaterial a. Ending inventory b. Adjustment
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost of market. Assemble the data in the form illustrated in Bibit Inventory Item Inventory Quantity Unit Market Value per Unit (Net Realizable Value) $282 212 Birch $297 Cypress 204 Mountain Ash 13 Spruce 39 292 Willow Inventory at the Lower of Cost or Market Total Cost Total Market Total Lower of Cor Inventory Item Birch Cypress Mountain Ash Spruce WO...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $273 $275 Cypress Mountain Ash Spruce Willow 208 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Crores Mountain Spruce Willow EXHIBIT A...
The Jewel Fool had the following inventory items on hand at the end of the year. Quantity 30 Necklaces Bracelets Cost per Item $71 Value per Item $ 66 Se 36 56 Determine the lower of cost or market/net realizable value per unit and the total amount that should be reported on the balance sheet for each item of inventory. Lower of Cost or Market per Unit Total Amount Reported Necklaces Bracelets Total
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Item Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 Greg Forda is an accounting clerk in...
Problem 9-5
Waterway Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,300
$8.78
$9.83
$12.29
$1.76
$2.11
B
1,000
9.59
9.24
11.00
1.05
1.40
C
1,200
6.55
6.32
8.42
1.35
0.70
D
1,200
4.45
4.91
7.37
0.94
1.76
E
1,600
7.49
7.37
7.84
0.82
1.17...
Problem 9-5
Pearl Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,800
$8.18
$9.16
$11.45
$1.64
$1.96
B
1,500
8.94
8.61
10.25
0.98
1.31
C
1,700
6.10
5.89
7.85
1.25
0.65
D
1,700
4.14
4.58
6.87
0.87
1.64
E
2,100
6.98
6.87
7.30
0.76
1.09...
Brooks Company carries three inventory items. The following information pertains to the ending inventory Item А F K Quantity 120 170 110 Unit Cost $60 80 30 Unit Market Value $55 75 40 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or. market rule to individual inventory items. b. Calculate the adjustment required assuming the decline in value is immaterial a. Ending inventory b. Adjustment
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