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Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos 5,000 Electrons 4,290 Protons 3,200 Estimated Estimated Selling Price Disposal Costs $2,100 $100 4,900 100 4,625 200 4,210 100 (a) Assume that Antimatter is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos $ Ocillinos Electrons Protons Total
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Riverbed Corporation has the following four items in its ending
inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,950
$2,230
$99
Ocillinos
5,060
4,960
112
Electrons
4,280
4,615
219
Protons
3,420
4,430
91
(a)
Assume that Riverbed is a public company using IFRS. Determine
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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Oriole Corporation has the following four items in its ending
inventory.
Item
Cost
Net Realizable
Value (NRV)
Jokers
$2,800
$2,940
Penguins
7,000
6,930
Riddlers
6,160
6,475
Scarecrows
4,480
5,362
Determine the following the LCNRV for each item.
Item
LCNRV
Jokers
$enter a dollar amount
Penguins
enter a dollar amount
Riddlers
enter a dollar amount
Scarecrows
enter a dollar amount
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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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Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,160 5,400 4,752 3,456 Net Realizable Value (NRV) $2,268 5,346 4,995 4,136 Determine the following the LCNRV for each item. Item LCNRV Jokers Penguins Riddlers Scarecrows (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for the amounts.) Item Write-down Jokers Penguins Riddlers Scarecrows (2) Determine a total category LCNRV evaluation. (If no write-down,...
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Brief Exercise 9-02 Waterway Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,760 6,900 6,072 4,416 Net Realizable Value (NRV) $2,898 6,831 6,383 5,285 Your answer is correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2760 Penguins 6831 6072 Riddlers Scarecrows 4 416 Your answer is partially correct. Try again. (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter O...
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The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women CEO department Realizable value Quantity Unit Cost 249 $28 $31 159 Accessories Item 620 Item 621 Women CEO Item 726 Item 727 199 101 139 1. What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and...
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Cullumber Corporation had the following items in inventory as
at December 31, 2020:
Item No.
Quantity
Unit
Cost
NRV
A1
140
$3.00
$3.10
B4
120
1.50
0.90
C2
190
9.20
10.40
D3
130
6.60
6.10
Assume that Cullumber uses a periodic inventory
system, and that none of the inventory items can be grouped
together for accounting purposes. The opening inventory on January
1, 2020, was $3,200 in total.
(a)
Prepare the year-end adjusting entries required to adjust to the
lower...
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The following information pertains to an inventory
item:
Cost
$12.00
Estimated selling price
13.60
Estimated disposal cost
.20
Normal gross margin
2.20
Replacement cost
10.90
Under the lower-of-cost-or-market rule, this inventory item should
be valued at
1. $10.70
2. $10.90
3. $11.20
4. $12.00
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Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers Scarecrows 4,544 Cost Value (NRV) $2,840 7,100 $2,982 7,029 6,568 5,439 6,248 Determine the following the LCNRV for each item. Item okers Penguins Riddlers LCNRV (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 okers Penguins Riddlers Scarecrows Write-down (2) Determine a total category LCNRV evaluation. (If no write-down, enter 0...
Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos 5,000 Electrons 4,290 Protons 3,200 Estimated Estimated Selling Price Disposal Costs $2,100 $100 4,900 100 4,625 200 4,210 100 (a) Assume that Antimatter is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos $ Ocillinos Electrons Protons Total
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...
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,160 5,400 4,752 3,456 Net Realizable Value (NRV) $2,268 5,346 4,995 4,136 Determine the following the LCNRV for each item. Item LCNRV Jokers Penguins Riddlers Scarecrows (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for the amounts.) Item Write-down Jokers Penguins Riddlers Scarecrows (2) Determine a total category LCNRV evaluation. (If no write-down,...
Brief Exercise 9-02 Waterway Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,760 6,900 6,072 4,416 Net Realizable Value (NRV) $2,898 6,831 6,383 5,285 Your answer is correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2760 Penguins 6831 6072 Riddlers Scarecrows 4 416 Your answer is partially correct. Try again. (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter O...
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women CEO department Realizable value Quantity Unit Cost 249 $28 $31 159 Accessories Item 620 Item 621 Women CEO Item 726 Item 727 199 101 139 1. What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and...
Cullumber Corporation had the following items in inventory as
at December 31, 2020:
Item No.
Quantity
Unit
Cost
NRV
A1
140
$3.00
$3.10
B4
120
1.50
0.90
C2
190
9.20
10.40
D3
130
6.60
6.10
Assume that Cullumber uses a periodic inventory
system, and that none of the inventory items can be grouped
together for accounting purposes. The opening inventory on January
1, 2020, was $3,200 in total.
(a)
Prepare the year-end adjusting entries required to adjust to the
lower...
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers Scarecrows 4,544 Cost Value (NRV) $2,840 7,100 $2,982 7,029 6,568 5,439 6,248 Determine the following the LCNRV for each item. Item okers Penguins Riddlers LCNRV (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 okers Penguins Riddlers Scarecrows Write-down (2) Determine a total category LCNRV evaluation. (If no write-down, enter 0...