The following data refer to Coat Company's ending inventory: Item Code Quantity Unit Cost Unit Market...
The following data refer to Coat Company's ending inventory:
|
Item Code |
Quantity |
Unit Cost |
Unit Market |
|
Small |
100 |
$171 |
$174 |
|
Medium |
420 |
114 |
132 |
|
Large |
600 |
126 |
132 |
|
Extra-Large |
220 |
201 |
192 |
How much is the inventory if the lower-of-cost-or-net realizable
value rule is applied to each item of inventory?
Select one:
A. $189,480
B. $182,820
C. $199,080
D. None of the above
Homework Answers
| Item code | Inventory quantity | Cost per unit | Market price per unit | Cost | Market price | Lower of cost and market price | ||
| Small | 100 | 171.00 | 174.00 | $17,100 | $17,400 | $17,100 | ||
| Medium | 420 | 114.00 | 132.00 | $47,880 | $55,440 | $47,880 | ||
| Large | 600 | 126.00 | 132.00 | $75,600 | $79,200 | $75,600 | ||
| Extra-Large | 220 | 201.00 | 192.00 | $44,220 | $42,240 | $42,240 | ||
| $1,84,800 | $1,94,280 | $1,82,820 | ||||||
| So Option B is answer | ||||||||
Add Answer to:
The following data refer to Coat Company's ending inventory:
Item Code
Quantity
Unit Cost
Unit Market...
Please consider the following data related to the ending inventory for Company A: Item Code Quantity...
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I need help figuring out how to find the ending inventory using the lower-of-cost-or-market method: Lower-of-Cost-or-Net...
I need help figuring out how to find the ending inventory using
the lower-of-cost-or-market method:
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I need help figuring out how to find the ending inventory using
the lower-of-cost-or-market method:
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value Product 1 ZKE 150 $72 ZKF 350 83 Product 2 MNJ 450 72 MNS 250 83 87 Calculate the value of the company's ending inventory using the lower-of-cost-or-market method applied to each item of inventory. Applying the lower-of-cost-or-market method to each item...
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