Homework Answers
| Item | Quantity | Unit cost | Unit market value | Total cost | Total market | Lower of cost or market |
| A | 220 | 9 | 8 | 1980 | 1760 | 1760 |
| F | 230 | 17 | 16 | 3910 | 3680 | 3680 |
| K | 173 | 4 | 7 | 692 | 1211 | 692 |
| 6582 | 6651 | 6132 | ||||
| a | ||||||
| Ending inventory | 6132 | |||||
| b | ||||||
| Debit | Credit | |||||
| Cost of goods sold | 450 | =6582-6132 | ||||
| Inventory | 450 |
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Exercise 5-11A Lower-of-cost-or-market rule LO 5-2 Brooks Company carries three inventory items. The following information pertains...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity 180 Cost $12 Market Value $11 A F 250 13 12 K 174 5 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. 53 Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A Quantity 220 255 179 Unit Cost $11 15 Unit Market Value $10 14 7 F K 4 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. Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
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
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Quantity Cost Item Market Value $12 $11 210 240 15 14 175 к 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. Ending inventory
Exercise 5-10A Lower-of-cost-or-market rule: perpetual system LO 5-2 The following information pertains to Hagen Metal Work’s...
Exercise 5-10A Lower-of-cost-or-market rule: perpetual system LO 5-2 The following information pertains to Hagen Metal Work’s ending inventory for the current year: Unit Unit Item Quantity Cost Market Value C 290 $ 10 $ 6 D 280 12 9 K 76 8 12 M 71 5 8 Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. b. Prepare any necessary journal entries,...
Ending Inventory
Brooks Company carries three inventory items. The following information pertains to the ending inventory: ItemQuantityUnitCostUnitMarket ValueA190$10$9F2451312K17158 Requireda. 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. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Berthoducation.com Chp 5-Assignment 2 Help Se 1 Problem 5-21A Inventory valuation based on the lower-of-cost-or-market rule...
Berthoducation.com Chp 5-Assignment 2 Help Se 1 Problem 5-21A Inventory valuation based on the lower-of-cost-or-market rule LO 5-2 At the end of the year, Randy's Parts Co. had the following items in ms in Inventory Unit Market Item PI 72 Quantity is out 40 70 10 70 125 72 130 130 Required a. Determine the amount of ending inventory using the lower-of-cost-op-market rule applied to each individual inventory item. b. Provide the general journal entry necessary to write down the...
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending Inventory Includes the following...
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending Inventory Includes the following Items. Units Cost per Unit $ 63 Market per Unit $ 59 Product Helmets Bats Shoes Uniforms 113 104 Compute the lower of cost or market for ending Inventory applied separately to each product. Per Unit - Total Inventory Items Cost Market LCM Applied to Items Helmets Bats Shoes Uniforms Units Cost Market 41 s 63597 34 81 113 55 100 104 50 45...
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following...
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Market per Unit Helmets 38 $ 60 $ 56 Bats 31 78 84 Shoes 52 97 101 Uniforms 56 42 42 Compute the lower of cost or market for ending inventory applied separately to each product.
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following...
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items Units Cost per Unit Market per Unit Product Helmets Bats Shoes Uniforms 39 32 53 57 $ 61 79 98 43 $ 57 85 102 43 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total LCM Applied to Items Cost Market Inventory Items Units CostMarket Helmets Bats Shoes Uniforms 39 61 57 32 53...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity 180 Cost $12 Market Value $11 A F 250 13 12 K 174 5 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. 53 Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A Quantity 220 255 179 Unit Cost $11 15 Unit Market Value $10 14 7 F K 4 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. Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
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
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Quantity Cost Item Market Value $12 $11 210 240 15 14 175 к 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. Ending inventory
Berthoducation.com Chp 5-Assignment 2 Help Se 1 Problem 5-21A Inventory valuation based on the lower-of-cost-or-market rule LO 5-2 At the end of the year, Randy's Parts Co. had the following items in ms in Inventory Unit Market Item PI 72 Quantity is out 40 70 10 70 125 72 130 130 Required a. Determine the amount of ending inventory using the lower-of-cost-op-market rule applied to each individual inventory item. b. Provide the general journal entry necessary to write down the...
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending Inventory Includes the following Items. Units Cost per Unit $ 63 Market per Unit $ 59 Product Helmets Bats Shoes Uniforms 113 104 Compute the lower of cost or market for ending Inventory applied separately to each product. Per Unit - Total Inventory Items Cost Market LCM Applied to Items Helmets Bats Shoes Uniforms Units Cost Market 41 s 63597 34 81 113 55 100 104 50 45...
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items Units Cost per Unit Market per Unit Product Helmets Bats Shoes Uniforms 39 32 53 57 $ 61 79 98 43 $ 57 85 102 43 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total LCM Applied to Items Cost Market Inventory Items Units CostMarket Helmets Bats Shoes Uniforms 39 61 57 32 53...
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