Homework Answers
rate positively ..
| Given that- | ||||||
| i | ii | iii | iv=ii-iii | |||
| Item | Cost | Estimated selling price | Estimated disposal costs | NRV | Lower of cost of NRV | |
| Neutrinos | 1820 | 2100 | 100 | 2000 | 1820 | |
| Ocillinos | 5000 | 4900 | 100 | 4800 | 4800 | |
| Electrons | 4290 | 4625 | 200 | 4425 | 4290 | |
| Protons | 3200 | 4210 | 100 | 4110 | 3200 | |
| 14110 | ||||||
| Ans | ||||||
| Item | LC and NRV | |||||
| Neutrinos | 1820 | |||||
| Ocillinos | 4800 | |||||
| Electrons | 4290 | |||||
| Protons | 3200 | |||||
| Total | 14110 | |||||
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Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos...
Sheffield Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price...
Sheffield Corporation has the following four items in its
ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,930
$2,210
$117
Ocillinos
4,940
4,840
107
Electrons
4,350
4,685
206
Protons
3,460
4,470
107
Assume that Sheffield 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
$...
Riverbed Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price...
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.
Brief Exercise 9-2 Monty Corporation has the following four items in its ending inventory. Item Cost...
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...
Oriole Corporation has the following four items in its ending inventory. Item Cost Net Realizable Value...
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
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows...
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,...
Cullumber Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity...
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...
determine the amount of write down if any using item by item lcnrv and the total...
determine the amount of write down if any using item by item
lcnrv
and the total category lcnrv
Floyd Corporation has the following four items in its ending inventory. Net Realizable Value (NRV) Item Cost Jokers $2,100 Penguins $2,000 5,000 4,400 4,950 Riddlers 4,625 Scarecrows 3,200 3,830 Your answer is partially correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2000 Penguins 4950 Riddlers 4400 Scarecrow 3200 e Textbook and Media X Your answer is incorrect. (1)...
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on...
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...
Brief Exercise 9-02 Waterway Corporation has the following four items in its ending inventory. Item Jokers...
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...
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers...
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...
Sheffield Corporation has the following four items in its
ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,930
$2,210
$117
Ocillinos
4,940
4,840
107
Electrons
4,350
4,685
206
Protons
3,460
4,470
107
Assume that Sheffield 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
$...
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,...
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...
determine the amount of write down if any using item by item
lcnrv
and the total category lcnrv
Floyd Corporation has the following four items in its ending inventory. Net Realizable Value (NRV) Item Cost Jokers $2,100 Penguins $2,000 5,000 4,400 4,950 Riddlers 4,625 Scarecrows 3,200 3,830 Your answer is partially correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2000 Penguins 4950 Riddlers 4400 Scarecrow 3200 e Textbook and Media X Your answer is incorrect. (1)...
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...
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...
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...
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