Homework Answers
| Individual Basis | |||
| Part | Units | Lower of cost or replacement cost | Total |
| Part A | 10 | $ 2.50 | $ 25.00 |
| Part B | 40 | $ 9.00 | $ 360.00 |
| Part C | 75 | $ 7.50 | $ 562.50 |
| $ 947.50 | |||
| Group Basis | |||
| Part | Units | Cost | Replacement cost |
| Part A | 10 | $ 30 | $ 25.00 |
| Part B | 40 | $ 360 | $ 380.00 |
| Part C | 75 | $ 600 | $ 562.50 |
| $ 990 | $ 967.50 | ||
| Lower: $967.5 | |||
| Correct Option: LAST | |||
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A company has the following per unit original costs and replacement costs for its inventory. Part...
A company has the following per unit original costs and replacement costs for its inventory. LCM...
A company has the following per unit original costs and replacement costs for its inventory. LCM is applied to individual items. Part A: 50 units with a cost of $5, and replacement cost of $4.50 Part B: 75 units with a cost of $6, and replacement cost of $6.50 Part C: 160 units with a cost of $3, and replacement cost of $2.50 Under the lower of cost or market method, the total value of this company's ending inventory is:
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SLR Corporation has 1,400 units of each of Its two products in its year-end Inventory. Per unit data for each of the products are as follows: Product 1 Product $62 $46 60 Cost Replacement cost Selling price Selling costs Normal profit Determine the carrying value of SLR's Inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment? Answer is not complete. Complete this question...
SLR Corporation has 900 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 $68 $52 66 44 Cost Replacement cost Selling price Selling costs Normal profit 88 54 1 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment? Complete this...
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