Sheridan Company has the following cost and net realizable value
data at December 31, 2021:
Homework Answers
Calculate following
| Cost | NRV | Lower of cost or NRV | |
| Personal computers | 24200 | 21500 | 21500 |
| Servers | 18400 | 19500 | 18400 |
| Total solution printers | 10000 | 8400 | 8400 |
| Total | 52600 | 48300 |
Adjusting entry
| Account title and explanation | Debit | Credit |
| Cost of goods sold (52600-48300) | 4300 | |
| Inventory | 4300 | |
| (To record adjustment to cost of goods sold) |
Add Answer to:
Sheridan Company has the following cost and net realizable value
data at December 31, 2021:
Net...
BE6–13 Smart-Tech Office Equipment Company has the following cost and net realizable value data at December 31, 2014:
BE6–13 Smart-Tech Office Equipment Company has the following cost and net realizable value data at December 31, 2014:Inventory Categories Cost Net Realizable ValueComputers $24,000 $21,500 Office Equipment 19,000 19,500 Printers 14,000 10,600(a) Calculate the lower of cost and net realizable value valuation. (b) What adjustment should the company record if it uses a perpetual inventory system?
Novak Corp. accumulates the following cost and net realizable value data at December 31. Inventory Categories...
Novak Corp. accumulates the following cost and net realizable
value data at December 31. Inventory Categories Cost Data Net
Realizable Value Cameras $12,020 $13,070 Camcorders 8,200 8,930
DVDs 10,150 9,080 Compute the lower-of-cost-or-net realizable value
for company’s inventory. The lower-of-cost-or-net realizable value
$Enter a dollar amount
Novak Corp. accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Cameras $12,020 $13,070 Camcorders 8,200 8,930 DVDs 10,150 9,080 Compute the lower-of-cost-or-net realizable...
Bramble Corp. accumulates the following cost and net realizable value data at December 31. Inventory Categories...
Bramble Corp. accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Cameras $10,280 $11,520 Camcorders 8,410 9,170 DVDs 11,570 10,430 Compute the lower-of-cost-or-net realizable value for company’s inventory. The lower-of-cost-or-net realizable value $Enter a dollar amount
Recording a Loss in Applying Lower-of-Cost-or-Net Realizable Value On December 31, 2020, Vale Inc. estimated the...
Recording a Loss in Applying Lower-of-Cost-or-Net Realizable Value On December 31, 2020, Vale Inc. estimated the cost of inventory under the average cost method to be $88,000 and the net realizable value of inventory to be $85,000. The company has not previously recorded a holding loss on inventory. a. Prepare the journal entry to record the holding loss on inventory using an allowance account to reduce inventory and cost of goods sold to adjust expense. b. Prepare the journal entry...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 Total cost $122,000 91,000 61,000 31,000 Total Net Realizable Value $101,000 111,000 51,000 51,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net Realizable Value Part per unit Quantity A419 6,400 $15 $27 A435 5,440 A545 12,928 A615 9,600 A721 14,080 A885 17,920 A999) 11,776 Part No.A999 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine...
Coronado Industries accumulates the following cost and net realizable value data at December 31. Inventory Categories...
Coronado Industries accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Cameras $10,520 $11,670 Camcorders 8,900 9,720 DVDs 10,530 9,320 Compute the lower-of-cost-or-net realizable value for company's inventory. The lower-of-cost-or-net realizable value $ Type here to search TOSHIBA Coral de
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $158,000 102 109,000 103 79,000 104 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting...
A company reports inventory using the lower of cost and net realizable value. Below is information...
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Problem 9-2 Lower of cost or net realizable value [LO9-1] Almaden Hardware Store sells two product...
Problem 9-2 Lower of cost or net realizable value [LO9-1] Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Net Realizable Value Inventory by Product Category Tools: Per Unit Quantity Cost $ 5.00 Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 $5.50 9.00 2.60 10.00 2.00 200 300 500 6.00 5.00 100 4.00 4.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the...
Novak Corp. accumulates the following cost and net realizable
value data at December 31. Inventory Categories Cost Data Net
Realizable Value Cameras $12,020 $13,070 Camcorders 8,200 8,930
DVDs 10,150 9,080 Compute the lower-of-cost-or-net realizable value
for company’s inventory. The lower-of-cost-or-net realizable value
$Enter a dollar amount
Novak Corp. accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Cameras $12,020 $13,070 Camcorders 8,200 8,930 DVDs 10,150 9,080 Compute the lower-of-cost-or-net realizable...
Recording a Loss in Applying Lower-of-Cost-or-Net Realizable Value On December 31, 2020, Vale Inc. estimated the cost of inventory under the average cost method to be $88,000 and the net realizable value of inventory to be $85,000. The company has not previously recorded a holding loss on inventory. a. Prepare the journal entry to record the holding loss on inventory using an allowance account to reduce inventory and cost of goods sold to adjust expense. b. Prepare the journal entry...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product 101 102 Total cost $122,000 91,000 61,000 31,000 Total Net Realizable Value $101,000 111,000 51,000 51,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net Realizable Value Part per unit Quantity A419 6,400 $15 $27 A435 5,440 A545 12,928 A615 9,600 A721 14,080 A885 17,920 A999) 11,776 Part No.A999 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine...
Coronado Industries accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Cameras $10,520 $11,670 Camcorders 8,900 9,720 DVDs 10,530 9,320 Compute the lower-of-cost-or-net realizable value for company's inventory. The lower-of-cost-or-net realizable value $ Type here to search TOSHIBA Coral de
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $158,000 102 109,000 103 79,000 104 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting...
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Problem 9-2 Lower of cost or net realizable value [LO9-1] Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Net Realizable Value Inventory by Product Category Tools: Per Unit Quantity Cost $ 5.00 Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 $5.50 9.00 2.60 10.00 2.00 200 300 500 6.00 5.00 100 4.00 4.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the...
Most questions answered within 3 hours.
-
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 18 minutes ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 1 hour ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 1 hour ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 1 hour ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 2 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 2 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 2 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 2 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 2 hours ago -
Why are polymers not typically casted into products?
asked 3 hours ago -
When rolling a die 129 times, what is the probability of rolling
a 6 no more...
asked 3 hours ago -
4. A call option currently sells for $7.75. It has a strike
price of $85 and...
asked 3 hours ago