Brief Exercise 9-1
Presented below is information related to Novak Inc.’s inventory.
(per unit) |
Skis |
Boots |
Parkas |
|||
Historical cost |
$275.50 |
$153.70 |
$76.85 |
|||
Selling price |
307.40 |
210.25 |
106.94 |
|||
Cost to sell |
27.55 |
11.60 |
3.63 |
|||
Cost to complete |
46.40 |
42.05 |
30.81 |
Determine the following: the net realizable value for each item,
and the carrying value of each item under LCNRV.
Item | Cost | NRV | LCNRV | |||
Skis | $
|
$
|
$
|
|||
Boots |
|
|
|
|||
Parkas |
|
|
|
Calculation of NRV :-
Skis = 307.40 - 27.55 - 46.40 = 233.45
Boots = 210.25 - 11.60 - 42.05 = 156.60
Parkas = 106.94 - 3.63 - 30.81 = 72.50
Item | Cost | NRV | LCNRV |
Skis | 275.50 | 233.45 | $233.45 |
Boots | 153.70 | 156.60 | $153.70 |
Parkas | 76.85 | 72.50 | $72.50 |
Brief Exercise 9-1 Presented below is information related to Novak Inc.’s inventory. (per unit) Skis Boots...
Please fill the blanks. Thanks
Brief Exercise 9-1 Presented below is information related to Ivanhoe Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost Selling price Cost to sell Cost to complete $218.50 243.80 21.85 36.80 $121.90 166.75 9.20 33.35 $60.95 84.81 2.88 24.44 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. Cost NRV LCNRV Item Skis Boots Parkas LINK TO TEXT
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Brief Exercise 9-4 Presented below is information related to Cheyenne Inc.'s inventory, assuming Cheyenne uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $281.20 313.76 28.12 300.44 47.36 $156.88 214.60 11.84 155.40 42.92 $78.44 109.15 3.70 75.48 31.45 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Ceiling Limit Floor Limit...
Presented below is selected information related to Bonita Electronics' inventory. HDTV 42" HDTV- TV 50" Stand (per unit) $370 $264 Historical cost $53 Selling price 474 290 70 Cost to sell 27 13 2. Cost to complete 46 21 6 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) (b) LCNRV NRV HDTV-50" HDTV-42" TV Stand
Presented below is information related to Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots Parkas (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $212.80 237.44 21.28 227.36 35.84 $118.72 162.40 8.96 117.60 32.48 $59.36 82.60 2.80 57.12 23.80 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Ceiling Limits Floor Limit (b) The cost...
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Presented below is information related to Coronado Inc.’s
inventory, assuming Coronado uses lower-of-LIFO
cost-or-market.
(per unit)
Skis
Boots
Parkas
Historical cost
$254.60
$142.04
$71.02
Selling price
284.08
194.30
98.83
Cost to distribute
25.46
10.72
3.35
Current replacement cost
272.02
140.70
68.34
Normal profit margin
42.88
38.86
28.48
Determine the following:
(a) The two limits to market value (i.e., the
ceiling and the floor) that should be used in the
lower-of-cost-or-market computation for skis.
Ceiling Limit
$
Floor Limit
$
(b)...