Homework Answers
| Units | Cost per unit | Net Realizable Value(NRV) | Total cost | Total NRV | Lower of Cost or NRV | |
| RSK-89013 | 450 | 38 | 44 | 17100 | 19800 | 17100 |
| LKW-91247 | 329 | 49 | 45 | 16121 | 14805 | 14805 |
| QEC-57429 | 462 | 25 | 33 | 11550 | 15246 | 11550 |
| Total | 44771 | 49851 | 43455 | |||
| 1 | ||||||
| Carrying value | 43455 | |||||
| 2 | ||||||
| Cost of goods sold | 1316 | =44771-43455 | ||||
| Inventory | 1316 | |||||
| (Inventory adjustment to market value) | ||||||
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Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the...
Exercise 6-47 (Algorithmic) Lower of Cost or Market Meredith's Appliance Store has the following data for...
Exercise 6-47 (Algorithmic) Lower of Cost or Market Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period: Item Number of Units Historical Cost per Unit Market Value per Unit Window air conditioner 15 $194 $110 Dishwasher 34 240 380 Refrigerator 27 392 605 Microwave 19 215 180 Washer (clothing) 36 195 290 Dryer (clothing) 21 168 245 1. Compute the carrying value of Meredith's ending inventory using the lower...
Brief Exercise 6-37 (Algorithmic) Lower of Cost or Market Garcia Company uses FIFO, and its inventory...
Brief Exercise 6-37 (Algorithmic) Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in its accounting records at $19,300. Due to technological changes in the market, Garcia would be able to replace its inventory for $15,440. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required...
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Item Quantity 1A17154 Cost per...
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Item Quantity 1A17154 Cost per Unit Market Value per Unit (Net Realizable Value) $47 $44 OST4 293 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each Inventory item, as shown in Exhibit 9.
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January...
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January 1 of the current year and is preparing the annual financial state ments dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When Net Realizable Value on Hand Acquired (FIFO) (Market) at Year-End $20 $15 40 44 55 27 32 Required: 1. Compute the valuation that should...
I need help figuring out how to find the ending inventory using the lower-of-cost-or-market method: Lower-of-Cost-or-Net...
I need help figuring out how to find the ending inventory using
the lower-of-cost-or-market method:
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value Product 1 ZKE 150 $72 ZKF 350 83 Product 2 MNJ 450 72 MNS 250 83 87 Calculate the value of the company's ending inventory using the lower-of-cost-or-market method applied to each item of inventory. Applying the lower-of-cost-or-market method to each item...
E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 H.T. Tan Company...
E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value Quantity Acquired (Market) on Hand (FIFO) at Year-End $16 $19 44 34 25 52 Item 65 95 85 365 Required: Compute the valuation that should be used for...
Lower-of-cost-or-market-method Lower-of-Cost-or-Market Method On the basis of the data shown below: Cost per Unit M...
Lower-of-cost-or-market-method
Lower-of-Cost-or-Market Method On the basis of the data shown below: Cost per Unit Market Value per Unit (Net Realizable Value) Item A13Y VZ31 Inventory Quantity 120 245 $59 $55 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.
On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market...
On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. ItemInventory QuantityCost per UnitMarket Value per Unit (Net Realizable Value) JFW1 90$50$55 SAW9183 26 22
Lower of Cost or Market Palmquist Company has five different inventory items that it values by th...
Lower of Cost or Market Palmquist Company has five different inventory items that it values by the lower of cost or market rule applied on an individual item basis. The normal markup on all items is 20% of cost. The following information is obtained from the company’s records: Item Units Cost Replacement Cost Net Realizable Value 1 500 $10.00 $ 9.10 $ 9.20 2 400 8.00 8.10 7.80 3 300 15.00 13.50 14.00 4 200 18.00 12.00 17.00 5 100...
Check my work Exercise 9-6 (Algo) Lower of cost or market (LO9-1) Tatum Company has four...
Check my work Exercise 9-6 (Algo) Lower of cost or market (LO9-1) Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: points 02:09:41 Product Total Cost 101 $146,000 102 108,600 103 72,300 104 36, 700 Total Replacement Cost $ 133,400 102,500 48,200 34,300 Total Net Realizable Value $121,200 132,700 60,800 61,500 eBook The normal profit is 35% of total cost. Print Reference Required: 1. Determine the carrying value of inventory at...
Brief Exercise 6-37 (Algorithmic) Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in its accounting records at $19,300. Due to technological changes in the market, Garcia would be able to replace its inventory for $15,440. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required...
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Item Quantity 1A17154 Cost per Unit Market Value per Unit (Net Realizable Value) $47 $44 OST4 293 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each Inventory item, as shown in Exhibit 9.
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January 1 of the current year and is preparing the annual financial state ments dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When Net Realizable Value on Hand Acquired (FIFO) (Market) at Year-End $20 $15 40 44 55 27 32 Required: 1. Compute the valuation that should...
I need help figuring out how to find the ending inventory using
the lower-of-cost-or-market method:
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value Product 1 ZKE 150 $72 ZKF 350 83 Product 2 MNJ 450 72 MNS 250 83 87 Calculate the value of the company's ending inventory using the lower-of-cost-or-market method applied to each item of inventory. Applying the lower-of-cost-or-market method to each item...
E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value Quantity Acquired (Market) on Hand (FIFO) at Year-End $16 $19 44 34 25 52 Item 65 95 85 365 Required: Compute the valuation that should be used for...
Lower-of-cost-or-market-method
Lower-of-Cost-or-Market Method On the basis of the data shown below: Cost per Unit Market Value per Unit (Net Realizable Value) Item A13Y VZ31 Inventory Quantity 120 245 $59 $55 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.
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