Homework Answers
Calculate following
| Item | Quantity | Total Cost | Total net realizable value | Lower of cost and NRV |
| A | 65 | 1040 | 1235 | 1040 |
| B | 95 | 4180 | 3230 | 3230 |
| C | 25 | 1400 | 1300 | 1300 |
| D | 85 | 2890 | 2465 | 2465 |
| E | 365 | 3285 | 5110 | 3285 |
| Total | 12795 | 13340 | 11320 | |
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E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 H.T. Tan Company...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year....
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: Quantity on Hand ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 24 $ 21 Item 89 19 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year....
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: Item ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Unit Cost When Value (Market) on Hand Acquired (FIFO) at Year-End 63 $ 14 $ 17 93 42 23 83 363 32 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable...
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...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year....
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: Item ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 24 $ 21 49 57 Quantity on Hand 59 89 19 39 MOOD 79 359 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Sandals Company is...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Sandals Company is preparing the annual financial statements dated December 31 Ending Inventory is present y recorded at its total cost of $10.250. Information about its inventory items follows: $90 Unit Cost Quantity when hequired Value Product Line on Hand (TITO) at Year-End Air Flow 25 $92 Blister 15 Buster Coolonite 20 Dudenly 60 90 Required: 1. Compute the LCM/NRV write-down per unit and in total for...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] Sanda's Company is...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] Sanda's Company is preparing the annual financlal statements dated December 31. Ending inventory is presenty recorded at its total cost of $10,250. Information about Its inventory items follows: Unit Cost Quantity When Acquired (FIFO) $90 Value Froduct Line on Hand at Year-End Air lo $92 25 Blister 80 76 15 Buster Coolonite 70 20 13 Dudesly 60 90 96 Required: 1. Compute the LCM/NRV wrlte-down per unit...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Sandals Company is...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presenty recorded at ts total cost of $10.250. Information about its Inventory items ollows: Unit Cost Quantity when required Value Product Line on Hand (PITO) at Year-End Air Flow $90 $92 Bllater 80 Buster Coolonite 70 Dudenly 15 Required: 1. Compute the LCMNRV write-down per unit and in total for each item in...
HT. Tan Company is preparing the annual financial statements dated December 31 of the current year...
HT. 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: Item А ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Unit Cost When Value (Market) on Hand Acquired (FIFO) at Year-End 70 $ 21 524 49 61 B 100 39 370 Required: Compute the valuation that should be used for the current year ending Inventory using lower of cost or net realizable...
A company reports inventory using the lower of cost and net realizable value (NRV). Below is...
A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Cost per Unit NRV per Unit Ski jackets 16 $ 170 $ 150 Skis 25 330 220 Calculate the amount to be reported for ending inventory. Ending Inventory:
Sanchez Company was formed on January 1 of the current year and is preparing the annual...
Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 20 $ 25 Quantity on Hand 30 Item 50 54 67 65 20 Required: 1. Compute the valuation that should be used for the current year ending inventory...
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: Quantity on Hand ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 24 $ 21 Item 89 19 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item...
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: Item ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Unit Cost When Value (Market) on Hand Acquired (FIFO) at Year-End 63 $ 14 $ 17 93 42 23 83 363 32 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable...
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...
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: Item ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 24 $ 21 49 57 Quantity on Hand 59 89 19 39 MOOD 79 359 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Sandals Company is preparing the annual financial statements dated December 31 Ending Inventory is present y recorded at its total cost of $10.250. Information about its inventory items follows: $90 Unit Cost Quantity when hequired Value Product Line on Hand (TITO) at Year-End Air Flow 25 $92 Blister 15 Buster Coolonite 20 Dudenly 60 90 Required: 1. Compute the LCM/NRV write-down per unit and in total for...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4] Sanda's Company is preparing the annual financlal statements dated December 31. Ending inventory is presenty recorded at its total cost of $10,250. Information about Its inventory items follows: Unit Cost Quantity When Acquired (FIFO) $90 Value Froduct Line on Hand at Year-End Air lo $92 25 Blister 80 76 15 Buster Coolonite 70 20 13 Dudesly 60 90 96 Required: 1. Compute the LCM/NRV wrlte-down per unit...
E7-12 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO 7-4) Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presenty recorded at ts total cost of $10.250. Information about its Inventory items ollows: Unit Cost Quantity when required Value Product Line on Hand (PITO) at Year-End Air Flow $90 $92 Bllater 80 Buster Coolonite 70 Dudenly 15 Required: 1. Compute the LCMNRV write-down per unit and in total for each item in...
HT. 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: Item А ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Unit Cost When Value (Market) on Hand Acquired (FIFO) at Year-End 70 $ 21 524 49 61 B 100 39 370 Required: Compute the valuation that should be used for the current year ending Inventory using lower of cost or net realizable...
Sanchez Company was formed on January 1 of the current year and is preparing the annual financial statements dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 20 $ 25 Quantity on Hand 30 Item 50 54 67 65 20 Required: 1. Compute the valuation that should be used for the current year ending inventory...
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