Presented below is information related to Crane Inc.'s inventory, assuming Crane uses lower-of-LIFO cost-or-market. (per unit)...
Presented below is information related to Bramble Inc's inventory, assuming Bramble uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $67.84 94.40 Selling price $243.20 $135.68 271.36 185.60 24.32 10.24 259.84 134.40 40.96 37.12 Cost to distribute Current replacement cost 3.20 65.28 27.20 Normal profit margin 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. (Round answers to 2 decimal places, eg....
Presented below is information related to Blue Inc's inventory, assuming Blue uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $76.32 106.20 Selling price $273.60 $152.64 305.28 208.80 27.36 11.52 292.32 151.20 Cost to distribute 3.60 Current replacement cost 73.44 Normal profit margin 46.08 41.76 30.60 Determine the following: (a) The two limits to market value (ie, the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. (Round answers to 2 decimal places, eg....
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)...
Presented below is information related to Monty Inc.’s
inventory, assuming Monty uses lower-of-LIFO cost-or-market.
(per unit)
Skis
Boots
Parkas
Historical cost
$197.60
$110.24
$55.12
Selling price
220.48
150.80
76.70
Cost to distribute
19.76
8.32
2.60
Current replacement cost
211.12
109.20
53.04
Normal profit margin
33.28
30.16
22.10
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)...
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...
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 information related to Sheridan Inc.'s inventory. Skis (per unit) Historical cost Selling price Cost to sell Cost to complete $256.50 286.20 25.65 43.20 Boots $143.10 195.75 10.80 39.15 Parkas $71.55 99.56 3.38 28.69 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, e.g. 52.75.) Item Cost NRV LCNRV Skis $ Boots Parkas Click if you would like to Show Work for...
Question 2 View Policies Current Attempt in Progress Presented below is information related to Oriole Inc.'s inventory, assuming Oriole uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $247.00 $137.80 $68.90 Selling price 95.88 275.60 24.70 188.50 10.40 Cost to distribute 3.25 Current replacement cost 263.90 136.50 66.30 Normal profit margin 41.60 37.70 27.63 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...
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
Presented below is information related to Wildhorse Company. Cost $ 58,110 121,450 Beginning inventory Purchases (net) Net markups Net markdowns Sales revenue Retail $101,500 191,400 10,171 25,358 192,300 Compute the ending inventory at retail. Ending inventory Compute a cost-to-retail percentage under the following conditions. (Round ratios to 2 decimal places, e.g. 78.74%) Cost-to-retail percentage (1) Excluding both markups and markdowns. (2) Excluding markups but including markdowns. (3) Excluding markdowns but including markups. (4) Including both markdowns and markups. Which of...