Homework Answers
| Answer |
| a) Ceiling = Selling price - cost to distribute = $237.44 - $21.28 = $216.16 |
| Floor = Selling price - cost to distribute - Normal profit margin = |
| $237.44 - 21.28 - 35.84 = $180.32 |
| b) The cost amount is the historical cost of boots = $118.72 |
| c) The market amount is the current replacement cost of parkas = $57.12 |
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Presented below is information related to Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots...
Presented below is information related to Coronado Inc.’s inventory, assuming Coronado uses lower-of-LIFO cost-or-market. (per unit)...
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)...
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 Crane Inc.'s inventory, assuming Crane uses lower-of-LIFO cost-or-market. (per unit)...
Presented below is information related to Crane Inc.'s inventory, assuming Crane uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $193.80 $108.12 $54.06 Selling price 216.24 147.90 75.23 Cost to distribute 19.38 8.16 2.55 Current replacement cost 207.06 107.10 52.02 Normal profit margin 32.64 29.58 21.68 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, e.g....
Presented below is information related to Blue Inc's inventory, assuming Blue uses lower-of-LIFO cost-or-market. (per unit)...
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....
Brief Exercise 9-4 Presented below is information related to Cheyenne Inc.'s inventory, assuming Cheyenne uses lower-of-LIFO...
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 Bramble Inc's inventory, assuming Bramble 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....
Question 2 View Policies Current Attempt in Progress Presented below is information related to Oriole Inc.'s...
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...
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 Sheridan Inc.'s inventory. Skis (per unit) Historical cost Selling price...
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...
Need help as soon as possible please!! Brief Exercise 9-4 Your answer is partially correct. Try...
Need help as soon as possible please!!
Brief Exercise 9-4 Your answer is partially correct. Try again. Presented below is information related to Blue Inc.'s inventory, assuming Blue uses lower-of-LIFO cost-or-market. (per unit) $247.00 $137.80 $68.90 275.60 188.50 95.88 3.25 263.90 136.50 66.30 37.70 27.63 cost Selling price Cost to distribute Current replacement cost Normal profit margin 24.70 10.40 41.60 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used...
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 Crane Inc.'s inventory, assuming Crane uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $193.80 $108.12 $54.06 Selling price 216.24 147.90 75.23 Cost to distribute 19.38 8.16 2.55 Current replacement cost 207.06 107.10 52.02 Normal profit margin 32.64 29.58 21.68 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, e.g....
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....
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 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....
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 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...
Need help as soon as possible please!!
Brief Exercise 9-4 Your answer is partially correct. Try again. Presented below is information related to Blue Inc.'s inventory, assuming Blue uses lower-of-LIFO cost-or-market. (per unit) $247.00 $137.80 $68.90 275.60 188.50 95.88 3.25 263.90 136.50 66.30 37.70 27.63 cost Selling price Cost to distribute Current replacement cost Normal profit margin 24.70 10.40 41.60 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used...
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