Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total cost of $10,250. Information about its inventory items follows:
AND the Written Inventory:
Homework Answers
| 1 | |||
| Product Line | Quantity on hand | Write down per item | Total write down |
| Air flow | 25 | 0 | 0 |
| Blister Buster | 15 | 4 | 60 |
| Coolonite | 70 | 7 | 490 |
| Dudesly | 60 | 0 | 0 |
| Total | 550 | ||
| 2 | |||
| Cost of goods sold will be increased by 550 | |||
| 3 | |||
| Product Line | Quantity on hand | Lower of cost or NRV | Inventory |
| Air flow | 25 | 90 | 2250 |
| Blister Buster | 15 | 76 | 1140 |
| Coolonite | 70 | 13 | 910 |
| Dudesly | 60 | 90 | 5400 |
| Total | 9700 | ||
| Written down inventory | 9700 | ||
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Sandals Company is preparing the annual financial statements
dated December 31. Ending inventory is presently recorded...
Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded...
Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total 5 cost of $3,575. Information about its inventory items follows: Value at Year-End $42 38 1e 54 Unit Cost When Product Line Air Flow Blister Buster Coolonite Dudesly Quantity on Hand 45 15 45 18 Acquired (FIFO) $40 40 15 50 nts eBook Required 1Required 2 Required 3 Compute the LCM/NRV write-down per unit and in total for each item in...
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) 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...
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Jones Company is preparing the annual financial statements dated December 31 of the current year. Ending...
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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...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year....
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value at December 31. The preliminary income statement
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Sandals Company is preparing the annual financial statements dated December 31. Ending inventory is presently recorded at its total 5 cost of $3,575. Information about its inventory items follows: Value at Year-End $42 38 1e 54 Unit Cost When Product Line Air Flow Blister Buster Coolonite Dudesly Quantity on Hand 45 15 45 18 Acquired (FIFO) $40 40 15 50 nts eBook Required 1Required 2 Required 3 Compute the LCM/NRV write-down per unit and in total for each item in...
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) 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...
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...
Jones 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 Quantity on Hand 50 ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Acquired Value (Market) (FIFO) at Year-End $ 12 30 48 52 25 30 10 $ 15 80 40 10 MOOW 70 350 Required: Compute the valuation that should be used for the current year ending inventory using the...
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