Homework Answers
a.
|
Cost |
Market value |
Valuation |
|
|
Equipment |
18000 |
17700 |
17700 |
|
Truck |
14000 |
14600 |
14000 |
|
Computers |
21000 |
19500 |
19500 |
Valuation is based on lower of cost or market value.
b.
The preparer of financial statement would be applying the constraint of upper constraint on market value.
c.
The upper constraint on market value prevents the inventory from being valued at more than the price the company can realize by selling it.
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Instructions a.) Compute the Lower of Cost or Market...
please help Instructions Lower of Cost or Market Valuations for the Howe Company inventory based of...
please help
Instructions Lower of Cost or Market Valuations for the Howe Company inventory based of the following. Show all work to arrive at your answer. a.) Compute the Lower of Cost or Market Cost Data Market Data Inventory Categories $18,000 $17,700 Equipment $14,000 $14,600 Truck $21,000 $19,500 Computers b.) By applying Lower of Cost or Market Valuation to Inventory, the preparer of the Financial Statement would be applying the Constraint of: c.) Explain the meaning of this Constraint:
Question 2: (10 Points): Intructions: a.) Compute the Lower of Cost or M e the Lower...
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2. Compute the lower-of-cost-or-net realizable value valuation for Aber Company's total inventory based on the following:...
2. Compute the lower-of-cost-or-net realizable value valuation for Aber Company's total inventory based on the following: (3%) Inventory Categories Cost Data Net Realizable Value Data $18,000 $17,600 14,000 14,600 21,000 20,500
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BE6–13 Smart-Tech Office Equipment Company has the following cost and net realizable value data at December 31, 2014:Inventory Categories Cost Net Realizable ValueComputers $24,000 $21,500 Office Equipment 19,000 19,500 Printers 14,000 10,600(a) Calculate the lower of cost and net realizable value valuation. (b) What adjustment should the company record if it uses a perpetual inventory system?
Lower of Cost or Market General Journal Instructions Chart of Accounts Next Level Instructions The inventories of Berr...
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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...
please help
Instructions Lower of Cost or Market Valuations for the Howe Company inventory based of the following. Show all work to arrive at your answer. a.) Compute the Lower of Cost or Market Cost Data Market Data Inventory Categories $18,000 $17,700 Equipment $14,000 $14,600 Truck $21,000 $19,500 Computers b.) By applying Lower of Cost or Market Valuation to Inventory, the preparer of the Financial Statement would be applying the Constraint of: c.) Explain the meaning of this Constraint:
Question 2: (10 Points): Intructions: a.) Compute the Lower of Cost or M e the Lower of Cost or Market Valuations for the Howe Company's total inventory based of the following. Show all work to arrive at your answer Inventory Categories Cost Data Market Data Equipment $18,000 $17,700 Truck S14,000 $14,600 Computers $21,000 $19,500 b.) By applying Lower of Cost or Market Valuation to Inventory, the preparer of the Financial Statement would be applying the Constraint of: c.) Explain the...
2. Compute the lower-of-cost-or-net realizable value valuation for Aber Company's total inventory based on the following: (3%) Inventory Categories Cost Data Net Realizable Value Data $18,000 $17,600 14,000 14,600 21,000 20,500
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending inventory. The following information is available Market Value Cost Lawnmowers: Self-propelled $16,800 $17,000 Push type Total 19,500 36,300 18,000 35,000 Snowblowers: Manual Self-start Total 30,000 21,000 51,000 $85,800 $86,000 29,800 19,700 49,500 Total inventory Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable basis Total ending inventory
Lower of Cost or Market General Journal Instructions Chart of Accounts Next Level Instructions The inventories of Berry Company for the years 2016 and 2017 are as follows: Cost Market January 1, 2016 $10,000 $10,000 December 31, 2016 13,000 11,500 December 31, 2017 16,000 14,000 Berry uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2016 was sold in 2017. Prepare the necessary journal entries at the end of each year to record...
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...
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