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Cost of inventory under lcm Lower of cost or market should be considered = 114,000 + 76,000 + 160,000 = 350,000 Option C is the answer |
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QUESTION 4 Jenks Company developed the following information about its inventories in applying the lower of...
Question 15 0.5 pts East Jenkins Company developed the following information about its inventories in applying...
Question 15 0.5 pts East Jenkins Company developed the following information about its inventories in applying the lower-of- cost-or-market (LCM) basis in valuing inventories: Category Cost Market Α . $57,000 45,000 $45,000 35,000 70.000 82.000 If East Jenkins applies the LCM basis, the value of the inventory reported on the balance sheet would be
Bramble Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM)...
Bramble Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Net realizable Product Cost value A $114000 $128000 B 83000 78000 C 152000 165000 If Bramble applies the LCNRV basis, the value of the inventory reported on the balance sheet would be
Marigold Corp. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing...
Marigold Corp. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $89000 $94000 B 62000 59000 C 125000 126000 After Marigold Corp. applies the LCNRV rule, the value of the inventory reported on the balance sheet would be $273000. $282000. $276000. $279000.
Concord Company developed the following information about its inventories in applying the lower of cost and...
Concord Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product А Cost $ 69100 49300 100800 NRV $ 75200 47700 103000 B с After Concord Company values its inventory at the lower of cost or net realizable value, the value of the inventory reported on the balance sheet would be O $227500 $219200. $225900. O $217600.
Question #5 continued (4 questio uede questions @ 5 point each total of 20 points. 5c). A company just st any just...
Question #5 continued (4 questio uede questions @ 5 point each total of 20 points. 5c). A company just st any just starting business made the following four inventory purchases in June Total Costs June 1 150 units June 10 200 units June 15 200 units 630 June 28 150 units 510 $2.128 $ 390 598 physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to...
CALCULATOR PRINTER VERSION BOX Multiple Choice Question 149 Oriole Company developed the following information about its...
CALCULATOR PRINTER VERSION BOX Multiple Choice Question 149 Oriole Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis invaluing inventories: Product Cost Market 5128000 $134000 90000 85000 C 179000 161000 If Oriole applies the LCM basis, the value of the inventory reported on the balance sheet would be 5405000 $400000 $392000 $397000 Click if you would like to Show Work for this questioni Coen Show Work
Can someone help me? 1) 2) 3) Marigold Corp. developed the following information about its inventories...
Can someone help me?
1)
2)
3)
Marigold Corp. developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product A Cost Market $89000 $94000 62000 59000 125000 126000 C If Marigold applies the LCM basis, the value of the inventory reported on the balance sheet would be Wildhorse Co. sells six different products. The following information is available on December 31: Inventory item Tin Titanium Stainless steel Aluminum Iron...
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower...
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower net income than LIFO. b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16.The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories realizable value (LCNRV) basis in...
A company just starting business made the following four inventory purchases in June cases in June:...
A company just starting business made the following four inventory purchases in June cases in June: $ 390 June June June June 1 10 15 28 150 units 200 units 200 units 150 units 598 630 510 $2.128 that there are 200 units on hand. The inventory A physical count of merchandise inventory method which results in the highest gross profit for June is the FIFO method b. the LIFO method. c. the weighted average unit cost method. d. not...
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending...
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
Question 15 0.5 pts East Jenkins Company developed the following information about its inventories in applying the lower-of- cost-or-market (LCM) basis in valuing inventories: Category Cost Market Α . $57,000 45,000 $45,000 35,000 70.000 82.000 If East Jenkins applies the LCM basis, the value of the inventory reported on the balance sheet would be
Concord Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product А Cost $ 69100 49300 100800 NRV $ 75200 47700 103000 B с After Concord Company values its inventory at the lower of cost or net realizable value, the value of the inventory reported on the balance sheet would be O $227500 $219200. $225900. O $217600.
Question #5 continued (4 questio uede questions @ 5 point each total of 20 points. 5c). A company just st any just starting business made the following four inventory purchases in June Total Costs June 1 150 units June 10 200 units June 15 200 units 630 June 28 150 units 510 $2.128 $ 390 598 physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to...
CALCULATOR PRINTER VERSION BOX Multiple Choice Question 149 Oriole Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis invaluing inventories: Product Cost Market 5128000 $134000 90000 85000 C 179000 161000 If Oriole applies the LCM basis, the value of the inventory reported on the balance sheet would be 5405000 $400000 $392000 $397000 Click if you would like to Show Work for this questioni Coen Show Work
Can someone help me?
1)
2)
3)
Marigold Corp. developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product A Cost Market $89000 $94000 62000 59000 125000 126000 C If Marigold applies the LCM basis, the value of the inventory reported on the balance sheet would be Wildhorse Co. sells six different products. The following information is available on December 31: Inventory item Tin Titanium Stainless steel Aluminum Iron...
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower net income than LIFO. b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16.The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories realizable value (LCNRV) basis in...
A company just starting business made the following four inventory purchases in June cases in June: $ 390 June June June June 1 10 15 28 150 units 200 units 200 units 150 units 598 630 510 $2.128 that there are 200 units on hand. The inventory A physical count of merchandise inventory method which results in the highest gross profit for June is the FIFO method b. the LIFO method. c. the weighted average unit cost method. d. not...
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
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