Homework Answers
| A | B | A X B | |||
| Item code | Quantity | Unit Cost | NRV | LCNRV | Total |
| ZKE | 100 | $22 | $18 | $18 | $1,800 |
| ZKF | 300 | $31 | $36 | $31 | $9,300 |
| MNJ | 400 | $22 | $19 | $19 | $7,600 |
| MNS | 250 | $31 | $37 | $31 | $7,750 |
| $26,450 |
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Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Daisy Corporation's inventory accounts: Net...
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson Corporation's inventory accounts: Net...
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 100 552 $50 ZKF 300 63 Product 2 MNJ 400 52 MNS 2006 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 of the inventory results in an ending inventory amount of S Previous Save Answers
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Smith & Wesson Corporation's inventory...
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Smith & Wesson Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value ZKE 100 5102 $100 300 113 MN 400 102 UBS 200 113 117 100 Calculate the value of the company's ending inventory using the lower of cost and net realizable value method applied to each item of inventory. Ending Inventory Values 107,500 Check
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...
Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net...
Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net Realizable Code Quantity_Cost Value ACE 100 $27 $25 BDF 300 29 31 GHJ 400 22 18 MBS 200 23 27 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ Inventory Turnover and Days' Sales in Inventory The Western Company installed a new inventory management system at the beginning of...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual...
Whispering Winds Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are...
Whispering Winds Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Unit Cost Net Realizable Value Item Cameras Minolta Canon Light meters: Vivitar Kodak $174 141 $165 190 138 125 107 135 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory $
__________ ____________ __________ ______________ Inventory Costing Methods - Periodic Method The Kali Company uses...
__________
____________
__________
______________
Inventory Costing Methods - Periodic Method The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29...
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January...
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January 1 of the current year and is preparing the annual financial state ments dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When Net Realizable Value on Hand Acquired (FIFO) (Market) at Year-End $20 $15 40 44 55 27 32 Required: 1. Compute the valuation that should...
Help Save & E Exercise 17.2 Using the lower of cost or net realizable value method....
Help Save & E Exercise 17.2 Using the lower of cost or net realizable value method. LO 17-3 The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31 Two of these items are in the accessories department and two are in the women CEO department Realizable 1. What is the valuation of ending Inventory if the firm uses the lower of cost or het realizable value method and applies on an item...
Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at...
Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at December 31, 2017. Unit Price QuantityCostNRV Desks Model 900174$190$210 Model 900249280268 Model 900324350360 Cabinets Model 70011246064 Model 7002849588 Model 700354130126 a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $Answer 2. Each major category of inventory. $Answer 3. Total inventory. $Answer
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 100 552 $50 ZKF 300 63 Product 2 MNJ 400 52 MNS 2006 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 of the inventory results in an ending inventory amount of S Previous Save Answers
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Smith & Wesson Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value ZKE 100 5102 $100 300 113 MN 400 102 UBS 200 113 117 100 Calculate the value of the company's ending inventory using the lower of cost and net realizable value method applied to each item of inventory. Ending Inventory Values 107,500 Check
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...
Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net Realizable Code Quantity_Cost Value ACE 100 $27 $25 BDF 300 29 31 GHJ 400 22 18 MBS 200 23 27 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ Inventory Turnover and Days' Sales in Inventory The Western Company installed a new inventory management system at the beginning of...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual...
Whispering Winds Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Unit Cost Net Realizable Value Item Cameras Minolta Canon Light meters: Vivitar Kodak $174 141 $165 190 138 125 107 135 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory $
__________
____________
__________
______________
Inventory Costing Methods - Periodic Method The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29...
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January 1 of the current year and is preparing the annual financial state ments dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When Net Realizable Value on Hand Acquired (FIFO) (Market) at Year-End $20 $15 40 44 55 27 32 Required: 1. Compute the valuation that should...
Help Save & E Exercise 17.2 Using the lower of cost or net realizable value method. LO 17-3 The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31 Two of these items are in the accessories department and two are in the women CEO department Realizable 1. What is the valuation of ending Inventory if the firm uses the lower of cost or het realizable value method and applies on an item...
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