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Following information is related to Product X of Zempa Company: Current replacement cost $230 Cost to...
Information about an item of inventory accounted for using the LIFO method is given below: Historical...
Information about an item of inventory accounted for using the LIFO method is given below: Historical cost $36.00 Selling price 60.00 Cost to distribute 4.00 Replacement cost 35.00 Normal profit margin % of selling price) 30% At what amount should the inventory item be reported in the financial statements under the lower-of-cost-or-market (LCM) rule. O A $36 B. $56 OC. $35 OD. $38
Quest Co applies the lower-of-cost-mattet CM) rute to value one of its products H. Related information...
Quest Co applies the lower-of-cost-mattet CM) rute to value one of its products H. Related information is as follow cost of His 543, estimated selling price for His $50; estimated selling expense for His $8: the replacement cost for H Is $44 and the normal profit for His $16. What amount of ending Inventory should be reported for product Hunder the LCM rule? $43. $44. $26. $42.
Given the historical cost of product Z is $42, the selling price of product Z is...
Given the historical cost of product Z is $42, the selling price of product Z is $47, costs to sell product Z are $3, the replacement cost for product Z is $43, and the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? $43. $44. $40. $42.
Brief Exercise 9-4 Lower of cost or market (LO9-1] 0.71 points 07 se SLR Corporation has...
Brief Exercise 9-4 Lower of cost or market (LO9-1] 0.71 points 07 se SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: corporation has 19000 units Product 1 Product 2 Cost Replacement cost Selling price Selling costs Normal profit margin O COO bolo # 00 Determine the balance sheet carrying value of SLR's inventory assuming that the lower of cost or market (LCM)...
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 Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots...
Presented below is information related to Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots Parkas (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $212.80 237.44 21.28 227.36 35.84 $118.72 162.40 8.96 117.60 32.48 $59.36 82.60 2.80 57.12 23.80 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 Limits Floor Limit (b) The cost...
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)...
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...
Problem 9-3 (Algo) Lower of cost or market; by product and by total inventory (LO9-1] Forester...
Problem 9-3 (Algo) Lower of cost or market; by product and by total inventory (LO9-1] Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product A Unit Cost $ 30 35 23 27 Quantity 600 1,000 900 800 700 Unit Replacement Cost $32 31 22 24 32 Unit Selling Price $36 38 28 26 33 B с D E 34 The cost to sell for each product consists of a 10 percent sales...
Teel Distribution Co. LCM Question Where I am confused is that when following LCM, the market...
Teel Distribution Co. LCM Question
Where I am confused is that when following LCM, the market value
should be the replacement cost, at 225, given that it is the
middle-value between the ceiling and floor of 245 and 215
respectively. With that in mind, the loss should be reflected as 25
(250 cost - 225 LCM); what am I missing here? Please explain in
detail for rating.
1. Teel Distribution Co. has determined its December 31, 2007 inventory on a...
Information about an item of inventory accounted for using the LIFO method is given below: Historical cost $36.00 Selling price 60.00 Cost to distribute 4.00 Replacement cost 35.00 Normal profit margin % of selling price) 30% At what amount should the inventory item be reported in the financial statements under the lower-of-cost-or-market (LCM) rule. O A $36 B. $56 OC. $35 OD. $38
Quest Co applies the lower-of-cost-mattet CM) rute to value one of its products H. Related information is as follow cost of His 543, estimated selling price for His $50; estimated selling expense for His $8: the replacement cost for H Is $44 and the normal profit for His $16. What amount of ending Inventory should be reported for product Hunder the LCM rule? $43. $44. $26. $42.
Given the historical cost of product Z is $42, the selling price of product Z is $47, costs to sell product Z are $3, the replacement cost for product Z is $43, and the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method? $43. $44. $40. $42.
Brief Exercise 9-4 Lower of cost or market (LO9-1] 0.71 points 07 se SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: corporation has 19000 units Product 1 Product 2 Cost Replacement cost Selling price Selling costs Normal profit margin O COO bolo # 00 Determine the balance sheet carrying value of SLR's inventory assuming that the lower of cost or market (LCM)...
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 Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots Parkas (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $212.80 237.44 21.28 227.36 35.84 $118.72 162.40 8.96 117.60 32.48 $59.36 82.60 2.80 57.12 23.80 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 Limits Floor Limit (b) The cost...
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)...
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...
Problem 9-3 (Algo) Lower of cost or market; by product and by total inventory (LO9-1] Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product A Unit Cost $ 30 35 23 27 Quantity 600 1,000 900 800 700 Unit Replacement Cost $32 31 22 24 32 Unit Selling Price $36 38 28 26 33 B с D E 34 The cost to sell for each product consists of a 10 percent sales...
Teel Distribution Co. LCM Question
Where I am confused is that when following LCM, the market value
should be the replacement cost, at 225, given that it is the
middle-value between the ceiling and floor of 245 and 215
respectively. With that in mind, the loss should be reflected as 25
(250 cost - 225 LCM); what am I missing here? Please explain in
detail for rating.
1. Teel Distribution Co. has determined its December 31, 2007 inventory on a...
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