Problem 14-13 (IAA)
The inventory of Hazel Company at the end of the current year is to be recorded at the lower of cost and net realizable value. Ending inventory data per unit are summarized below:
Item Units estimated cost of
sales price disposal
A 1,000 180 30
B 1,500 140 20
C 1,200 170 30
D 1,800 190 30
E 1,700 200 40
Required:
Determine the inventory value applying the lower of cost and net realizable value
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The inventory of royal decking consisted of six products. The inventory of royal decking has developed...
The inventory of royal decking consisted of six products. The inventory of royal decking has developed the following data in order to calculate the lower of cost or net realizable value for its products. The products are listed individually in thousands) Products Selling Price Cost | 190 240 280 365 190 240 105 170 185 345 145 175 Replacement Cost 90 160 180 330 133 180 The disposal costs are 20% of the selling price and the normal profit margin...
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...
he following information is from Guccii Company’s individual inventory items as of December 31, 2020. Inventory...
he 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 1 152 $180 $185 Item 2 285 100 98 Item 3 380 165 175 Item 4 266 158 120 Classification: Classic Item 5 190 100 98 Item 6 95 90 95 Item 7 950 105 115 Item 8 532 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory...
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 $
The inventory of Ohio Company on December 31, 2017, consists of the following items Part Quantity...
The inventory of Ohio Company on December 31, 2017, consists of the following items Part Quantity Cost per unit Net Realizable Value per unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 1,600 16 1 122 300 240 235 Part No. 121 is obsolete and as a result has a realizable value of $1 each as scrap. Determine the inventory as of December 31, 2017, by the...
Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 80 $180 $185...
Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 80 $180 $185 Item 2 150 100 98 Item 3 200 165 175 Item 4 140 158 120 Classification: Classic Item 5 100 100 98 Item 6 50 90 95 Item 7 500 105 115 Item 8 280 80 75 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual item.
Problem 9-5 Pearl Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
Problem 9-5
Pearl Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,800
$8.18
$9.16
$11.45
$1.64
$1.96
B
1,500
8.94
8.61
10.25
0.98
1.31
C
1,700
6.10
5.89
7.85
1.25
0.65
D
1,700
4.14
4.58
6.87
0.87
1.64
E
2,100
6.98
6.87
7.30
0.76
1.09...
Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos...
Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos 5,000 Electrons 4,290 Protons 3,200 Estimated Estimated Selling Price Disposal Costs $2,100 $100 4,900 100 4,625 200 4,210 100 (a) Assume that Antimatter is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos $ Ocillinos Electrons Protons Total
Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item...
Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost to Replace Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Normal Profit 1320 1,700 $3.49 $3.27 $4.91 $0.38 $1.36 1,400 1333 1426 0.55 1.09 1,300 1,500 1,200 1510 1522 1573 1,000 3,500 1626 1,500 5.12 5,67 From the information above, determine the amount of Bonita Company inventory The amount of Bonita Company's inventory $
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 Daisy Corporation's inventory accounts: Net Unit Realizable Quantity Cost Value Item Code Product 1 ZKE ZKF Product 2 MNJ MNS $18 100 300 $22 31 36 400 250 22 31 19 37 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount...
The inventory of royal decking consisted of six products. The inventory of royal decking has developed the following data in order to calculate the lower of cost or net realizable value for its products. The products are listed individually in thousands) Products Selling Price Cost | 190 240 280 365 190 240 105 170 185 345 145 175 Replacement Cost 90 160 180 330 133 180 The disposal costs are 20% of the selling price and the normal profit margin...
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 $
Problem 9-5
Pearl Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,800
$8.18
$9.16
$11.45
$1.64
$1.96
B
1,500
8.94
8.61
10.25
0.98
1.31
C
1,700
6.10
5.89
7.85
1.25
0.65
D
1,700
4.14
4.58
6.87
0.87
1.64
E
2,100
6.98
6.87
7.30
0.76
1.09...
Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos 5,000 Electrons 4,290 Protons 3,200 Estimated Estimated Selling Price Disposal Costs $2,100 $100 4,900 100 4,625 200 4,210 100 (a) Assume that Antimatter is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos $ Ocillinos Electrons Protons Total
Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost to Replace Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Normal Profit 1320 1,700 $3.49 $3.27 $4.91 $0.38 $1.36 1,400 1333 1426 0.55 1.09 1,300 1,500 1,200 1510 1522 1573 1,000 3,500 1626 1,500 5.12 5,67 From the information above, determine the amount of Bonita Company inventory The amount of Bonita Company's inventory $
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Daisy Corporation's inventory accounts: Net Unit Realizable Quantity Cost Value Item Code Product 1 ZKE ZKF Product 2 MNJ MNS $18 100 300 $22 31 36 400 250 22 31 19 37 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount...
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