Homework Answers
1.Determination of amount of ending inventory using lower of cost or market value rule applied to each individual inventory item.
| Item | Qty | unit cost | Total Cost(1) | Unit MV | Total MV(2) | Ending inventory lower of (1) or (2) |
| P1 | 60 | 85 | 5100 | 90 | 5400 | 5100 |
| P2 | 40 | 70 | 2800 | 72 | 2880 | 2800 |
| P3 | 80 | 130 | 10,400 | 120 | 9600 | 9600 |
| P4 | 70 | 125 | 8750 | 130 | 9100 | 8750 |
| 27050 | 26980 | 26,250 |
Value of ending inventory = $26,250
2. COGS (inventory loss) debit. (730+70) $800
To inventory. Credit. $800
(Being inventory write down)
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Ending Inventory
Brooks Company carries three inventory items. The following information pertains to the ending inventory: ItemQuantityUnitCostUnitMarket ValueA190$10$9F2451312K17158 Requireda. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity 180 Cost $12 Market Value $11 A F 250 13 12 K 174 5 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. 53 Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
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Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A Quantity 220 255 179 Unit Cost $11 15 Unit Market Value $10 14 7 F K 4 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
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Problem 9-5
Waterway Co. follows the practice of valuing its inventory at the
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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
1,300
$8.78
$9.83
$12.29
$1.76
$2.11
B
1,000
9.59
9.24
11.00
1.05
1.40
C
1,200
6.55
6.32
8.42
1.35
0.70
D
1,200
4.45
4.91
7.37
0.94
1.76
E
1,600
7.49
7.37
7.84
0.82
1.17...
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...
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Exercise 5-11A Lower-of-cost-or-market rule LO 5-2 Brooks Company carries three inventory items. The following information pertains to the ending Inventory Cort Market Value Required a. Determine the ending Inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual Inventory Items Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Item Quantity 180 Cost $12 Market Value $11 A F 250 13 12 K 174 5 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. 53 Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Item A Quantity 220 255 179 Unit Cost $11 15 Unit Market Value $10 14 7 F K 4 Required a. Determine the ending inventory that Brooks will report on the balance sheet, assuming that it applies the lower-of-cost-or-market rule to individual inventory items. Ending inventory b. Prepare the necessary journal entry, assuming the decline in value was immaterial. (If no entry is required for a...
Problem 9-5
Waterway 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
1,300
$8.78
$9.83
$12.29
$1.76
$2.11
B
1,000
9.59
9.24
11.00
1.05
1.40
C
1,200
6.55
6.32
8.42
1.35
0.70
D
1,200
4.45
4.91
7.37
0.94
1.76
E
1,600
7.49
7.37
7.84
0.82
1.17...
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...
Del The Twinkster Company has six different categories of inventory. Ouantity, cost, market value for each inventory category is shown below: $6.25 Item Quantity Cost Per Unit Market Value Per Unit 750 $6.30 800 $8.45 $10.00 545 $13.00 $11.50 325 $32.45 $30.00 125 $50.75 $52.60 25 $65.00 $70.00 The company carries inventory at lower-of-cost-or-market applied to each individual category. Required: (a) Determined the value of ending inventory after applying the lower-of-cost-or-market rule (b) Prepare the journal entry required to adjust...
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