Homework Answers
| Ending Inventory | Decline | |||||||
| Item | Quantity | Unit Cost | Unit Market Value | Rate | Value | Rate | Value | |
| A | 220 | 11 | 10 | 10 | 2,200 | 1 | 220 | |
| F | 255 | 15 | 14 | 14 | 3,570 | 1 | 255 | |
| K | 179 | 4 | 7 | 4 | 716 | 0 | 0 | |
| Total | 6,486 | 475 | ||||||
| a. | ||||||||
| Ending Inventory | 6,486 | |||||||
| b. | ||||||||
| Event | General Journal | Debit | Credit | |||||
| 1 | Cost of Goods Sold A/c Dr. | 475 | ||||||
| To Inventory A/c | 475 | |||||||
| ( Being decline in the value of inventory recorded as per policy ) | ||||||||
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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: 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...
Exercise 5-11A Lower-of-cost-or-market rule LO 5-2 Brooks Company carries three inventory items. The following information pertains...
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 Item А...
Brooks Company carries three inventory items. The following information pertains to the ending inventory Item А F K Quantity 120 170 110 Unit Cost $60 80 30 Unit Market Value $55 75 40 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. b. Calculate the adjustment required assuming the decline in value is immaterial a. Ending inventory b. Adjustment
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 Quantity Cost Item Market Value $12 $11 210 240 15 14 175 к 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
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.)
Exercise 5-10A Lower-of-cost-or-market rule: perpetual system LO 5-2 The following information pertains to Hagen Metal Work’s...
Exercise 5-10A Lower-of-cost-or-market rule: perpetual system LO 5-2 The following information pertains to Hagen Metal Work’s ending inventory for the current year: Unit Unit Item Quantity Cost Market Value C 290 $ 10 $ 6 D 280 12 9 K 76 8 12 M 71 5 8 Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. b. Prepare any necessary journal entries,...
A company reports inventory using the lower of cost and net realizable value. Below is information...
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Brooks Co, purchases various investments in trading securities at a cost of $58,000 on December 27,...
Brooks Co, purchases various investments in trading securities at a cost of $58,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $68,000 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the trading securities' portfolio and the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $29,000) for $31,500. (If no entry...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information
about the December 31, 2021, inventory is as follows:
latum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $149,000 102 110,800 103 73, 800 104 37,500 Total Replacement Cost $136,100 104,600 49,200 35,000 Total Net Realizable Value $123,700 135,400 62,100 62,800 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of inventory at...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $158,000 102 109,000 103 79,000 104 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting...
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...
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 Item А F K Quantity 120 170 110 Unit Cost $60 80 30 Unit Market Value $55 75 40 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. b. Calculate the adjustment required assuming the decline in value is immaterial a. Ending inventory b. Adjustment
Brooks Company carries three inventory items. The following information pertains to the ending inventory: Unit Unit Quantity Cost Item Market Value $12 $11 210 240 15 14 175 к 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
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
Brooks Co, purchases various investments in trading securities at a cost of $58,000 on December 27, 2017. (This is its first and only purchase of such securities.) At December 31, 2017, these securities had a fair value of $68,000 1. & 3. Prepare the December 31, 2017, year-end adjusting entry for the trading securities' portfolio and the January 3, 2018, entry when Brooks sells a portion of its trading securities (that had originally cost $29,000) for $31,500. (If no entry...
Tatum Company has four products in its inventory. Information
about the December 31, 2021, inventory is as follows:
latum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $149,000 102 110,800 103 73, 800 104 37,500 Total Replacement Cost $136,100 104,600 49,200 35,000 Total Net Realizable Value $123,700 135,400 62,100 62,800 The normal profit is 40% of total cost. Required: 1. Determine the carrying value of inventory at...
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost 101 $158,000 102 109,000 103 79,000 104 49,000 Total Net Realizable Value $119,000 129,000 69,000 69,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting...
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