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Picture Perfect Camera Shop is determining the lower of cost and net realizable value of its inventory. The following data are available at December 31:
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Cost per Unit Net Realizable Value per Unit Cameras Minolta 5 $178 $149 Canon 7 153 161 Light Meters Vivitar 13 136 111 Kodak 10 111 141 What amount should be reported on Blossom Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 7 $178 153 $149 161 Canon 153 Light Meters Vivitar 136 111 Kodak 111 141 What amount should be reported on Blossom Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ 4425
Waterway Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31 Net Realizable Value per Unit Cost per Unit Units Cameras Minolta $184 Canon $147 162 154 Light Meters Vivitar 114 104 Kodak 109 What amount should be reported on Waterway Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rules applied Total $
Oriole Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Cost per Unit Net Realizable Value per Unit Cameras Minolta 5 $165 $156 Canon 7 136 140 Light Meters Vivitar 11 137 103 Kodak 10 120 123 What amount should be reported on Oriole Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total
Answer part 1 and 2
Sunland Frame Camera Shop uses the lower-of-cost-or-net
realizable value basis for its inventory. The following data are
available at December 31.
Item
Units
Unit Cost
Market Value
Cameras:
Minolta
9
$164
$153
Canon
10
151
153
Light meters:
Vivitar
20
124
114
Kodak
18
120
135
Determine the amount of the ending inventory by applying the
lower-of-cost-or-net realizable value basis.
The ending inventory
$
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Sheffield Company had a beginning inventory on January 1 of...
Crane Company had the following inventory at December 31, 2017. a. Determine the ending inventory amount by applying the net realizable value rule to:1. Each item of inventory.2. Each major category of inventory.3. Total inventory.
Tour answer is COTTEL Wildhorse Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 $158 $156 Canon Light Meters Vivitar 12 127 108 103 130 Kodak What amount should be reported on Wildhorse Camera Shop's francial statements, assuming the lower-of-costornet realizable value rule is applied? Total 5 4236
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
Bramble Corp. accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data Net Realizable Value Cameras $10,280 $11,520 Camcorders 8,410 9,170 DVDs 11,570 10,430 Compute the lower-of-cost-or-net realizable value for company’s inventory. The lower-of-cost-or-net realizable value $Enter a dollar amount
Central Appliance Center accumulates the following cost and net realizable value data at December 31. Inventory Categories Cameras Camcorders Blu-ray players Cost Data $12,000 9,500 14,000 Net Realizable Value Data $12,100 9,700 12,800 Compute the lower-of-cost-or-net realizable value for the company's total inventory. The lower-of-cost-or-market value $ Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef's accountant may be desirable. One area of particular concern is the inventory...