Homework Answers
Working:
| Units | Unit Cost | Unit NRV | Total Cost | Total NRV | |
| Cameras: | |||||
| Fuji | 4 | 176 | 164 | 704 | 656 |
| Samsung | 8 | 155 | 157 | 1240 | 1256 |
| Light Meters: | |||||
| Gossen | 12 | 136 | 139 | 1632 | 1668 |
| Sekonic | 10 | 109 | 103 | 1090 | 1030 |
| Total $ | 4666 | 4610 |
| LCNRV | |
| Cameras: | |
| Fuji | 656 |
| Samsung | 1240 |
| Light Meters: | |
| Gossen | 1632 |
| Sekonic | 1030 |
| Total $ | 4558 |
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | Loss on inventory write down ($4666 - $4610) | 56 | |
| Inventory | 56 | ||
| (To record inventory at lower of cost and NRV) | |||
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | Loss on inventory write down (2 x $155) | 310 | |
| Inventory | 310 | ||
| (To record the damaged cameras) |
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Porter Photography Ltd.reports the following cost and net realizable value information for its inventory at March...
Waterway Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...
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 $
x Your answer is incorrect. Try again. Sheffield Corp. uses the lower-of-cost-or-net realizable value basis for...
x Your answer is incorrect. Try again. Sheffield Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Net Realizable Value Unit Cost 4 10 $177 145 $164 186 Cameras: Minolta Canon Light meters: Vivitar Kodak 14 131 19119 112 139 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6725 LINK TO TEYT
Oriole Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...
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
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 $
Tour answer is COTTEL Wildhorse Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its...
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
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...
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...
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
Answer part 1 and 2 Sunland Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. Th...
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
$
-----
Sheffield Company had a beginning inventory on January 1 of...
Scott’s Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31:
Scott’s Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31:Product ItemUnitsUnit CostUnit NRVSkates: Bauer14$254$398 CCM10$432$365Running shoes: Adidas5$124$124 Nike7$121$1151. Calculate the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item.2. Calculate the ending inventory balance for skates and running shoes using the historical unit costs provided.
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. uses the lower-of-cost-or-net realizable value...
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. 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 Net Realizable Value Cameras: Minolta 7 $179 $153 Canon 10 149 172 Light meters: Vivitar 13 136 108 Kodak 19122 128 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6627) 6627
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 $
x Your answer is incorrect. Try again. Sheffield Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Net Realizable Value Unit Cost 4 10 $177 145 $164 186 Cameras: Minolta Canon Light meters: Vivitar Kodak 14 131 19119 112 139 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6725 LINK TO TEYT
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 $
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
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
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
$
-----
Sheffield Company had a beginning inventory on January 1 of...
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. 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 Net Realizable Value Cameras: Minolta 7 $179 $153 Canon 10 149 172 Light meters: Vivitar 13 136 108 Kodak 19122 128 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6627) 6627
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