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Quest Co applies the lower-of-cost-mattet CM) rute to value one of its products H. Related information...
Following information is related to Product X of Zempa Company: Current replacement cost $230 Cost to...
Following information is related to Product X of Zempa Company: Current replacement cost $230 Cost to distribute $42 Historical cost $215 Normal profit margin $36 Selling price $245 If lower-of-cost-or-market rule (LCM Rule) is applied, then the value of Product X that would be reported in the balance sheet is: a. $215 b. $230 c. $203 d. $167
Valuing Inventory at Lower-of-Cost-or-Market Gard Inc. has compiled the following information related to its five products....
Valuing Inventory at Lower-of-Cost-or-Market Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of selling price, and gross profit is estimated to be 25% of the selling price. Determine the value of inventory applying the lower-of-cost-or- market rule to each individual inventory item. Note: Round each amount to the nearest dollar. #1 #2 #3 #4 #5 Estimated selling price $330 $380 $410 $500 $650 Original cost (LIFO) 225 240...
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows:
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1Product 2Product 3Cost$32$102$62Replacement cost309752Selling price5213279Selling costs4499Normal profit174224Required:What unit values should Herman use for each of its products when applying the lower of cost or market (LCM) rule to ending inventory?
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Selling Price $ 74 Replacement Cost 49 Product Cost $54 A 94 84 114 C 54 69 94 114 84 144 E 34 42 44 Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of cost. The normal profit is 35% of selling price. Required: What unit value should...
SLR Corporation has 900 units of each of its two products in its year-end inventory. Per...
SLR Corporation has 900 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 $68 $52 66 44 Cost Replacement cost Selling price Selling costs Normal profit 88 54 1 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment? Complete this...
SLR Corporation has 1,700 units of each of its two products in its year-end inventory. Per...
SLR Corporation has 1,700 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 Cost $ 56 $ 40 Replacement cost 54 31 Selling price 76 42 Selling costs 12 4 Normal profit 16 8 Determine the carrying value of SLR’s inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Product Cost $ 48 88 Per Unit Replacement Cost $ 43 78 63 Selling Price $ 68 108 48 88 Uw 108 28 138 38 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal profit is 40% of selling price. Required: What unit value should Royal Decking...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Product Cost $ 55 Per Unit Replacement Cost $ 50 Selling Price $ 75 115 95 ROA 85 95 55 115 35 70 85 145 45 43 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal profit is 30% of selling price. Required: What unit value should...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Metlock 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, 2020. Item Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 Greg Forda is an accounting clerk in...
Ivanhoe Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Ivanhoe 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 1,900 $9.23 $10.33 $12.92 $1.85 $2.21 B 1,600 10.09 9.72 11.56 1.11 1.48 C 1,800 6.89 6.64 8.86 1.41 0.74 D 1,800 4.67 5.17 7.75 0.98 1.85 E 2,200 7.87 7.75 8.24 0.86 1.23 Greg Forda...
Following information is related to Product X of Zempa Company: Current replacement cost $230 Cost to distribute $42 Historical cost $215 Normal profit margin $36 Selling price $245 If lower-of-cost-or-market rule (LCM Rule) is applied, then the value of Product X that would be reported in the balance sheet is: a. $215 b. $230 c. $203 d. $167
Valuing Inventory at Lower-of-Cost-or-Market Gard Inc. has compiled the following information related to its five products. Costs of disposal are estimated to be 10% of selling price, and gross profit is estimated to be 25% of the selling price. Determine the value of inventory applying the lower-of-cost-or- market rule to each individual inventory item. Note: Round each amount to the nearest dollar. #1 #2 #3 #4 #5 Estimated selling price $330 $380 $410 $500 $650 Original cost (LIFO) 225 240...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Selling Price $ 74 Replacement Cost 49 Product Cost $54 A 94 84 114 C 54 69 94 114 84 144 E 34 42 44 Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of cost. The normal profit is 35% of selling price. Required: What unit value should...
SLR Corporation has 900 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 $68 $52 66 44 Cost Replacement cost Selling price Selling costs Normal profit 88 54 1 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment? Complete this...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Product Cost $ 48 88 Per Unit Replacement Cost $ 43 78 63 Selling Price $ 68 108 48 88 Uw 108 28 138 38 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal profit is 40% of selling price. Required: What unit value should Royal Decking...
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Product Cost $ 55 Per Unit Replacement Cost $ 50 Selling Price $ 75 115 95 ROA 85 95 55 115 35 70 85 145 45 43 Selling costs consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. The normal profit is 30% of selling price. Required: What unit value should...
Metlock 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, 2020. Item Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 Greg Forda is an accounting clerk in...
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