Marigold Corp. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing...
Marigold Corp. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $89000 $94000 B 62000 59000 C 125000 126000 After Marigold Corp. applies the LCNRV rule, the value of the inventory reported on the balance sheet would be $273000. $282000. $276000. $279000.
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Marigold Corp. developed the following information about its
inventories in applying the
lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing...
Can someone help me? 1) 2) 3) Marigold Corp. developed the following information about its inventories...
Can someone help me?
1)
2)
3)
Marigold Corp. developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product A Cost Market $89000 $94000 62000 59000 125000 126000 C If Marigold applies the LCM basis, the value of the inventory reported on the balance sheet would be Wildhorse Co. sells six different products. The following information is available on December 31: Inventory item Tin Titanium Stainless steel Aluminum Iron...
Bramble Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM)...
Bramble Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Net realizable Product Cost value A $114000 $128000 B 83000 78000 C 152000 165000 If Bramble applies the LCNRV basis, the value of the inventory reported on the balance sheet would be
Concord Company developed the following information about its inventories in applying the lower of cost and...
Concord Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product А Cost $ 69100 49300 100800 NRV $ 75200 47700 103000 B с After Concord Company values its inventory at the lower of cost or net realizable value, the value of the inventory reported on the balance sheet would be O $227500 $219200. $225900. O $217600.
QUESTION 4 Jenks Company developed the following information about its inventories in applying the lower of...
QUESTION 4 Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market $114,000 $120,000 80,000 76,000 160,000 162,000 If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be O $354,000. $358,000. $350,000. $362,000.
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending...
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending inventory. The following information is available Market Value Cost Lawnmowers: Self-propelled $16,800 $17,000 Push type Total 19,500 36,300 18,000 35,000 Snowblowers: Manual Self-start Total 30,000 21,000 51,000 $85,800 $86,000 29,800 19,700 49,500 Total inventory Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable basis Total ending inventory
Question 15 0.5 pts East Jenkins Company developed the following information about its inventories in applying...
Question 15 0.5 pts East Jenkins Company developed the following information about its inventories in applying the lower-of- cost-or-market (LCM) basis in valuing inventories: Category Cost Market Α . $57,000 45,000 $45,000 35,000 70.000 82.000 If East Jenkins applies the LCM basis, the value of the inventory reported on the balance sheet would be
Answer the following questions related to the lower-of-cost-or-net realizable value (LCNRV) method and/or the lower...
Answer the following questions related to the lower-of-cost-or-net realizable value (LCNRV) method and/or the lower-of- cost-or-market (LCM) method. 1. Why are inventories valued at the LCNRV or LCM? (i.e., why is it necessary to perform this calculation for inventories)? 2. What two methods are used to record the necessary journal entry for LCNRV and LCM? Which method is preferred and why?
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 $
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
Problem 17.3A Applying the lower of cost or net realizable value rule by different methods. LO...
Problem 17.3A Applying the lower of cost or net realizable value rule by different methods. LO 17-3 This data is for selected Inventory items at Deluxe Supply Company Not Realizable Quantity Unit Cost Value CBOOK 46 20.50 20.00 Printer Cartridges Item 119 Item 120 Item 121 Fax Machines Item 210 25.00 88.00 11.00 227.00 Item 212 Required: 1&2. Determine the total amount to be reported as the inventory valuation at cost or net realizable value, whichever is lower, under lower...
Can someone help me?
1)
2)
3)
Marigold Corp. developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product A Cost Market $89000 $94000 62000 59000 125000 126000 C If Marigold applies the LCM basis, the value of the inventory reported on the balance sheet would be Wildhorse Co. sells six different products. The following information is available on December 31: Inventory item Tin Titanium Stainless steel Aluminum Iron...
Concord Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product А Cost $ 69100 49300 100800 NRV $ 75200 47700 103000 B с After Concord Company values its inventory at the lower of cost or net realizable value, the value of the inventory reported on the balance sheet would be O $227500 $219200. $225900. O $217600.
QUESTION 4 Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories: Product Cost Market $114,000 $120,000 80,000 76,000 160,000 162,000 If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be O $354,000. $358,000. $350,000. $362,000.
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable basis of valuing its ending inventory. The following information is available Market Value Cost Lawnmowers: Self-propelled $16,800 $17,000 Push type Total 19,500 36,300 18,000 35,000 Snowblowers: Manual Self-start Total 30,000 21,000 51,000 $85,800 $86,000 29,800 19,700 49,500 Total inventory Compute the value of the ending inventory by applying the lower-of-cost-or-net realizable basis Total ending inventory
Question 15 0.5 pts East Jenkins Company developed the following information about its inventories in applying the lower-of- cost-or-market (LCM) basis in valuing inventories: Category Cost Market Α . $57,000 45,000 $45,000 35,000 70.000 82.000 If East Jenkins applies the LCM basis, the value of the inventory reported on the balance sheet would be
Answer the following questions related to the lower-of-cost-or-net realizable value (LCNRV) method and/or the lower-of- cost-or-market (LCM) method. 1. Why are inventories valued at the LCNRV or LCM? (i.e., why is it necessary to perform this calculation for inventories)? 2. What two methods are used to record the necessary journal entry for LCNRV and LCM? Which method is preferred and why?
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 $
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
Problem 17.3A Applying the lower of cost or net realizable value rule by different methods. LO 17-3 This data is for selected Inventory items at Deluxe Supply Company Not Realizable Quantity Unit Cost Value CBOOK 46 20.50 20.00 Printer Cartridges Item 119 Item 120 Item 121 Fax Machines Item 210 25.00 88.00 11.00 227.00 Item 212 Required: 1&2. Determine the total amount to be reported as the inventory valuation at cost or net realizable value, whichever is lower, under lower...
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