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
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Bramble Company developed the following information about its
inventories in applying the lower-of-cost-or-net realizable value
(LCM)...
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.
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.
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 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
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...
CALCULATOR PRINTER VERSION BOX Multiple Choice Question 149 Oriole Company developed the following information about its...
CALCULATOR PRINTER VERSION BOX Multiple Choice Question 149 Oriole Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis invaluing inventories: Product Cost Market 5128000 $134000 90000 85000 C 179000 161000 If Oriole applies the LCM basis, the value of the inventory reported on the balance sheet would be 5405000 $400000 $392000 $397000 Click if you would like to Show Work for this questioni Coen Show Work
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?
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
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower...
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower net income than LIFO. b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16.The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories realizable value (LCNRV) basis in...
When net realizable value is lower than cost, and the loss method applying the lower-of-cost-and-net-realizable approach...
When net realizable value is lower than cost, and the loss method applying the lower-of-cost-and-net-realizable approach of recording the write-down is used, what account is credited? A. Allowance to Reduce Inventory to NRV. B. Inventory. C. Cost of Goods Sold. D. A loss account.
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.
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 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
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...
CALCULATOR PRINTER VERSION BOX Multiple Choice Question 149 Oriole Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis invaluing inventories: Product Cost Market 5128000 $134000 90000 85000 C 179000 161000 If Oriole applies the LCM basis, the value of the inventory reported on the balance sheet would be 5405000 $400000 $392000 $397000 Click if you would like to Show Work for this questioni Coen Show Work
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?
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
kam III 5.In a period of rising prices, FIFO will have OOO 10 ibnsdora a. lower net income than LIFO. b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16.The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories realizable value (LCNRV) basis in...
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