The following information is available from the inventory records Involute Apparel as of December 31, 2028.
Item |
Quantity |
Unit Cost |
Replacement Cost/Unit |
Estimated Selling Price/Unit |
Completion & Disposal Cost/Unit |
Normal Profit Margin/Unit |
A |
1,100 |
$15.00 |
$16.80 |
$21.00 |
$3.00 |
$3.60 |
B |
800 |
16.40 |
15.80 |
18.80 |
1.80 |
2.40 |
C |
1,000 |
11.20 |
10.80 |
14.40 |
2.35 |
1.30 |
D |
1,000 |
7.60 |
8.40 |
12.30 |
1.60 |
3.00 |
E |
1,400 |
12.80 |
12.60 |
12.70 |
1.40 |
2.00 |
Instructions
(a) Determine, for each item, the lower-of-cost-or-net-realizable value.
(b) Determine for each item, the lower-of-cost-or-market value.
The following information is available from the inventory records Involute Apparel as of December...
The December 31, 2020, Inventory of Balley Inc. consisted of four products, for which certain Information is provided below: Replacement Estimated Expected Product Original Cost Disposal Cost Selling Price A $29.00 $22.00 $6.50 $40.00 B $44.00 $40.00 $8.00 $48.00 с $145.00 $125.00 $25.00 $190.00 $21.00 $15.80 $3.00 $28.00 Cost ** D | Replacement cost: Cost of Bailey to replace/replenish' the unit of inventory. Required: a. Using the lower of cost and NRV approach applied on an individual-item basis, calculate the...
1.The following information for the month of April is available
from the records of Ireland Department Store:
Estimate the cost of the April 30 inventory using the Conventional
Retail Inventory Method:
Select one:
a. $9,380
b. $11,183
c. $10,058
d. $9,319
e. $13,668
2.
At a lump-sum cost of $18,000, Obenauer Company recently
purchased the following items for resale:
The appropriate cost per unit of ABC inventory is:
Select one:
a. $3.00
b. $.80
c. $2.50
d. $3.75
e. $2.00...
Inventory methods. Jones Company was formed on December 1, 2013. The following information is available from Jones's inventory record for Product X. Units Unit Cost January 1, 2014 (beginning inventory) 1,500 $18.00 Purchases: January 5, 2014 2,600 $20.00 January 25, 2014 2,400 $21.00 February 16, 2014 1,000 $22.00 March 15, 2014 2,000 $23.00 A physical inventory on March 31, 2014, shows 2,300 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2014, under each of...