Homework Answers
| b(1) statement showing Amount to be written off - item by item LCNRV | |||
| Item | cost | Net realizable value | LCNRV (Lower of cost or NRV) |
| Jokers | $2,560 | $2,688 | $2,560 |
| Penguins | $6,400 | $6,336 | $6,336 |
| Riddlers | $5,632 | $5,920 | $5,632 |
| Scarecrows | $4,096 | $4,902 | $4,096 |
| Total | $18,688 | $19,846 | $18,624 |
| Cost (18688)- LCNRV ( 18624)= $64written Down is required to adjust inventory to LCNRV | |||
| b(2) Statement showing Amount to be written off -Total category LCNRV | |||
| Item | cost | Net realizable value | LCNRV (Lower of cost or NRV) |
| Jokers | $2,560 | $2,688 | |
| Penguins | $6,400 | $6,336 | |
| Riddlers | $5,632 | $5,920 | |
| Scarecrows | $4,096 | $4,902 | |
| Total | $18,688 | $19,846 | $18,688 |
| LCNRV is $ 14,600 and Cost is also $ 14,600 so No written Down is required | |||
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Question 1 0.5/1 View Policies Show Attempt History Current Attempt in Progress Whispering Corporation has the followin...
Question 1 --/1 View Policies Current Attempt in Progress Whispering Corporation has the following four items...
Question 1 --/1 View Policies Current Attempt in Progress Whispering Corporation has the following four items in its ending inventory. Net Realizable Value (NRV) Item Cost Jokers $2,560 $2,688 Penguins 6,400 6,336 Riddlers 5,632 5,920 Scarecrows 4.096 4,902 (a) Determine the following the LCNRV for each item. LCNRV Item $ Jokers Penguins Riddlers Scarecrows
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows...
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,160 5,400 4,752 3,456 Net Realizable Value (NRV) $2,268 5,346 4,995 4,136 Determine the following the LCNRV for each item. Item LCNRV Jokers Penguins Riddlers Scarecrows (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for the amounts.) Item Write-down Jokers Penguins Riddlers Scarecrows (2) Determine a total category LCNRV evaluation. (If no write-down,...
Brief Exercise 9-2 Monty Corporation has the following four items in its ending inventory. Item Cost...
Brief Exercise 9-2
Monty Corporation has the following four items in its ending
inventory.
Item
Cost
Net Realizable
Value (NRV)
Jokers
$2,440
$2,562
Penguins
6,100
6,039
Riddlers
5,368
5,643
Scarecrows
3,904
4,673
Determine the following the LCNRV for each item.
Item
LCNRV
Jokers
$
Penguins
Riddlers
Scarecrows
LINK TO TEXT
(1) Determine the amount of write-down, if
any, using an item-by-item LCNRV evaluation. (If no
write-down, enter 0 for the amounts.)
Item
Write-down
Jokers
$
Penguins
Riddlers
Scarecrows
(2) Determine...
Brief Exercise 9-02 Waterway Corporation has the following four items in its ending inventory. Item Jokers...
Brief Exercise 9-02 Waterway Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,760 6,900 6,072 4,416 Net Realizable Value (NRV) $2,898 6,831 6,383 5,285 Your answer is correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2760 Penguins 6831 6072 Riddlers Scarecrows 4 416 Your answer is partially correct. Try again. (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter O...
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers...
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers Scarecrows 4,544 Cost Value (NRV) $2,840 7,100 $2,982 7,029 6,568 5,439 6,248 Determine the following the LCNRV for each item. Item okers Penguins Riddlers LCNRV (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter 0 for the amounts.) Item okers Penguins Riddlers Scarecrows Write-down (2) Determine a total category LCNRV evaluation. (If no write-down, enter 0...
determine the amount of write down if any using item by item lcnrv and the total...
determine the amount of write down if any using item by item
lcnrv
and the total category lcnrv
Floyd Corporation has the following four items in its ending inventory. Net Realizable Value (NRV) Item Cost Jokers $2,100 Penguins $2,000 5,000 4,400 4,950 Riddlers 4,625 Scarecrows 3,200 3,830 Your answer is partially correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2000 Penguins 4950 Riddlers 4400 Scarecrow 3200 e Textbook and Media X Your answer is incorrect. (1)...
Oriole Corporation has the following four items in its ending inventory. Item Cost Net Realizable Value...
Oriole Corporation has the following four items in its ending inventory. Item Cost Net Realizable Value (NRV) Jokers $2,800 $2,940 Penguins 7,000 6,930 Riddlers 6,160 6,475 Scarecrows 4,480 5,362 Determine the following the LCNRV for each item. Item LCNRV Jokers $enter a dollar amount Penguins enter a dollar amount Riddlers enter a dollar amount Scarecrows enter a dollar amount
Question 3 View Policies Current Attempt in Progress Presented below is information related to Monty Inc.'s...
Question 3 View Policies Current Attempt in Progress Presented below is information related to Monty Inc.'s inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Skis Boots Parkas $199.50 $111.30 $55.65 222.60 152.25 77.44 19.95 8.40 2.63 33.60 30.45 22.31 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. Item Cost NRV LCNRV Skis $ Boots Parkas
0.33/1 Question 6 View Policies Show Attempt History Current Attempt in Progress Whispering Corporation accumulates the...
0.33/1 Question 6 View Policies Show Attempt History Current Attempt in Progress Whispering Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual...
nt Practice and ons Manual --/1 Question 1 View Policies Current Attempt in Progress CPAexcel Con-...
nt Practice and ons Manual --/1 Question 1 View Policies Current Attempt in Progress CPAexcel Con- Access ssions rences Waterway Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. porations PLUS Support Item H Item Estimated selling price Cost Item D $144 90 36 2 Item E $132 96 36...
Question 1 --/1 View Policies Current Attempt in Progress Whispering Corporation has the following four items in its ending inventory. Net Realizable Value (NRV) Item Cost Jokers $2,560 $2,688 Penguins 6,400 6,336 Riddlers 5,632 5,920 Scarecrows 4.096 4,902 (a) Determine the following the LCNRV for each item. LCNRV Item $ Jokers Penguins Riddlers Scarecrows
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,160 5,400 4,752 3,456 Net Realizable Value (NRV) $2,268 5,346 4,995 4,136 Determine the following the LCNRV for each item. Item LCNRV Jokers Penguins Riddlers Scarecrows (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for the amounts.) Item Write-down Jokers Penguins Riddlers Scarecrows (2) Determine a total category LCNRV evaluation. (If no write-down,...
Brief Exercise 9-2
Monty Corporation has the following four items in its ending
inventory.
Item
Cost
Net Realizable
Value (NRV)
Jokers
$2,440
$2,562
Penguins
6,100
6,039
Riddlers
5,368
5,643
Scarecrows
3,904
4,673
Determine the following the LCNRV for each item.
Item
LCNRV
Jokers
$
Penguins
Riddlers
Scarecrows
LINK TO TEXT
(1) Determine the amount of write-down, if
any, using an item-by-item LCNRV evaluation. (If no
write-down, enter 0 for the amounts.)
Item
Write-down
Jokers
$
Penguins
Riddlers
Scarecrows
(2) Determine...
Brief Exercise 9-02 Waterway Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,760 6,900 6,072 4,416 Net Realizable Value (NRV) $2,898 6,831 6,383 5,285 Your answer is correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2760 Penguins 6831 6072 Riddlers Scarecrows 4 416 Your answer is partially correct. Try again. (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter O...
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers Scarecrows 4,544 Cost Value (NRV) $2,840 7,100 $2,982 7,029 6,568 5,439 6,248 Determine the following the LCNRV for each item. Item okers Penguins Riddlers LCNRV (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter 0 for the amounts.) Item okers Penguins Riddlers Scarecrows Write-down (2) Determine a total category LCNRV evaluation. (If no write-down, enter 0...
determine the amount of write down if any using item by item
lcnrv
and the total category lcnrv
Floyd Corporation has the following four items in its ending inventory. Net Realizable Value (NRV) Item Cost Jokers $2,100 Penguins $2,000 5,000 4,400 4,950 Riddlers 4,625 Scarecrows 3,200 3,830 Your answer is partially correct. Determine the following the LCNRV for each item. Item LCNRV Jokers 2000 Penguins 4950 Riddlers 4400 Scarecrow 3200 e Textbook and Media X Your answer is incorrect. (1)...
Question 3 View Policies Current Attempt in Progress Presented below is information related to Monty Inc.'s inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Skis Boots Parkas $199.50 $111.30 $55.65 222.60 152.25 77.44 19.95 8.40 2.63 33.60 30.45 22.31 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. Item Cost NRV LCNRV Skis $ Boots Parkas
0.33/1 Question 6 View Policies Show Attempt History Current Attempt in Progress Whispering Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual...
nt Practice and ons Manual --/1 Question 1 View Policies Current Attempt in Progress CPAexcel Con- Access ssions rences Waterway Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. porations PLUS Support Item H Item Estimated selling price Cost Item D $144 90 36 2 Item E $132 96 36...
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