Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows.
Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1.
Part-1 | |||||||||
Product | Qty | Cost | NRV | Cost | NRV | Lower Cost and NRV | |||
by Individual Product | by Product Type | By Total | |||||||
Tools | |||||||||
Hammers | 120 | 5.8 | 6.3 | 696.00 | 756.00 | 696.00 | |||
Saws | 280 | 10.8 | 9.8 | 3,024.00 | 2,744.00 | 2,744.00 | |||
Screwdrivers | 380 | 2.8 | 3.4 | 1,064.00 | 1,292.00 | 1,064.00 | |||
Total | 4,784.00 | 4,792.00 | 4,784.00 | ||||||
Paint Products: | |||||||||
1-Gallon Cans | 580 | 6.8 | 5.8 | 3,944.00 | 3,364.00 | 3,364.00 | |||
Paint brushes | 120 | 4.8 | 5.3 | 576.00 | 636.00 | 576.00 | |||
Total Paints | 4,520.00 | 4,000.00 | 4,000.00 | ||||||
Grand Total | 9,304.00 | 8,792.00 | 8,444.00 | 8,784.00 | 8,792.00 |
Part-2 | ||
Application of valuation method | loss amount | |
a)
individual products (9304-8444) |
$860.00 | |
b)
product type (9304-8784) |
$520.00 | |
c)Total
inventory (9304-8792) |
$512.00 |
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-e...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Per Unit Cost Realizable Inventory, by Product Category Quantity Value Tools $ 5.80 $6.30 Hammers 120 Saws 280 10.80 9.80 Screwdrivers 2.80 380 3.40 Paint products: 1-gallon cans Paint brushes 580 6.80 5.80 5.30 120 4.80 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Realizable Value Per Unit Cost Quantity Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 120 280 $ 5.80 10.80 2.80 $6.30 9.80 380 3.40 580 120 6.80 4.80 5.80 5.30 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 120 $ 5.50 $ 6.00 Saws 250 10.50 9.50 Screwdrivers 350 2.50 3.10 Paint products: 1-gallon cans 550 6.50 5.50 Paint brushes 120 4.50 5.00 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule...
8 Almaden Hardware Store sells two product categorles, tools and paint products. Information pertaining to its 2021 year-end Inventory is as follows: points Per Unit Cost Net Realizable Value Quantity Skipped Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 1ee 18e 280 $4.80 9.80 1.80 $5.30 8.88 2.40 eBook 480 5.80 3.80 4.8e 4.30 1ee Required: 1. Determine the carrying value of Inventory at year-end, assuming the lower of cost or net realizable value...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 110 $ 4.10 $ 4.60 Saws 110 9.10 8.10 Screwdrivers 210 1.10 1.70 Paint products: 1-gallon cans 410 5.10 4.10 Paint brushes 110 3.10 3.60 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 110 $ 5.40 $ 5.90 Saws 240 10.40 9.40 Screwdrivers 340 2.40 3.00 Paint products: 1-gallon cans 540 6.40 5.40 Paint brushes 110 4.40 4.90 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Per Unit Cost Net Realizable Value Quantity Inventory, by Product Category Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 110 270 370 $ 5.70 10.70 2.70 $6.20 9.70 3.30 570 110 570 6.70 4.70 6.70 5.70 5.20 5.70 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Inventory, by Product Category Per Unit Cost Realizable Quantity Value Tools: $ 5.00 Hammers 100 $5.50 200 Saws 10.00 9.00 Screwdrivers 300 2.00 2.60 Paint products: 500 6.00 1-gallon cans 5.00 100 Paint brushes 4.00 4.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Net Per Unit Realizable Cost Value Quantity Inventory by Product Category Tools: Hammers Saws Screwdrivers Paint products! 1-gallon cans Paint brushes 100 150 250 $4.50 9.50 1.50 $5.00 8.50 2.10 450 100 5.50 3.50 4.50 4.00 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 100 $ 4.50 $ 5.00 Saws 150 9.50 8.50 Screwdrivers 250 1.50 2.10 Paint products: 1-gallon cans 450 5.50 4.50 Paint brushes 100 3.50 4.00 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule...