Homework Answers
Answer:
As market value is less than cost, inventory has to be valued at = $71,000
Loss on decline in value of Inventory = 78000 - 71000 = $7,000
Effect on accounting equation:
Add Answer to:
lower of cost or market value glendive reports its inventory on a lifo basis and has inventory with a cost of $78,000 o...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
Lower of Cost or Market Chart Of Accounts First Question General Journal Instructions Number of Units...
Lower of Cost or Market Chart Of Accounts First Question General Journal Instructions Number of Units Historical Cost per Unit Selling Price per Unit Disposal Costs First Question Shaded cells have feedback Window air conditioner Dishwasher Refrigerator $185 $155 21 37 15 27 16 20 25 20 10 1. Compute the carrying value of Merediths ending inventory using the lower of cost or market rule appWed on an item-by-irem basis. 416 215 175 445 185 255 Washer (clothing) Carrying Value...
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Unit Market Price Unit Cost Price Item Inventory Quantity $36 $34 54 IA17 16 18 108 BJ54 X Feedback Check My Work Under lower-of-cost-or-market, for each item in inventory, choose the lower of total cost price or the total market price as the assigned value for computing inventory cost. First...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Product Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Class 1: Model A 19$115 $112 Model B 39 142 138 Model C 39294 305 Class 2: Model D 8 260 246 Model E 28 170 176 a. Determine the value of the inventory at the lower...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
help me please my last minutes!! Lower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal...
help me please my last minutes!!
Lower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Total Cost Jan. 1 10 Unit Price $18 22 $180 Mar. 5 10 220 Beginning inventory 1st purchase 2nd purchase 3rd purchase Sept. 9 10 25 250 Dec. 8 10 30 300 40 $950 There are 10 units of inventory on hand on December 31. For the weighted average method, round calculations to two decimal...
Brief Exercise 6-37 (Algorithmic) Lower of Cost or Market Garcia Company uses FIFO, and its inventory...
Brief Exercise 6-37 (Algorithmic) Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in its accounting records at $19,300. Due to technological changes in the market, Garcia would be able to replace its inventory for $15,440. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required...
help please? UULUU Journal Entries, T-Accounts, Cost of Goodanufacturernd Sold During May, the following transactions were...
help please?
UULUU Journal Entries, T-Accounts, Cost of Goodanufacturernd Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; Indirect materials, $8,800. c. Payroll for the month: direct labor, $75,000; Indirect labor, $35,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,500. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on...
Callowater Golf Clubs, Inc., uses the LIFQ inventory method and values its inventory using the lower-of-cost-or-market...
Callowater Golf Clubs, Inc., uses the LIFQ inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Callowater Golf Clubs Inc. has the following account balances at December 31, 2018 before releasing its financial statements for the year Th i Data Table 6 - X of Del Rel Cost of goods sold Sales revenue Re Beg Bal Inventory 38,900 68,900 Th End Bal Bal 224.000 Bal 372.500 Re Ac she Print Done Requirement 3. Prepare any adjusting journal entry...
Part 2: Lower-of-Cost-or-Market Value Assume Garcia uses LIFO inventory costing, and that the Allowance to Reduce...
Part 2: Lower-of-Cost-or-Market Value Assume Garcia uses LIFO inventory costing, and that the Allowance to Reduce Inventory to NRV had a credit balance of $27,500 on May 31, 2017 before adjustment. Net Replacement Cost Realizable Normal Profit Cost Sales Price Value Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total $ 70,000$ 62,500 79,400 124,000 126,000 84,800 168,300 154,800 140,000 $408,000 391,900 $ 499,200 S 449,100 86,000 112,000 140,000 64,000 S 56,000 S 5,100 7,400 18,500 15,400 46,400...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
Lower of Cost or Market Chart Of Accounts First Question General Journal Instructions Number of Units Historical Cost per Unit Selling Price per Unit Disposal Costs First Question Shaded cells have feedback Window air conditioner Dishwasher Refrigerator $185 $155 21 37 15 27 16 20 25 20 10 1. Compute the carrying value of Merediths ending inventory using the lower of cost or market rule appWed on an item-by-irem basis. 416 215 175 445 185 255 Washer (clothing) Carrying Value...
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Unit Market Price Unit Cost Price Item Inventory Quantity $36 $34 54 IA17 16 18 108 BJ54 X Feedback Check My Work Under lower-of-cost-or-market, for each item in inventory, choose the lower of total cost price or the total market price as the assigned value for computing inventory cost. First...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
help me please my last minutes!!
Lower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Total Cost Jan. 1 10 Unit Price $18 22 $180 Mar. 5 10 220 Beginning inventory 1st purchase 2nd purchase 3rd purchase Sept. 9 10 25 250 Dec. 8 10 30 300 40 $950 There are 10 units of inventory on hand on December 31. For the weighted average method, round calculations to two decimal...
Brief Exercise 6-37 (Algorithmic) Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in its accounting records at $19,300. Due to technological changes in the market, Garcia would be able to replace its inventory for $15,440. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventory on its balance sheet at the end of the year? 2. Prepare the journal entry required...
help please?
UULUU Journal Entries, T-Accounts, Cost of Goodanufacturernd Sold During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,200. b. Materials issued to production to fill job-order requisitions: direct materials, $50,000; Indirect materials, $8,800. c. Payroll for the month: direct labor, $75,000; Indirect labor, $35,000; administrative, $28,000; sales, $19,000. d. Depreciation on factory plant and equipment, $10,500. e. Property taxes on the factory accrued during the month, $1,450. f. Insurance on...
Callowater Golf Clubs, Inc., uses the LIFQ inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Callowater Golf Clubs Inc. has the following account balances at December 31, 2018 before releasing its financial statements for the year Th i Data Table 6 - X of Del Rel Cost of goods sold Sales revenue Re Beg Bal Inventory 38,900 68,900 Th End Bal Bal 224.000 Bal 372.500 Re Ac she Print Done Requirement 3. Prepare any adjusting journal entry...
Part 2: Lower-of-Cost-or-Market Value Assume Garcia uses LIFO inventory costing, and that the Allowance to Reduce Inventory to NRV had a credit balance of $27,500 on May 31, 2017 before adjustment. Net Replacement Cost Realizable Normal Profit Cost Sales Price Value Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total $ 70,000$ 62,500 79,400 124,000 126,000 84,800 168,300 154,800 140,000 $408,000 391,900 $ 499,200 S 449,100 86,000 112,000 140,000 64,000 S 56,000 S 5,100 7,400 18,500 15,400 46,400...
Most questions answered within 3 hours.
-
Using your data from the experiment, calculate the initial moles
of HCl that you started with....
asked 33 seconds ago -
Suppose you want to make 500 mL of a 0.20 M Tris buffer at pH
8.0....
asked 1 minute ago -
The titanic hit an iceberg estimated to be half of her mass.
Before hitting the iceberg,...
asked 22 minutes ago -
3. The top four firms in Industry A have market shares of 30,
25, 10, and...
asked 26 minutes ago -
Are there such things as microscopic multicellular animal
parasites? If so, please give examples.
asked 1 hour ago -
1. What two structures in the ear are involved in your
sense of balance and in...
asked 47 minutes ago -
Two ice skaters suddenly push off against one another starting
from a stationary position. The 45...
asked 48 minutes ago -
What is the Larmor frequency for a proton in a magnetic field of
B0 = 14.0...
asked 49 minutes ago -
Problem 03.019 Annual Worth Calculations
Find the value of x that makes the equivalent annual
worth...
asked 1 hour ago -
Under common law, right of survivorship was automatically a
feature of which type of co-tenancy?
a....
asked 1 hour ago -
At 1 bar, how much energy is required to heat 61.0 g of H2O(s)
at −12.0...
asked 1 hour ago -
Find the mixed-strategy equilibrium to the Battle of the sexes
game in Figure 5.1 below
Hockey...
asked 1 hour ago