RC | NRV | NRV-NP | Market | Cost | LCM | |
Aluminium siding | 66875 | 59920 | 54463 | 59920 | 74900 | 59920 |
Cedar shake siding | 84958 | 90736 | 82818 | 84958 | 92020 | 84958 |
Louvered glass doors | 132680 | 180081 | 160286 | 160286 | 119840 | 119840 |
Thermal windows | 134820 | 149800 | 133322 | 134820 | 149800 | 134820 |
Total | 419333 | 480537 | 430889 | 439984 | 436560 | 399538 |
(a1) Balance in the Allowance to Reduce Inventory to Market = $436560 - $399538 = $37022
(a2) The amount of the gain (loss) = $29710 - $37022 = $(7312)
Kingbird Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and...
Swifty Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Swifty, has gathered the following data concerning inventory. At May 31, 2020, the balance in Swifty's Raw Materials Inventory account was $432,480, and Allowance to Reduce Inventory to NRV had a credit balance of $27,630. Alcide summarized the...
Carla Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020.Jim Alcide, controller for Carla, has gathered the following data concerning inventory. At May 31, 2020, the balance in Carla's Raw Materials Inventory account was $505,920, and Allowance to Reduce Inventory to Market had a credit balance of $28.290. Alcide summarized the relevant...
Sheffield Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Sheffield, has gathered the following data concerning inventory. At May 31, 2020, the balance in Sheffield’s Raw Materials Inventory account was $501,840, and Allowance to Reduce Inventory to Market had a credit balance of $29,360. Alcide summarized the...
Blue Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2017. Jim Alcide, controller for Blue, has gathered the following data concerning inventory. At May 31, 2017, the balance in Blue’s Raw Materials Inventory account was $473,280, and Allowance to Reduce Inventory to Market had a credit balance of $25,830. Alcide summarized the...
Swifty Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020.Jim Alcide, controller for Swifty, has gathered the following data concerning inventory. At May 31, 2020, the balance in Swifty's Raw Materials Inventory account was $432,480, and Allowance to Reduce Inventory to NRV had a credit balance of $27,630. Alcide summarized the relevant...
Problem 9-2 Pina Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2017. Jim Alcide, controller for Pina, has gathered the following data concerning inventory. At May 31, 2017, the balance in Pina’s Raw Materials Inventory account was $493,680, and Allowance to Reduce Inventory to NRV had a credit balance of $27,670. Alcide...
P9.2 (LO 1) (LCNRV) Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Garcia, has gathered the following data concerning inventory. At May 31, 2020, the balance in Garcia's Raw Materials Inventory account was $408,000, and Allowance to Reduce Inventory to NRV had a credit balance of...
QW EP Garda Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes in northern New Jersey and southern New York. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020, and Jim Alcide, controller for Garcia, has gathered the following data concerning inventory At May 31, 2020, the balance in Garcia's Raw Material Inventory account was $276,500 and the Allowance to Reduce...
14:24 Hide Timer Sarasota Home Improvement Company installs replacement siding windows and lovered glass doors for single family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide controller for Sarasota has gathered the following data concerning inventory At May 31, 2020, the balance in Sarasota's Raw Materials Inventory account was $477 360, and Allowance to Reduce Inventory to NRV had a credit balance...
Problem 9-04 a Your answer is incorrect. Try again. Pearl Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Pearl, has gathered the following data concerning inventory. At May 31, 2020, the balance in Pearl’s Raw Materials Inventory account was $456,960, and Allowance to Reduce Inventory to Market...