With the given information, please show me how to calculate the answer.
Homework Answers
According to question the corporation has 3 types of inventory items small tools, medium tools and large tools.
Now, the line "lower of cost or net realizable" value means compare the values of both and select the lower once from them
Calculation -
Small tools. 64000. (Lower of 64000 or 72300)
Medium tools. 261000. (Lower of 289500 or 261000)
Large tools. 152600. (Lower of 152600 or 173000)
Value of invetory. 477600.
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With the given information, please show me how to calculate the answer. Swifty Corporation sells three...
Swifty Corporation sells six different products. The following information is available on December 31: Units 45...
Swifty Corporation sells six different products. The following information is available on December 31: Units 45 Inventory item Tin Titanium Stainless steel Aluminum Iron Fiberglass 15 Estimated selling price $390 3880 1500 Cost per unit Net Realizable Value per unit $380 $385 3800 3760 1520 1450 270 215 310 225 60 60 30 220 300 325 225 30 230 When applying the lower-of-cost-or-net-realizable-value rule to each item, what will Swifty total ending inventory balance be?
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021...
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...
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...
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...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021...
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 2018...
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...
Problem 9-2 Lower of cost or net realizable value [LO9-1] Almaden Hardware Store sells two product...
Problem 9-2 Lower of cost or net realizable value [LO9-1] Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Net Realizable Value Inventory by Product Category Tools: Per Unit Quantity Cost $ 5.00 Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 $5.50 9.00 2.60 10.00 2.00 200 300 500 6.00 5.00 100 4.00 4.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the...
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021...
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...
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...
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...
Swifty Corporation sells six different products. The following information is available on December 31: Units 45 Inventory item Tin Titanium Stainless steel Aluminum Iron Fiberglass 15 Estimated selling price $390 3880 1500 Cost per unit Net Realizable Value per unit $380 $385 3800 3760 1520 1450 270 215 310 225 60 60 30 220 300 325 225 30 230 When applying the lower-of-cost-or-net-realizable-value rule to each item, what will Swifty total ending inventory balance be?
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:
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: 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 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...
Problem 9-2 Lower of cost or net realizable value [LO9-1] Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Net Realizable Value Inventory by Product Category Tools: Per Unit Quantity Cost $ 5.00 Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 100 $5.50 9.00 2.60 10.00 2.00 200 300 500 6.00 5.00 100 4.00 4.50 Required: 1. Determine the carrying value of inventory at year-end, assuming the...
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...
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