Intermediate accounting Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal...
Intermediate accounting
|
Item |
Quantity |
Unit Cost |
Replacement |
Estimated Selling |
Completion & Disposal |
Normal Profit |
||||||||||
| A | 1,700 | $7.95 | $8.90 | $11.13 | $1.59 | $1.91 | ||||||||||
| B | 1,400 | 8.69 | 8.37 | 9.96 | 0.95 | 1.27 | ||||||||||
| C | 1,600 | 5.94 | 5.72 | 7.63 | 1.22 | 0.64 | ||||||||||
| D | 1,600 | 4.03 | 4.45 | 6.68 | 0.85 | 1.59 | ||||||||||
| E | 2,000 | 6.78 | 6.68 | 7.10 | 0.74 | 1.06 | ||||||||||
Greg Forda is an accounting clerk in the accounting department of Crane Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant.
Calculate the lower-of-cost-or-market using the individual-item
approach.
|
Lower-of-Cost-or-Market |
||
| Item A |
$ |
|
| Item B |
$ |
|
| Item C |
$ |
|
| Item D |
$ |
|
| Item E |
$ |
Show the journal entry he will need to make in order to write
down the ending inventory from cost to market. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No entry"
for the account titles and enter 0 for the
amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
| Cost of Goods sold Method: | ||
| The Loss method: | ||
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Intermediate accounting Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Normal Profit Margin/Unit Item Unit Cost $8.33 9.10 6.22 Quantity 1,600 1,300 1,500 1,500 1,900 $2.00 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 0.89 0.78 1.33 4.22 0.67 1.67 1.11 7.10 Greg Forda is an accounting clerk in...
Problem 9-5 Waterway Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
Problem 9-5
Waterway Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,300
$8.78
$9.83
$12.29
$1.76
$2.11
B
1,000
9.59
9.24
11.00
1.05
1.40
C
1,200
6.55
6.32
8.42
1.35
0.70
D
1,200
4.45
4.91
7.37
0.94
1.76
E
1,600
7.49
7.37
7.84
0.82
1.17...
Problem 9-5 Pearl Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
Problem 9-5
Pearl Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,800
$8.18
$9.16
$11.45
$1.64
$1.96
B
1,500
8.94
8.61
10.25
0.98
1.31
C
1,700
6.10
5.89
7.85
1.25
0.65
D
1,700
4.14
4.58
6.87
0.87
1.64
E
2,100
6.98
6.87
7.30
0.76
1.09...
Question 2 Swifty Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following...
Question 2
Swifty Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2020.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,200
$8.70
$9.74
$12.18
$1.74
$2.09
B
900
9.51
9.16
10.90
1.04
1.39
C
1,100
6.50
6.26
8.35
1.33
0.70
D
1,100
4.41
4.87
7.31
0.93
1.74
E
1,500
7.42
7.31
7.77
0.81
1.16...
Ivanhoe Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Ivanhoe Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2017. Item Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,900 $9.23 $10.33 $12.92 $1.85 $2.21 B 1,600 10.09 9.72 11.56 1.11 1.48 C 1,800 6.89 6.64 8.86 1.41 0.74 D 1,800 4.67 5.17 7.75 0.98 1.85 E 2,200 7.87 7.75 8.24 0.86 1.23 Greg Forda...
eso, Intermediate Accounting, 17e elp System Announcements CALCU blem 9-05 a-b land Co. follows the practice...
eso, Intermediate Accounting, 17e elp System Announcements CALCU blem 9-05 a-b land Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available fro ember 31, 2020 m Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 0.89 0.78 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 eg Forda...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Item Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 Greg Forda is an accounting clerk in...
Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and...
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,400
$3.84
$3.60
$5.40
$0.42
$1.50
1333
1,100
3.24
2.76
4.20
0.60
0.60
1426
1,000
5.40
4.44
6.00
0.48
1.20
1437
1,200
4.32
3.72
3.84
0.30
1.08
1510
900
2.70
2.40
3.90
0.96
0.72
1522
700
3.60
3.24
4.56
0.48
0.60
1573
3,200
2.16
1.92
3.00
0.90
0.60
1626
1,200
5.64
6.24
7.20
0.60
1.20
Company A follows the practice...
The following information pertains to an inventory item: Cost $12.00 Estimated selling price 13.60 Estimated disposal...
The following information pertains to an inventory item: Cost $12.00 Estimated selling price 13.60 Estimated disposal cost .20 Normal gross margin 2.20 Replacement cost 10.90 Under the lower-of-cost-or-market rule, this inventory item should be valued at 1. $10.70 2. $10.90 3. $11.20 4. $12.00
Heavy Equipment and Machinery Inc. Trial Balance At December 31, 2019
What is the answer to these tables? here is all the information that had been given to me and my answers to the question that I think needs to be answered to complete the two tablesYou have been hired as a Financial Consultant by Heavy Equipment and Machinery Inc. (HEMI). HEMI is a private corporation that has finished its first year of operations. HEMI's owners plan to list the business on the Toronto Stock Exchange (TSE) in the next 5 years; accordingly,...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Normal Profit Margin/Unit Item Unit Cost $8.33 9.10 6.22 Quantity 1,600 1,300 1,500 1,500 1,900 $2.00 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 0.89 0.78 1.33 4.22 0.67 1.67 1.11 7.10 Greg Forda is an accounting clerk in...
Problem 9-5
Waterway Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,300
$8.78
$9.83
$12.29
$1.76
$2.11
B
1,000
9.59
9.24
11.00
1.05
1.40
C
1,200
6.55
6.32
8.42
1.35
0.70
D
1,200
4.45
4.91
7.37
0.94
1.76
E
1,600
7.49
7.37
7.84
0.82
1.17...
Problem 9-5
Pearl Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2017.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,800
$8.18
$9.16
$11.45
$1.64
$1.96
B
1,500
8.94
8.61
10.25
0.98
1.31
C
1,700
6.10
5.89
7.85
1.25
0.65
D
1,700
4.14
4.58
6.87
0.87
1.64
E
2,100
6.98
6.87
7.30
0.76
1.09...
Question 2
Swifty Co. follows the practice of valuing its inventory at the
lower-of-cost-or-market. The following information is available
from the company’s inventory records as of December 31, 2020.
Item
Quantity
Unit Cost
Replacement
Cost/Unit
Estimated Selling
Price/Unit
Completion & Disposal
Cost/Unit
Normal Profit
Margin/Unit
A
1,200
$8.70
$9.74
$12.18
$1.74
$2.09
B
900
9.51
9.16
10.90
1.04
1.39
C
1,100
6.50
6.26
8.35
1.33
0.70
D
1,100
4.41
4.87
7.31
0.93
1.74
E
1,500
7.42
7.31
7.77
0.81
1.16...
eso, Intermediate Accounting, 17e elp System Announcements CALCU blem 9-05 a-b land Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available fro ember 31, 2020 m Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 0.89 0.78 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 eg Forda...
Metlock Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Item Quantity 1,600 1,300 1,500 1,500 1,900 Unit Cost $8.33 9.10 6.22 4.22 7.10 Replacement Cost/Unit $9.32 8.77 5.99 4.66 6.99 Estimated Selling Price/Unit $11.66 10.43 7.99 6.99 7.44 Completion & Disposal Cost/Unit $1.67 1.00 1.28 Normal Profit Margin/Unit $2.00 1.33 0.67 1.67 1.11 0.89 0.78 Greg Forda is an accounting clerk in...
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,400
$3.84
$3.60
$5.40
$0.42
$1.50
1333
1,100
3.24
2.76
4.20
0.60
0.60
1426
1,000
5.40
4.44
6.00
0.48
1.20
1437
1,200
4.32
3.72
3.84
0.30
1.08
1510
900
2.70
2.40
3.90
0.96
0.72
1522
700
3.60
3.24
4.56
0.48
0.60
1573
3,200
2.16
1.92
3.00
0.90
0.60
1626
1,200
5.64
6.24
7.20
0.60
1.20
Company A follows the practice...
What is the answer to these tables? here is all the information that had been given to me and my answers to the question that I think needs to be answered to complete the two tablesYou have been hired as a Financial Consultant by Heavy Equipment and Machinery Inc. (HEMI). HEMI is a private corporation that has finished its first year of operations. HEMI's owners plan to list the business on the Toronto Stock Exchange (TSE) in the next 5 years; accordingly,...
Most questions answered within 3 hours.
-
Why
are large,multinational firms more likely to be concerned about
CSR?Why are lifestyle brands more susceptible...
asked 2 minutes ago -
answer the below qestion in term of marketing in “personal
selling steps”
( Question )
Consider...
asked 3 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 5 minutes ago -
A student holds a ruler by one end (x=0 where the student holds
it). The student...
asked 5 minutes ago -
People are most likely to believe their ancestors play an active
role in their lives in...
asked 5 minutes ago -
A speeding car is traveling along a straight road with a
constant speed of 100 km/hour....
asked 23 minutes ago -
When 60.1 gg of calcium is reacted with nitrogen gas, 31.7 gg of
calcium nitride is...
asked 27 minutes ago -
The random variable X is exponentially distributed, where X
represents the time it takes for a...
asked 42 minutes ago -
a) Write a verilog module for 1:4 Demultiplexer using verilog
primitives.
b) Design 1-to-4 DEMUX using...
asked 37 minutes ago -
MATLAB
write a MATLAB function (1) output a third-order polynomial
function with the coefficients as the...
asked 50 minutes ago -
A z-score
communicates a raw score’s "relative standing"
under the normal curve in relation to:
asked 58 minutes ago -
An object is vibrating on a spring with the following equation
of motion:
?=(30 ??)cos((2?)/(160)?)
a)...
asked 58 minutes ago