Cornerstone Exercise 6-26 (Algorithmic) Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Cost per Unit N et Realizable Value Item RSK-89013 $38 $44 Units 450 329 462 LKW-91247 QEC-57429 Required: 1. Compute the carrying value of the ending inventory using the lower of cost or market method applied...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: August 1 Inventory 76 units @ $23 9 Sale 62 units 13 Purchase 87 units @ $26 28 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b)...
Brief Exercise 9-4 Lower of cost or market (LO9-1] 0.71 points 07 se SLR Corporation has 1,000 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: corporation has 19000 units Product 1 Product 2 Cost Replacement cost Selling price Selling costs Normal profit margin O COO bolo...
per Unit Jake Stone Company evaluated its inventory using the Lower of Cost or Market method. If the Lower of Cost or Market was applied to the following items, what should the total inventory value be? Inventory Cost per Market value Total Total Item Quantity Unit Cost Market 300 $15.00 $14.50 $4,500 $4,350 200 $14.00 $15.00 $2,800 $3,000 $17.00 $17.50...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 24 $ 21 49 57 Quantity on Hand 59 89 19 39 MOOD 79...
H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Unit Cost When Value (Market) on Hand Acquired (FIFO) at Year-End 63 $ 14 $ 17 93 42 23 83 363 32 Required:...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $29 $290 Aug. 7 Purchase 19 units at $31 589 Dec. 11 Purchase 10 units at $32 320 39 units $1,199 There are 17 units of the item in the...
Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each Per Unit Inventory Items Office productivity Desktop publishing Accounting Units Cost S 76 Market $...
Problem 9-4 Lower of cost or market [LO9-1 Home Stop sells two product categories, furniture and accessories. Information pertaining to its 2018 year-end inventory is as follows: Inventory, by Product Category Furniture Per Unit Quantity Market Cost Chairs 50 $26 $32 74 Desks 20 59 Tables Accessories 70 85 93 50 61 49 Rugs Lamps 30 23 Required: 1. Determine...
SLR Corporation has 900 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 $68 $52 66 44 Cost Replacement cost Selling price Selling costs Normal profit 88 54 1 Determine the carrying value of SLR's inventory assuming that the lower of cost or...