The inventory of Wildhorse Company on December 31, 2025, consists of the following items.Part110111112113120121 a122Quantity6601,0405402104101,700280Show Transcribed TextCost per Unit Net Realizable ValueShow Transcribed TextSales revenueMarkdowns$128.00Sales returnsInventory as of December 31, 202581.00108.00MarkupsMarkup cancellations229.50277.00Freight on purchases22.00324.00aPart No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item.Inventory as of December 31, 2025 $Markdown cancellations$(b) Determine the inventory by the LCNRV method, applying the method to the total of theinventory.The records of Oriole's Boutique report the following data for the month of April.$100,8001,80010,300$135.001,5008,70070.002,700103.00243.002,100281.001.00317.00Purchases (at cost)Purchases (at sales price)Purchase returns (at cost)Purchase returns (at sales price)Beginning inventory (at cost)Beginning inventory (at sales price)$49,000Ending inventory using conventional retail inventory method $86,5001,8002,70031,88042,700Compute the ending inventory by the conventional retail inventory method. (Round answer to Odecimal places, e.g. 28,987.)63000

Inventory is valued at cost or net realizable value , which ever is lower

Answered: 1,040 540 210 410 81.00 108.00 229.50…

Business

Accounting

1,040 540 210 410 81.00 108.00 229.50 277.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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am. 115.
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