Homework Help is Here – Start Your Trial Now!
Business
Accounting
5. 6. 7. 8. The total market value of the work in process inventory is $85,400. Included in the cost of factory supplies are obsolete items with an historical cost of $6,700. The market value of the remaining factory supplies is $39,500. Bramble applies the LCNRV method to each of the three types of seat components in finished goods inventory. For each of the other three inventory accounts, Bramble applies the lower-of-cost-or-market method to the total of each inventory account. Consider all amounts presented above to be material in relation to Bramble's financial statements taken as a whole. (a) Prepare the inventory section of Bramble's balance sheet as of April 30, 2025, including any required note(s). (Round answers to O decimal places, e.g. 2,556.) Current Assets Inventory Finished Goods Work-in-Process V Raw Materials Factory Supplies Total Inventories Bramble Style Balance Sheet (Partial) April 30, 2025 2000

5. 6. 7. 8. The total market value of the work in process inventory is $85,400. Included in the cost of factory supplies are obsolete items with an historical cost of $6,700. The market value of the remaining factory supplies is $39,500. Bramble applies the LCNRV method to each of the three types of seat components in finished goods inventory. For each of the other three inventory accounts, Bramble applies the lower-of-cost-or-market method to the total of each inventory account. Consider all amounts presented above to be material in relation to Bramble's financial statements taken as a whole. (a) Prepare the inventory section of Bramble's balance sheet as of April 30, 2025, including any required note(s). (Round answers to O decimal places, e.g. 2,556.) Current Assets Inventory Finished Goods Work-in-Process V Raw Materials Factory Supplies Total Inventories Bramble Style Balance Sheet (Partial) April 30, 2025 2000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format ?.

Bramble Style, a division of Sanibel Inc., manufactures three models of boat seat components that are sold to speed boat manufacturers, retailers, and catalog outlets. Since beginning operations in 1983, Bramble has used normal absorption costing and has assumed a first-in, first-out cost flow in its perpetual inventory system. The balances of the inventory accounts at the end of Bramble's fiscal year, April 30, 2025, are shown below. The inventories are stated at cost before any year-end adjustments. Finished goods Work in process Raw materials Factory supplies Seat cushion Standard model Deluxe model Limited model The following information relates to Bramble's inventory and operations: 1. The finished goods inventory consists of the items analyzed below. Total seat cushions Armrests Standard model Deluxe model Total armrests Lumbar support Standard model Deluxe model $261,400 86.600 2 3. 308,000 Total lumbar supports Total finished goods 4. 45,500 Cost $37.100 49,800 46,900 133,800 37,400 29,700 67.100 41,200 19,300 60.500 $261,400 Market $49,600 78,700 85,700 214,000 29,700 33,900 63,600 68,000 35,700 103.700 $381.300 Three-quarters of the seat cushion finished goods inventory is held by catalog outlets on consignment. One-half of lumbar support finished goods inventory has been pledged as collateral for a bank loan Sixty percent of the raw materials balance represents electronic control units acquired at a contracted price 40 percent above the current market price. The market value of the rest of the raw materials is $110.700.
Transcribed Image Text:Bramble Style, a division of Sanibel Inc., manufactures three models of boat seat components that are sold to speed boat manufacturers, retailers, and catalog outlets. Since beginning operations in 1983, Bramble has used normal absorption costing and has assumed a first-in, first-out cost flow in its perpetual inventory system. The balances of the inventory accounts at the end of Bramble's fiscal year, April 30, 2025, are shown below. The inventories are stated at cost before any year-end adjustments. Finished goods Work in process Raw materials Factory supplies Seat cushion Standard model Deluxe model Limited model The following information relates to Bramble's inventory and operations: 1. The finished goods inventory consists of the items analyzed below. Total seat cushions Armrests Standard model Deluxe model Total armrests Lumbar support Standard model Deluxe model $261,400 86.600 2 3. 308,000 Total lumbar supports Total finished goods 4. 45,500 Cost $37.100 49,800 46,900 133,800 37,400 29,700 67.100 41,200 19,300 60.500 $261,400 Market $49,600 78,700 85,700 214,000 29,700 33,900 63,600 68,000 35,700 103.700 $381.300 Three-quarters of the seat cushion finished goods inventory is held by catalog outlets on consignment. One-half of lumbar support finished goods inventory has been pledged as collateral for a bank loan Sixty percent of the raw materials balance represents electronic control units acquired at a contracted price 40 percent above the current market price. The market value of the rest of the raw materials is $110.700.
5. 6. 7. 8. The total market value of the work in process inventory is $85,400. Included in the cost of factory supplies are obsolete items with an historical cost of $6,700. The market value of the remaining factory supplies is $39,500. Bramble applies the LCNRV method to each of the three types of seat components in finished goods inventory. For each of the other three inventory accounts, Bramble applies the lower-of-cost-or-market method to the total of each inventory account. Consider all amounts presented above to be material in relation to Bramble's financial statements taken as a whole. (a) Prepare the inventory section of Bramble's balance sheet as of April 30, 2025, including any required note(s). (Round answers to O decimal places, e.g. 2,556.) Current Assets Inventory Finished Goods Work-in-Process Raw Materials Factory Supplies Total Inventories V Bramble Style Balance Sheet (Partial) April 30, 2025
Transcribed Image Text:5. 6. 7. 8. The total market value of the work in process inventory is $85,400. Included in the cost of factory supplies are obsolete items with an historical cost of $6,700. The market value of the remaining factory supplies is $39,500. Bramble applies the LCNRV method to each of the three types of seat components in finished goods inventory. For each of the other three inventory accounts, Bramble applies the lower-of-cost-or-market method to the total of each inventory account. Consider all amounts presented above to be material in relation to Bramble's financial statements taken as a whole. (a) Prepare the inventory section of Bramble's balance sheet as of April 30, 2025, including any required note(s). (Round answers to O decimal places, e.g. 2,556.) Current Assets Inventory Finished Goods Work-in-Process Raw Materials Factory Supplies Total Inventories V Bramble Style Balance Sheet (Partial) April 30, 2025
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Quality control
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS