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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ?.
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.
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
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