Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Q8 Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 100 $ 5.90 $ 6.40 Saws 290 10.90 9.90 Screwdrivers 390 2.90 3.50 Paint products: 1-gallon cans 590 6.90 5.90 Paint brushes 100 4.90 5.40 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1

Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Q8 Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers 100 $ 5.90 $ 6.40 Saws 290 10.90 9.90 Screwdrivers 390 2.90 3.50 Paint products: 1-gallon cans 590 6.90 5.90 Paint brushes 100 4.90 5.40 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 7SEB: COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Madonnas Music Store uses the direct...

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Inventory, by Product Category	Quantity	Per Unit Cost		Net Realizable Value
Tools:
Hammers	100		$	5.90	$	6.40
Saws	290			10.90		9.90
Screwdrivers	390			2.90		3.50
Paint products:
1-gallon cans	590			6.90		5.90
Paint brushes	100			4.90		5.40