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Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total Cost $73,500 90,300 117,600 147,000 $428,400 Sales Price $67,200 98,700 195,720 162,540 $524,160 Net Realizable Value $58,800 89,040 176,715 147,000 $471,555

Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total Cost $73,500 90,300 117,600 147,000 $428,400 Sales Price $67,200 98,700 195,720 162,540 $524,160 Net Realizable Value $58,800 89,040 176,715 147,000 $471,555

FINANCIAL ACCOUNTING
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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Marigold Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2025. Jim Alcide, controller for Marigold, has gathered the following data concerning inventory. At May 31, 2025, the balance in Marigold's Raw Materials Inventory account was $428,400. Alcide summarized the relevant inventory cost and market data at May 31, 2025, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Marigold's May 31, 2025, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total Cost $73,500 90,300 117,600 147,000 Sales Price Net Realizable Value $67,200 98,700 195,720 162,540 $428,400 $524,160 $58,800 89,040 176,715 147,000 $471,555
Transcribed Image Text:Marigold Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2025. Jim Alcide, controller for Marigold, has gathered the following data concerning inventory. At May 31, 2025, the balance in Marigold's Raw Materials Inventory account was $428,400. Alcide summarized the relevant inventory cost and market data at May 31, 2025, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Marigold's May 31, 2025, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total Cost $73,500 90,300 117,600 147,000 Sales Price Net Realizable Value $67,200 98,700 195,720 162,540 $428,400 $524,160 $58,800 89,040 176,715 147,000 $471,555
Determine the inventory write-down, if any, at May 31, 2025. Inventory loss LA
Transcribed Image Text:Determine the inventory write-down, if any, at May 31, 2025. Inventory loss LA
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