Ames Trading Co. has the following products in its ending inventory.Quantity Cost per Unit Market per Unit22$55018390$51046068013750ProductMountain bikesSkateboardsGlidersCompute lower of cost or market for inventory applied separately to each product.Inventory ItemsMountain bikesSkateboardsGlidersUnitsPer UnitCost MarketCost$$Total0000Market$0000LCM applied toeach product0

Name: Ames Trading Co. has the following products in its ending inventory.Q
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Description: Ames Trading Co. has the following products in its ending inventory.Quantity Cost per Unit Market per Unit22$55018390$51046068013750ProductMountain bikesSkateboardsGlidersCompute lower of cost or market for inventory applied separately to each produ

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Ames Trading Co. has the following products in its ending inventory. Quantity Cost per Unit Market per Unit 22 $550 $510 390 460 750 680 Product Mountain bikes Skateboards Gliders 18 13 Compute lower of cost or market for inventory applied separately to each product. Inventory Items Mountain bikes Skateboards Gliders Units Per Unit Cost Market Cost $ $ Total 0 0 0 0 Market $ $ 0 0 0 0 LCM applied to each product $ 0

Ames Trading Co. has the following products in its ending inventory. Quantity Cost per Unit Market per Unit 22 $550 $510 390 460 750 680 Product Mountain bikes Skateboards Gliders 18 13 Compute lower of cost or market for inventory applied separately to each product. Inventory Items Mountain bikes Skateboards Gliders Units Per Unit Cost Market Cost $ $ Total 0 0 0 0 Market $ $ 0 0 0 0 LCM applied to each product $ 0

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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Ames Trading Company has the following products in its ending inventory Cost per Unit Product Mountain bikes. Skateboards Gliders Inventory Items Quantity 12 22 12 Mountain bikes Skateboards Gliders $ 580 330 960 Compute lower of cost or market for inventory applied separately to each product. Units Market per Unit $ 510 370 910 Per Unit Cost Market Cost Total Market LCM applied to each product
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The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Market per Unit Helmets 30 $ 58 $ 62 Bats 23 112 80 Shoes 44 103 99 Uniforms 48 44 44 Compute the lower of cost or market for ending inventory applied separately to each product.
Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Inventory Ski jackets Skis Calculate the total amount to be reported for ending inventory in the balance sheet. Ski jackets Skis Quantity Quantity 10 15 10 15 Unit Unit Cost NRV $104 $124 440 390 Lower of Cost and NRV per unit Ending Inventory $ $ 0 0 0
Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Hilton Corporation’s inventory accounts: Item Code Quantity Unit Cost Net Realizable Value Product 1 XKE 100 $32 $28 XKF 400 43 44 Product 2 ZNJ 400 32 29 ZNS 300 43 48 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $Answer
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Valuing Inventory at Lower of Cost or Market Management of Tarry Company reports the following inventory using LIFO and applies the lower of cost or market rule. ■ Edgers: 1,680 units in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. ■Clippers: 1,120 units in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal profit is 20% of sale price. Required a. Determine the inventory cost to report on the balance sheet assuming that the company applies the lower of cost or market rule to each inventory item. b. Prepare the journal entry to apply the lower of cost or market rule to inventory assuming that the company adjusts inventory directly and adjusts equity through cost of goods sold. a. Inventory valuation for edgers $ Inventory valuation for clippers Total inventory…