Ayayai has the following individual inventory items at cost and net realizable value: Part Units Unit Cost X123 Y135 Z246 A369 B258 (a) 21 30 27 9 14 $4.80 3.15 4.60 1.10 2.25 NRV per Unit $4.30 3.90 5.35 1.10 1.95 Determine the lower of cost and net realizable value of the ending inventory for Ayayai. (Round answers to 2 decimal places, e.g. 15.25.) Lower of cost and net realizable value $

Ayayai has the following individual inventory items at cost and net realizable value: Part Units Unit Cost X123 Y135 Z246 A369 B258 (a) 21 30 27 9 14 $4.80 3.15 4.60 1.10 2.25 NRV per Unit $4.30 3.90 5.35 1.10 1.95 Determine the lower of cost and net realizable value of the ending inventory for Ayayai. (Round answers to 2 decimal places, e.g. 15.25.) Lower of cost and net realizable value $

Name: Ayayai has the following individual inventory items at cost and net r
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Description: Ayayai has the following individual inventory items at cost and net realizable value:Part Units Unit CostX123Y135Z246A369B258(a)213027914$4.803.154.601.102.25NRV per Unit$4.303.905.351.101.95Determine the lower of cost and net realizable value of th

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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If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product ABCDE Cost $ 90 130 90 55 20 Product Per Unit Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 10% of cost. A B с D E Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? Selling Price $ 120 160 130 85 30 Cost NRV Per Unit Inventory Value
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nventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1 250 1.50 1.55 C 2 200 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following?
Presented below is information related to Lush Inc’s inventory: Determine the following:a) the net realizable value for each item, andb) The carrying value of each item under LCNRV.
Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit
Sunland Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity Costper Unit EstimatedSelling Price Cost to Completeand Sell 1320 1,700 $3.62 $5.09 $1.81 1333 1,400 3.05 3.84 1.13 1426 1,300 5.09 5.65 1.58 1437 1,500 4.07 3.62 1.53 1510 1,200 2.54 3.67 1.58 1522 1,000 3.39 4.41 0.90 1573 3,500 2.03 2.83 1.36 1626 1,500 5.31 6.78 1.70 From the information above, determine the amount of Sunland Company inventory.
26. The following data refer to Issue Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $56 $59 Medium 420 38 44 Large 600 44 42 Extra-Large 220 64 67 How much is the inventory if the lower of cost or market rule is applied to each item of inventory?
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. InventoryItem InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Birch 24 $156 $151 Cypress 13 156 165 Mountain Ash 17 266 284 Spruce 25 115 139 Willow 9 193 169 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total LCM Birch $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Cypress fill in the blank 4 fill in the blank 5 fill in the blank 6 Mountain Ash fill in the blank 7 fill in the blank 8 fill in the blank 9 Spruce fill in the blank 10 fill in the blank 11 fill in the blank 12 Willow fill in the blank 13 fill in the blank 14 fill in the blank 15 Total $fill in the blank 16 $fill in the blank 17 $fill in the blank 18
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