Birk Camera Shop Inc. uses the lower-of-cost-or-market basis for itsinventory. The following data are available at December 31.Units Cost/UnitMarket Value/UnitCamerasMinolta5$ 170$ 158Canon7145152Light MetersVivitar12125Kodak10120114135What amount should be reported on Brik Camera Shop's financialstatements, assuming the lower-of-cost-or-market rule is applied?Total $

To calculate the total inventory value using the lower-of-cost-or-market (LCM) rule, we compare the…

Answered: Birk Camera Shop Inc. uses the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizabl e-value(LCNRV) basis in valuing inventories: Product Cost NRV A $114,000 $120,000 B 80,000 76,000 C 160,000 162,000 After Jenks applies the LCNRV rule, the value of the inventory reported on the balance sheet would be
The following information is available for the Century Trading: Product A B C D Cost $102 $45 $24 $9 Estimated sales price 120 60 30 15 Estimated disposal costs 15 18 8 5 Number of units 4,000 6,000 5,500 7,200 REQUIRED: Using the lower of cost and net realizable value, determine the total inventory value to be presented in Centurys Trading's statement of financial position.
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 5,300 $25 2/4 Purchase 5,100 27 7,250 5,250 4,100 8,200 2/20 Sale 4/2 Purchase 7/17 Purchase 11/4 Sale 28 30 Compute cost of goods sold, assuming Ehlo uses: (a) Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow (e) Periodic system, weighted-average cost flow (f) Perpetual system, moving-average cost flow Cost of goods sold tA LA ta LA LA A
Smmons. Inc. uses the lower-of-cont-ormarket method to value s inventory that is accounted for using the FIFO method. Data regarding an tam in its inventory ls as follows Cost $26 Replacement cost 20 Selling price 30 Cost of completion and disposal 2 Normal profit margin 7. What is the lower-of-cost-or-mariket for this item?
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can you please answer this account query?
Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual products and has collected the following data: Product A Product B Product C Selling price $ 96 $ 121 $ 76 Cost 66 71 76 Costs to sell 14 19 9 Determine the inventory book value for Products A, B, and C. Product NRV Cost Inventory Value A B C
Given the following data, what is the cost of goods sold as determined under the LIFO method if ABC Home Improvements sold 350 air freshener systems for $28 per unit? Information Number of Units Unit Cost Beginning Inventory on 1/1 150 $14 Inventory Purchases on 1/5 250 $17 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 X f7 f8 f9 f10 f11 E3 4. 8. 80 96 5 图

please explain how they get these answers?
provide this questions answer asap FOR THIS GENERAL ACCOUNT
What is the right answer in the options?
Suppose that Ivanhoe Depot developed the following information about its inventories in applying the lower-of-cost-or-net- realizable-value (LCNRV) basis in valuing inventories: Product A B C Cost $119000 83000 166000 NRV $125000 79000 168000 After Ivanhoe Depot applies the LCNRV rule, the value of the inventory reported on the balance sheet will be $368000. O $364000. O $372000. O $376000.

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