Please do not give solution in image format thanku Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and net realizable value for eachitem.ItemHockey sticks:BauerCCMWarriorHelmets:AdidasNikeMissionTotalItemHockey sticksBauerCCMWarriorHelmetsAdidasCalculate the ending inventory balance for hockey sticks and helmets using the historical unit costs provided.NikeMissionEnding Inventory ($)Total$S$SS$$Ending Inventory ($)$$$$$$S T2T Hockey Inc. has the largest selection of hockey equipment of any retailer in the city in which it operates. T2T reported thefollowing cost and net realizable value information for inventory at December 31:ItemHockey sticks:BauerCCMWarriorHelmets:AdidasNikeMissionUnits24135810926Unit Cost$101$190$258$184$180$73Unit NRV$202$144$258$119$180$199Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and net realizable value for each

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Description: Please do not give solution in image format thanku Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and net realizable value for eachitem.ItemHockey sticks:BauerCCMWarriorHelmets:AdidasNikeMissionTotalItemH

Here we have to calculate ending balance of inventory in case 1) by using method of lower of cost or…

Business

Accounting

Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and net realizable value for each item. Item Hockey sticks: Bauer CCM Warrior Helmets: Adidas Nike Mission Total Ending Inventory ($)

Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and net realizable value for each item. Item Hockey sticks: Bauer CCM Warrior Helmets: Adidas Nike Mission Total Ending Inventory ($)

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Please do not give solution in image format thanku

Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and net realizable value for each
item.
Item
Hockey sticks:
Bauer
CCM
Warrior
Helmets:
Adidas
Nike
Mission
Total
Item
Hockey sticks
Bauer
CCM
Warrior
Helmets
Adidas
Calculate the ending inventory balance for hockey sticks and helmets using the historical unit costs provided.
Nike
Mission
Ending Inventory ($)
Total
$
S
$
S
S
$
$
Ending Inventory ($)
$
$
$
$
$
$
S

T2T Hockey Inc. has the largest selection of hockey equipment of any retailer in the city in which it operates. T2T reported the
following cost and net realizable value information for inventory at December 31:
Item
Hockey sticks:
Bauer
CCM
Warrior
Helmets:
Adidas
Nike
Mission
Units
24
13
58
10
9
26
Unit Cost
$101
$190
$258
$184
$180
$73
Unit NRV
$202
$144
$258
$119
$180
$199
Calculate the ending inventory balance for hockey sticks and helmets using the lower of cost and net realizable value for each

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