Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs inventory. (1)    Complete the table. Part # Cost Replacement Cost Net Realizable Value Normal Profit NRV less Normal Profit LCM SP17G $181,000 $ 152,000 $151,000 $15,000     SP23X 254,000 249,800 262,500 25,800     SP78A 205,400 214,000 206,000 10,200     Total               (2) Prepare the journal entry to record the Allowance to Reduce Inventory to Market using the "Loss Method".

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Give correct solution

A: Cost  Market  Lower of cost or market  Number of units  Total LCM Part A         5.00          4.50…

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A: Lower-of-cost-or-market = Lower of cost and Net realizable value where, Net realizable value =…

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A: The lower of cost or market (LCM) method is an inventory valuation approach where the recorded cost…

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A: Net realizable value of Skis =Salling price of Skis - Cost to sell of Skis -Cost to complete of…

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Q: 4. Given the following information for the Network Company: Date December 31, 2018 December 31, 2019…

A: Method to be recorded = Allowance method of recording lower of cost or market in use

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A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: Provide Answer please

A: Here's a detailed explanation of each option and why the correct answer is $60:Understanding…

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A: Lower-of-cost-or-market = Lower of cost and Net realizable value where, Net realizable value =…

Q: Note that this was everything given for this particular item.   Use the information below to figure…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

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A: Inventory valuation method includes: First-in, First-Out (FIFO) Last-in, Last-Out (LIFO) Average…

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A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

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Q: updating, to calculate (a) sales revenue, (b) cost of goods sold, anc Company, considering the…

A: a) Sales Revenue   Number of units Unit Rate Total   A B = A*B Sales Revenue 88 75 =6,600…

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A: Ceiling = Selling price - cost to distribute Floor = Selling price - cost to distribute - Normal…

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A: LCNRV ( Lower of Cost and Net Realizable Value): Generally Accepted Accounting Principles (GAAP)…

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A: Lower of cost or market value states that business entity should record the inventory at whichever…

Q: Need help

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A: The unit price should be $36 Explanation: Net realization value = selling price - selling cost…

Q: Sunland company provided the following information of its two products: Product A Product B Cost $20…

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.