Consider the following case and calculate the missing information. Cost of Cost of Cost of Sales Beginning Goods Gross Purchases Goods Ending Revenue Inventory Available Profit Sold Inventory for Sale $900 $1,000 $1,100 $1,200

Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44

16. Use the following information to calculate inventory applying LCNRV by item: Recorded cost $12 $22 $17 $42 $32 $18 Еxpected sales price $16 $24 $19 Disposal Costs $2 $5 Item A Item B Item C $2 Item D $60 $40 $6 Item E $6 Item F $24 $7

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Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Item InventoryQuantity Cost perUnit Market Valueper Unit TotalCost TotalMarket A 300 $15.00   $14.50       $4,500    $4,350    B 200 14.00   15.00       2,800    3,000    C 100 17.00   17.50       1,700    1,750    a. $8,850 b. $9,100 c. $9,250 d. $9,000

The following information is taken from a company’s records.   Costper Unit Market valueper Unit Inventory Item 1 (10 units) $39     $38         Inventory Item 2 (22 units) 19     19         Inventory Item 3 (12 units) 9     11         Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? $fill in the blank 1

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

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