CostSelling priceCosts to sellProduct123$Required:What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule toending inventory?CostProduct 1$ 204020✔ $90 ✓50 ✓6NRVProduct 2$ 901204034✔✔ $X60✔Product 3$ 507010Per UnitInventoryValue20✔X50 ✓

We need to value the ending inventory lower of cost or net realizable value (NRV). Eanding…

Answered: Cost Selling price Costs to sell…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Item Baskets: Innova Discraft Disc bags: Lightning Wham-O Units Unit Cost Market 10 20 15 14 $224 Ending inventory $ 212 34 42 $232 182 31 40 (a) Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit Helmets 39 $61 79 98 43 Bats Shoes Uniforms 32 53 57 Inventory Items Units Helmets Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. 335 39 32 57 Cost 19 Per Unit $ Market per Unit $57 85 102 98 43 Market 61 $ 57 79 85 102 43 43 Cost Total Market LCM Applied to Items
tem Units Cost Market Car audio equipment Speakers 335 $ 90 $ 98 Stereos 250 111 100 Amplifiers 316 86 95 Subwoofers 194 52 41 Security equipment Alarms 470 150 125 Locks 281 93 84 Cameras 202 310 322 Binocular equipment Tripods 175 70 84 Stabilizers 160 97 105 Required:1. Calculate the lower of cost or market for the inventory applied separately to each item.2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.
Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %$4 Item F 24 Item G %24 Item H %24
Exercise 9-03 X Your answer is incorrect. Try again. Whispering Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Estimated Cost to Complete and Sell Cost Item No. Quantity per Unit Selling Price 1320 1,500 $3.55 $5.00 $1.78 1333 1,200 3.00 3.77 1.11 1426 1,100 5.00 5.55 1.55 1437 1,300 4.00 3.55 1.50 1510 1,000 2.50 3.61 1.55 1522 800 3.33 4.33 0.89 1573 3,300 2.00 2.78 1.33 1626 1,300 5.22 6.66 1.67 From the information above, determine the amount of Whispering Company inventory. The amount of Whispering Company's inventory 45,369
Ch 10b, HW#3 Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Number Unit of Units Cost Beginning Inventory 120 $46 Purchased Mar. 2 165 48 Sold Mar. 31 for $80 per unit 83 (a) Sales Revenue (b) Cost of Goods Sold (c) Gross Margin %24 %24
Question 100 If beginning inventory is 40 units at $4 per unit, purchases are 20 units at $8 per unit and 10 units at $5 per unit, and sales are 30 units at $12 per unit then the value of ending inventory under LIFO is $150. TRUE OR FALSE?
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
Exercise 9-9 (Static) Effects of inventory error LO 9-2 If the ending inventory of a firm is overstated by $70,000, by how much and in what direction (overstated or understated) will the firm's operating income be misstated? (Hint: Use the cost of goods sold model, enter hypothetically "correct" data, and then reflect the effects of the ending inventory error and determine the effect on cost of goods sold.) Operating income by
Net Realizable Quantity Cost 14 27 Product Value $157 26 Revolvers $126 31 Spurs Hats 11 54 44 At what amount should OldWest report its inventory?
Exercise 6-9 Moving weighted average cost flow assumption-perpetual LO2, 3 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) Date Units Mar 1 2 3 4 7 17 28 Purchases/Transportation-In/ (PurchaseReturns/Discounts) 32 Cost/Unit Brought Forward 27 $ 96.00 97.00 Total $ Cost of Goods Sold/(Returns to Inventory) Units Cost/Unit 40 (20) 47 35 Total $ Units 52 $ Balance in Inventory Avg Cost/Unit 94.00 $ Total $ 4,888.00
Per Unit Iten Unita Cont Market Car audio equipment Speakers Stereos 341 $.96 $104 256 117 106 Amplifiers 322 92 101 Subwoofers 200 58 47 Security equipment Alarma 476 156 131 Locks 207 99 90 Cameras 208 316 328 Binocular equipment Tripods 101 76 90 Stabilizers 166 103 111 Required: 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If the market amount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account.

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