Data related to the inventories of Costco Medical Supply are presented below Surgical Rehab Equipment Equipment $ 343 250 30 Selling price Cost Costs to sell Mutiple Choice 000 $196 $ 268 164 12 In applying the lower of cost or net realizable value rule, the inventory of surgical equipment would be valued at 3:49 Surgical Supplies $ 122 105 10 Rehab Supplies $ 162 159 10

Data related to the inventories of Costco Medical Supply are presented below Surgical Rehab Equipment Equipment $ 343 250 30 Selling price Cost Costs to sell Mutiple Choice 000 $196 $ 268 164 12 In applying the lower of cost or net realizable value rule, the inventory of surgical equipment would be valued at 3:49 Surgical Supplies $ 122 105 10 Rehab Supplies $ 162 159 10

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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Hi, Please help with attached questions, thanks much.
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.
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Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units Cost per purchased unit Total cost 51 $ 8.10 $ 413.10 46 7.35 338.10 61 7.10 433.10 56 7.60 425.60 214 $ 1,609.90 Cost of goods sold Ending inventory
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date Units purchased Cost per unit Total cost January 1 56 $ 6.80 $ 380.80 April 1 51 6.05 308.55 June 1 66 5.80 382.80 September 1 61 6.30 384.30 Total 234 $ 1,456.45 FIFO cost of goods sold and ending inventory (2 answers) LIFO cost of goods sold and ending inventory (2 answers) Average cost cost of goods sold and ending inventory (2 answers)
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Answer with correct explanation calculation clearly for all steps and answer in text form
Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Cost per Unit Net RealizableValue per Unit Cameras: Minolta 8 $163 $155 Canon 10 154 156 Light Meters: Vivitar 20 121 110 Kodak 15 120 135
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Surgical Medical Supplies Ltd (“Surgical”) has the following information for its surgical equipment inventory. The selling price of the inventory is $230. The cost of the inventory is $200. The estimated costs to sell the inventory is $20. Under FRS 2 Inventories, how should Surgical report this inventory item on its balance sheet? a. $210 b. $200 c. $230 d. $180