Data related to the inventories of the Hogwarts store is represented below. normal profit margin is 20% of selling price. In applying LCM (lower of cost or Market) or LCNRV (lower of cost or net realizable value), evaluate the following: Cost Wands Brooms Owls Toads 1200 480 400 280 Replacement cost 920 360 720 240 Selling price 1000 600 840 960 Selling cost 100 80 48 96 21. If the firm uses LIFO and applies LCM or LCNRV to individual items, what is the amount of the write down to inventory?

Data related to the inventories of the Hogwarts store is represented below. normal profit margin is 20% of selling price. In applying LCM (lower of cost or Market) or LCNRV (lower of cost or net realizable value), evaluate the following: Cost Wands Brooms Owls Toads 1200 480 400 280 Replacement cost 920 360 720 240 Selling price 1000 600 840 960 Selling cost 100 80 48 96 21. If the firm uses LIFO and applies LCM or LCNRV to individual items, what is the amount of the write down to 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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