During 2020, Bramble Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Bramble for a lump sum of $58,600, because it was discontinuing manufacturing operations and wanted to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are as follows: Type Lounge chairs Straight chairs Armchairs No. of Chairs 470 Total costs 660 $ 350 Your answer is incorrect. Bramble estimates that the costs to sell this inventory would be $4 per chair. During 2020, Bramble sells 390 lounge chairs. 260 armchairs, and 140 straight chairs, all at the same prices as estimated. At December 31, 2020, the remaining chairs were put on sale: the lounge chairs at 25% off the regular price, the armchairs at 30% off, and the straight chairs at 40% off All were expected to be sold at these prices. What is the total cost of the chairs remaining in inventory at the end of 2020, using the relative sales value method? (Round percentages to 1 decimal place, eg. 52.7% and all other amounts to 2 decimal places, eg 52.75 Estimated Selling Price per Chair $95 55 eTextbook and Media 85 Your answer is incorrect.

During 2020, Bramble Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Bramble for a lump sum of $58,600, because it was discontinuing manufacturing operations and wanted to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are as follows: Type Lounge chairs Straight chairs Armchairs No. of Chairs 470 Total costs 660 $ 350 Your answer is incorrect. Bramble estimates that the costs to sell this inventory would be $4 per chair. During 2020, Bramble sells 390 lounge chairs. 260 armchairs, and 140 straight chairs, all at the same prices as estimated. At December 31, 2020, the remaining chairs were put on sale: the lounge chairs at 25% off the regular price, the armchairs at 30% off, and the straight chairs at 40% off All were expected to be sold at these prices. What is the total cost of the chairs remaining in inventory at the end of 2020, using the relative sales value method? (Round percentages to 1 decimal place, eg. 52.7% and all other amounts to 2 decimal places, eg 52.75 Estimated Selling Price per Chair $95 55 eTextbook and Media 85 Your answer is incorrect.

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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Question

Your answer is incorrect.
What is the net realizable value of the chairs remaining in inventory? (Round answer to 2 decimal places, e.g. 52.75.)
Net realizable value
eTextbook and Media
$
Your answer is incorrect.
What is the appropriate inventory value to be reported on the December 31, 2020 statement of financial position, assuming the
lower of cost and NRV is applied on an individual item basis? (Round answer to 2 decimal places, e.g. 52.75.)
Inventory value
eTextbook and Media
eTextbook 1
eTextbook 2
Assistance Used
hs

During 2020, Bramble Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to
Bramble for a lump sum of $58,600, because it was discontinuing manufacturing operations and wanted to dispose of its entire stock.
Three types of chairs are included in the carload. The three types and the estimated selling price for each are as follows:
Type
Lounge chairs
Straight chairs
Armchairs
No. of Chairs
470
Total costs
660
350
Your answer is incorrect.
$
Bramble estimates that the costs to sell this inventory would be $4 per chair. During 2020, Bramble sells 390 lounge chairs. 260
armchairs, and 140 straight chairs, all at the same prices as estimated. At December 31, 2020, the remaining chairs were put on sale:
the lounge chairs at 25% off the regular price, the armchairs at 30% off, and the straight chairs at 40% off. All were expected to be sold
at these prices.
What is the total cost of the chairs remaining in inventory at the end of 2020, using the relative sales value method? (Round
percentages to 1 decimal place, eg. 52.7% and all other amounts to 2 decimal places, eg. 52.75)
Estimated Selling
Price per Chair
e Textbook and Media
$95
55
85
Your answer is incorrect.

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