Exercise 5-16 (Algo) Lower of cost or market LO P2Martinez Company's ending inventory includes the following items.Cost per Market perUnitUnit$58$ 6211280103994444ProductHelmetsUnits3023BatsShoesUniformsCompute the lower of cost or market for ending inventory applied separately to each product.HelmetsBatsShoesUniforms4448Inventory Items Units30234448Per UnitCostMarket$ 58 $112103446280994424$CostTotalMarket10 $0LCM Applied toItems

Name: Exercise 5-16 (Algo) Lower of cost or market LO P2Martinez Company's
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Description: Exercise 5-16 (Algo) Lower of cost or market LO P2Martinez Company's ending inventory includes the following items.Cost per Market perUnitUnit$58$ 6211280103994444ProductHelmetsUnits3023BatsShoesUniformsCompute the lower of cost or market for ending

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Business

Accounting

ercise 5-16 (Algo) Lower of cost or market LO P2 tinez Company's ending inventory includes the following items. Cost per Unit $ 58 112 103 44 roduct elmets ats. Des iforms ventory Items mets mpute the lower of cost or market for ending inventory applied separately to each product. S Units 30 es orms 23 44 48 Units 30 23 44 48 Market per Unit $ 62 80 99 44 Per Unit Cost Market $ 58 $ 112 103 44 62 80 99 44 $ Cost Total Market 0 $ 0 LCM Applied to Items

ercise 5-16 (Algo) Lower of cost or market LO P2 tinez Company's ending inventory includes the following items. Cost per Unit $ 58 112 103 44 roduct elmets ats. Des iforms ventory Items mets mpute the lower of cost or market for ending inventory applied separately to each product. S Units 30 es orms 23 44 48 Units 30 23 44 48 Market per Unit $ 62 80 99 44 Per Unit Cost Market $ 58 $ 112 103 44 62 80 99 44 $ Cost Total Market 0 $ 0 LCM Applied to Items

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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Exercise 5-10A (Algo) Lower-of-cost-or-market rule: perpetual system LO 5-2 The following information pertains to Hagen Metal Works' ending Inventory for the current year. Unit Market Value Item Quantity Unit Cost с 120 D 110 K 42 M 20 Required $11 13 9 6 $9 11 a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual Inventory Item and (2) the inventory In aggregate. b. Prepare any necessary journal entries, assuming the decline in value is immaterial, using the (1) Individual method and (2) aggregate method. Hagen Metal Works uses the perpetual Inventory system. Individual item method Aggregate method 10 11 Complete this question by entering your answers in the tabs below. Required Required A B Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. Ending Inventory
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