Exercise 6-10 Lower of cost and net realizable value LO4 Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Hand Net Realizable Value Per Unit 21 $ 109 20 144 35 185 39 77 Product BB FM MB SL Unit Cost $ 114 137 171 91 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory S 14,647

Exercise 6-10 Lower of cost and net realizable value LO4 Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Hand Net Realizable Value Per Unit 21 $ 109 20 144 35 185 39 77 Product BB FM MB SL Unit Cost $ 114 137 171 91 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory S 14,647

Name: b. Applied separately to each product.ProductBBFMMBSL$TotalCostView t
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Description: b. Applied separately to each product.ProductBBFMMBSL$TotalCostView transaction list<0 $1TotalNRVLCNRVapplied toEach Productc. Prepare the appropriate adjusting entry, if required, based on your calculations in (b).0 $Journal entry worksheet0Record

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 9-01 X Your answer is incorrect. Try again. The inventory of Nash Company on December 31, 2020, consists of the following items. Quantity Cost per Unit $98.00 61.80 Part Net Realizable Value 110 600 $103.00 111 920 54.00 112 490 82.40 175.10 78.00 113 220 185.40 120 360 214.00 121a 122 1,500 320 211.00 16.00 247.20 1.00 242.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. a (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 340100 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 346,380
BI 420 $200 Sold 150 $401 Pur. 250 $205 Sold 275 $421 Pur. 200 $215 Sold 260 $441 EI 185 PB10. LO 10.3Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for Weighted Average.
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
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
Exercise 6-13 Estimating ending inventory-retail method LO6 During 2023, Harmony Co. sold $522,000 of merchandise at marked retail prices. At the end of 2023, the following information was available from its records: Beginning inventory Net purchases At Cost At Retail $129,600 $258,800 233,240 395,600 Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2 decimal places.) Ending inventory پاسے
Exercise 6-13 Estimating ending inventory-retail method LO6 During 2023, Harmony Co. sold $513,000 of merchandise at marked retail prices. At the end of 2023, the following information was available from its records: Beginning inventory Net purchases At Cost $120,600 224, 240 Ending inventory At Retail $249,800 386,600 Use the retail method to estimate Harmony's 2023 ending inventory at cost. (Round your intermediate and final answers to 2 decimal places.)
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PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBJ. 3 May 1 12 23 26 Inventory Sale Purchase Sale 50 units at 580 35 units 60 units at $90 55 units Asoming a perpetual inventory systen and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandiNe sold on May 26, and (c) the inventory on May 31.
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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