ed<Exercise 6-16 (Algo) Lower of cost ormarket LO P2Martinez Company's ending inventory includesthe following items.ProductHelmetsBatsShoesUniformsUnits23163741Inventory ItemsHelmetsBatsShoesUniformsCost per Market perUnitUnit$51$ 5573Compute the lower of cost or market forending inventory applied separately to eachproduct.Units79963723163741Per UnitCost$92379637Market51 $ 55799237$CostTotalMarket0 Ś0LCM Applied toItems

According to Accounting Standard — 2, Inventories should be valued at lower of cost or net…

Exercise 6-16 (Algo) Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Helmets Bats Shoes Uniforms Units 23 16 37 41 Inventory Items Helmets Bats Shoes Uniforms Cost per Market per Unit $ 51 Compute the lower of cost or market for ending inventory applied separately to each product. Units 79 96 37 23 16 37 41 Per Unit Cost Unit $ 55 73 92 37 Market $ 51 $ 79 96 37 55 73 92 37 $ Cost Total Market 0 $ 0 LCM Applied to Items

Exercise 6-16 (Algo) Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Helmets Bats Shoes Uniforms Units 23 16 37 41 Inventory Items Helmets Bats Shoes Uniforms Cost per Market per Unit $ 51 Compute the lower of cost or market for ending inventory applied separately to each product. Units 79 96 37 23 16 37 41 Per Unit Cost Unit $ 55 73 92 37 Market $ 51 $ 79 96 37 55 73 92 37 $ 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

See similar textbooks

Similar questions

AA
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 6-5A Calculate inventory amounts when costs are declining (LO6-3) Skip to question [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 30 $ 32 $ 960 Mar. 4 Purchase 35 31 1,085 Jun. 9 Purchase 40 30 1,200 Nov. 11 Purchase 40 28 1,120 145 $ 4,365 For the entire year, the company sells 111 units of inventory for $40 each. 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
None
None
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
Cp 6-4
Please do not give solution in image format thanku
Please do not give solution in image format thanku
15
Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost per Unit $ 56 Market per Unit Helmets 28 $60 Bats 21 84 78 Shoes 42 101 97 Uniforms 46 42 42 Compute the lower of cost or market for ending inventory applied separately to each product. Per Unit Total LCM Applied to Items Inventory Items Units Cost Market Cost Market Helmets 28 2$ 56 2$ 60 Bats 21 84 78 Shoes 42 101 97 Uniforms 46 42 42 2$ 24
Problem 5-20A (Algo) Allocating product costs between cost of goods sold and ending inventory: intermittent purchases and sales of merchandise LO 5-1 Skip to question [The following information applies to the questions displayed below.] Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 230 items at $99 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date Transaction Description March 5 Purchased 290 items @ $109 April 10 Sold 165 items @ $213 June 19 Sold 305 items @ $213 September 16 Purchased 240 items @ $114 November 28 Sold 155 items @ $218 Problem 5-20A (Algo) Part b b. Calculate the gross margin Pam’s Creations would report on the Year 2 income statement. Sales Cost of goods sold Gross margin c. Determine the ending inventory balance Pam’s Creations would report on the December 31, Year 2, balance sheet. Ending inventory