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

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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
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7 3 ences Given the following: Mc Graw Hill January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $ 4 7 8 9 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units_ Note: Round the "average unit cost" and final answer to the nearest cent. AS
Problem 5-3A (Algo) Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities January 1 Beginning inventory February 10 Purchase March 13 Purchase March 15 Sales August 21 Purchase September 5 Purchase Units Acquired at Cost 600 units @ $40 per unit 400 units @ $37 per unit 190 units @ $15 per unit 190 units @ $45 per unit 550 units @ $43 per unit Units Sold at Retail 805 units @ $70 per unit September 10 Sales Totals 1,930 units 740 units @ $70 per unit 1,545 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units
Cost Selling price Costs to sell Product 1 2 3 $ Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost Product 1 $ 20 40 20✔ $ 90 ✓ 50 ✓ 6 NRV Product 2 $ 90 120 40 34✔✔ $ X 60✔ Product 3 $ 50 70 10 Per Unit Inventory Value 20✔ X 50 ✓
Need to solve Perpetual FIFO, LIFO, Weight average and Specific identification.
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