Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2025. Jim Alcide, controller for Garcia, has gathered the following data concerning inventory. At May 31, 2025, the balance in Garcia's Raw Materials Inventory account was $408,000. Alcide summarized the relevant inventory cost and market data at May 31, 2025, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Garcia's May 31, 2025, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total (a) Inventory loss Determine the inventory write-down, if any, at May 31, 2025. tA Cost $70,000 86,000 112,000 140,000 $408,000 $499,200 Sales Price Net Realizable Value $64,000 $56,000 94,000 84,800 186,400 168,300 154,800 140,000 $449,100 $

Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2025. Jim Alcide, controller for Garcia, has gathered the following data concerning inventory. At May 31, 2025, the balance in Garcia's Raw Materials Inventory account was $408,000. Alcide summarized the relevant inventory cost and market data at May 31, 2025, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Garcia's May 31, 2025, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Aluminum siding Cedar shake siding Louvered glass doors Thermal windows Total (a) Inventory loss Determine the inventory write-down, if any, at May 31, 2025. tA Cost $70,000 86,000 112,000 140,000 $408,000 $499,200 Sales Price Net Realizable Value $64,000 $56,000 94,000 84,800 186,400 168,300 154,800 140,000 $449,100 $

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Description: please help me Garcia Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes andcondominium complexes. The company is in the process of preparing its annual financial statements for the fiscal

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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