In addition to the INVENTORY DATA below:Inventory Balances at September 1. 2023, were as follows:USB-C (TA3) Hub – 200 @ $400 eaUSB-C (TB3) Hub – 600 @ $800 eaUSB-C (TA3) HUBDatePurchasesSalesSep 5500@$450 10 500@ $54015400 @ $475 20 400@ $57025300 @ $500 USB-C (TB3) HUBDatePurchasesSales10600 @ $900 19300 @ $950 25 900@ $1 08028500 @ $1 000 30 600 @ $ 1 140 Island Solutions accountant has made the following projections in light of the market changes USB – C (TA3) HUBUSB- C (TB3)) HUBExpected Unit Selling Price (net of cost to sell)$580$1 080Costs to complete30150 Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023.

The ending inventory is recorded using a perpetual inventory system or periodic inventory system.…

Answered: In addition to the INVENTORY DATA…

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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In addition to the INVENTORY DATA below:

Inventory Balances at September 1. 2023, were as follows:

USB-C (TA3) Hub – 200 @ $400 ea

USB-C (TB3) Hub – 600 @ $800 ea

USB-C (TA3) HUB
Date	Purchases	Sales
Sep 5	500@$450
10		500@ $540
15	400 @ $475
20		400@ $570
25	300 @ $500

USB-C (TB3) HUB
Date	Purchases	Sales
10	600 @ $900
19	300 @ $950
25		900@ $1 080
28	500 @ $1 000
30		600 @ $ 1 140

Island Solutions accountant has made the following projections in light of the market changes

	USB – C (TA3) HUB	USB- C (TB3)) HUB
Expected Unit Selling Price (net of cost to sell)	$580	$1 080
Costs to complete	30	150

Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023
Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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