4 Inventory Write-DownThe following information for Tuell Company is available:CostNet realizable valueNet realizable value less normal profitReplacement costRequired:1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations? If required, round your answers to the nearest cent.InventoryCasevalue12TĒ34$5$2. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations? If required, round your answers to the nearest cent.Case12345Case31245$5.00 $5.00 $5.00 $5.00 $5.005.20 5.50 4.90 4.30 4.754.80 4.00 4.604.90 5.305.30 5.204.60 4.15 4.90Inventoryvalue$$$$$

Under US GAAP, the LIFO technique uses the lower cost or market, whereas the other methods use the…

Inventory The following information for Tuell Company is available: Cost Net realizable value Net realizable value less normal profit Replacement cost Case 1 2 3 4 5 Write-Down Required: 1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations? If required, round your answers to the nearest cent. Case 1 2 3 4 5 Inventory value $ $ $ 2. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations? If required, round your answers to the nearest cent. Case 3 Inventory value 1 2 $5.00 $5.00 $5.00 5.20 5.50 4.90 5.30 4.80 4.00 4 5 $5.00 $5.00 4.75 4.60 4.90 4.30 5.30 5.20 4.60 4.15 4.90 ୦୦୦୦୦

Inventory The following information for Tuell Company is available: Cost Net realizable value Net realizable value less normal profit Replacement cost Case 1 2 3 4 5 Write-Down Required: 1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations? If required, round your answers to the nearest cent. Case 1 2 3 4 5 Inventory value $ $ $ 2. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations? If required, round your answers to the nearest cent. Case 3 Inventory value 1 2 $5.00 $5.00 $5.00 5.20 5.50 4.90 5.30 4.80 4.00 4 5 $5.00 $5.00 4.75 4.60 4.90 4.30 5.30 5.20 4.60 4.15 4.90 ୦୦୦୦୦

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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