Lower-of-Cost-Net-Realizable-ValueMethodThe following data are taken from the Browning Corporation's inventory accounts:ItemUnit Net RealizableCode Quantity Cost ValueACE100 $27$25BDF3002931GHJ 4002218MBS2002327Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory.Ending Inventory Value: $ 0

Name: Lower-of-Cost-Net-Realizable-ValueMethodThe following data are taken
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Description: Lower-of-Cost-Net-Realizable-ValueMethodThe following data are taken from the Browning Corporation's inventory accounts:ItemUnit Net RealizableCode Quantity Cost ValueACE100 $27$25BDF3002931GHJ 4002218MBS2002327Calculate the value of the company's e

Calculation of value of ending inventory using lower of cost or net realizable value method.

Business

Accounting

Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net Realizable Code Quantity Cost ACE 100 $27 BDF 300 29 GHJ 400 22 MBS 200 23 Value $25 31 18 27 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ 0.

Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation's inventory accounts: Item Unit Net Realizable Code Quantity Cost ACE 100 $27 BDF 300 29 GHJ 400 22 MBS 200 23 Value $25 31 18 27 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ 0.

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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Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation’s inventory accounts: ItemCode Quantity UnitCost Net RealizableValue ACE 100 $27 $25 BDF 300 29 31 GHJ 400 22 18 MBS 200 23 27 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $Answer
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
Valuing Inventory at Lower-of-Cost-or-Market Management of Tarry Company takes the position that under the lower-of-cost-or-market rule, the two items below are reported in ending inventory at $119,520 (total). Inventory cost is reported using LIFO. • Edgers: 2,160 in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. • Hedge clippers: 1,440 in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal profit is 20% of sale price. a. Compute your inventory valuation by item and in total for the Tarry Company inventory reported above. Inventory valuation for edgers $ Inventory valuation for hedge clippers Total inventory valuation b. Prepare the entry, if any, to report inventory at the lower-of-cost-or-market. Assume that all adjustments directly impact cost of goods sold and…
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Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit(Net Realizable Value) B12 38 $57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description LastPurchasesInvoiceQuantityPurchased LastPurchasesInvoiceUnit Cost Next-to-the-LastPurchasesInvoiceQuantityPurchased Next-to-the-LastPurchasesInvoiceUnit Cost B12 30 $60 30 $59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745 Required: Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the…
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Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Hilton Corporation’s inventory accounts: Item Code Quantity Unit Cost Net Realizable Value Product 1 XKE 100 $32 $28 XKF 400 43 44 Product 2 ZNJ 400 32 29 ZNS 300 43 48 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $Answer
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