Lower-of-Cost-or-Market MethodOn the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, asshown in Exhibit 10.Item Inventory QuantityJFW1SAW9X69131Cost per Unit$5026Market Value per Unit(Net Realizable Value)$4530 ItemEchoFoxtrotSierraTangoTotalClass 1:EchoFoxtrotSubtotalClass 2:SierraTangoSubtotalTotalEchoFoxtrotSierraTangoTotalInventory Cost perQuantityUnit400120600280400120600280400120600280$10.2522.508.0014.00$10.2522.508.0014.00$10.2522.508.0014.00Market Valueper Unit(Net Realizable Value)$9.5024.107.7514.75$9.5024.107.7514.75$9.5024.107.7514.75Cost$4,1002,7004,8004,6503,920 4,130$15,520 $15,472Exhibit 10Determining Inventory at Lower of Cost or Market (LCM)$ 4,8003,920Market$4,100 $ 3,8002,7002,892$ 6,800$6,692$4,100.2,700$ 3,8002,892$ 4,6504,130$8.720 $8,780$15,520 $15,472$ 3,8002,8924,8004,6503,9204,130$15.520 $15472Lower ofCost or Market(LCM)$ 3,8002,7004,6503,920$15,070$ 6,6928,720$15,412$15,472(1)AppliedIndividual Itemby Item(2)Applied Classby Class(3)Applied inTotal

Name: Lower-of-Cost-or-Market MethodOn the basis of the following data, det
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Description: Lower-of-Cost-or-Market MethodOn the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, asshown in Exhibit 10.Item Inventory QuantityJFW1SAW9X6

Inventory Valuation - Lower of Cost or NRVLower of Cost or Net Realizable Value (NRV) is an…

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Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item. Inventory Quantity JFW1 SAW9 69 131 Market Value per Unit Cost per Unit (Net Realizable Value) $50 26 $45 30

Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item. Inventory Quantity JFW1 SAW9 69 131 Market Value per Unit Cost per Unit (Net Realizable Value) $50 26 $45 30

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-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. InventoryItem InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Birch 24 $156 $151 Cypress 13 156 165 Mountain Ash 17 266 284 Spruce 25 115 139 Willow 9 193 169 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total LCM Birch $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Cypress fill in the blank 4 fill in the blank 5 fill in the blank 6 Mountain Ash fill in the blank 7 fill in the blank 8 fill in the blank 9 Spruce fill in the blank 10 fill in the blank 11 fill in the blank 12 Willow fill in the blank 13 fill in the blank 14 fill in the blank 15 Total $fill in the blank 16 $fill in the blank 17 $fill in the blank 18
d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) a. 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system b. Unit Units Cost 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory 121,848 121,675 X 121,676 Units and Amounts Cost of Goods Sold $ 311,000 311,064 311,328 $ Gross Margin 370,200 370,136 X 369,872
Applying the lower-of-cost-or-market method to each item of inventory, what should the total inventory value be for the following items? Total Cost Total Market Inventory Item Quantity Cost per Unit Market Value Total per Unit Price Price LCM A 181 $12 $17 $2,172 $3,077 $ B 91 18 16 1,638 1,456 C 70 10 22 25 1,540 1,750 Previous Next
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exh Inventory Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) Birch 28 $82 $68 Cypress 8 137 128 Mountain Ash 48 106 102 Spruce 10 135 155 Willow 18 80 93 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of C or M Birch Cypress Mountain Ash Spruce Willow Total
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