Munabhai Lower of Cost or MarketYang Manufacturing sells a limited line of specially made products, using television advertising campaigns in large cities. At year end, Yang has the following data for itsinventory:ItemPhoneStereoElectric shaverMP3 alarm clockHandheld game systemRequired:Number ofUnits600180220430570Historical Costper Unit$24177302640Selling Priceper Unit$10190352519DisposalCosts$4931. Compute the carrying value of the ending inventory using the lower of cost or net realizable value rule applied on an item-by-item basis.2. Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank.88

Lets understand the basics.As per IAS 2 "Inventory", inventory should be valued at lower of cost and…

Lower of Cost or Market Yang Manufacturing sells a limited line of specially made products, using television advertising campaigns in large cities. At year end, Yang has the following data for its inventory: Item Number of Units 600 180 220 430 570 Historical Cost per Unit $24 177 Selling Price per Unit $10 30 26 40 Phone Stereo Electric shaver MP3 alarm clock Handheld game system Required: 1. Compute the carrying value of the ending inventory using the lower of cost or net realizable value rule applied on an item-by-item basis. Disposal Costs 190 35 25 19 $4 9 3

Lower of Cost or Market Yang Manufacturing sells a limited line of specially made products, using television advertising campaigns in large cities. At year end, Yang has the following data for its inventory: Item Number of Units 600 180 220 430 570 Historical Cost per Unit $24 177 Selling Price per Unit $10 30 26 40 Phone Stereo Electric shaver MP3 alarm clock Handheld game system Required: 1. Compute the carrying value of the ending inventory using the lower of cost or net realizable value rule applied on an item-by-item basis. Disposal Costs 190 35 25 19 $4 9 3

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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