Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Browning Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value ACE 100 $55 BDF 300 60 GHJ 400 50 MBS 200 53 $54 61 48 57 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-or-Net Realizable Value Method The following data are taken from the Browning Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value ACE 100 $55 BDF 300 60 GHJ 400 50 MBS 200 53 $54 61 48 57 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

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Description: Lower-of-Cost-or-Net Realizable Value MethodThe following data are taken from the Browning Corporation's inventory accounts:NetItemUnit RealizableCode Quantity Cost ValueACE100 $55BDF300 60GHJ40050MBS200 53$54614857Calculate the value of the company

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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Sunland Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity Costper Unit EstimatedSelling Price Cost to Completeand Sell 1320 1,700 $3.62 $5.09 $1.81 1333 1,400 3.05 3.84 1.13 1426 1,300 5.09 5.65 1.58 1437 1,500 4.07 3.62 1.53 1510 1,200 2.54 3.67 1.58 1522 1,000 3.39 4.41 0.90 1573 3,500 2.03 2.83 1.36 1626 1,500 5.31 6.78 1.70 From the information above, determine the amount of Sunland Company inventory.
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
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The inventory records of Sunshine company show the following data: UNITS UNIT COST ESTD. SALES PRICE COST OF TO SELL A 8,000 400 415 20 B 8,000 365 405 15 C 6,000 410 412 7 What amount of inventory will be presented in the statement of financial position under the lower of cost or NRV convention?