Lower-of-Cost-or-Net Realizable Value Method The following data refer to the Ian Company’s ending inventory: Item Code Quantity Unit Cost Net Realizable Value ABX 80 $50 $55 TYG 200 38 42 JIL 175 28 24 GGH 90 44 38 Calculate the value of the company’s ending inventory by using the lower-of-cost-or-net realizable value applied to each item of inventory. Ending inventory computed by applying the lower-of-cost-or-net realizable value to each item of inventory is $Answer

Q: The following data refer to Brompton Company's ending inventory: Item Code Quantity Unit Cost Unit…

A: Here is the step-by-step verification:For each item, select the lower value between the unit cost…

Q: Ayayai Company Inc. had a beginning inventory of 80 units of Product RST at a cost of $6 per unit.…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Want Correct Answer without AI

A: Step 1: Introduction to Market Value:Under the U.S. GAAP, the market value of the…

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: A company reported the following data related to its ending inventory 95% 95 Product Units Per…

A: IN CASE OF INVENTORY AS WHOLE :  = LOWER IS COST SR3,680   PRODUCT UNITS ON HAND  PER UNIT COST…

Q: The GMA corporation shows the folowing data related to an item of Inventory Inventory, January 1 100…

A: Total cost of goods available = (100 x P50) + (300 x P54) + (90 x P60) = P26,600

Q: Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: A company has the following products in its ending inventory Compute lower of cost or market for…

A: The correct option with proper explanation are as follows Calculation of lower cost or market for…

Q: Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Browning…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Marin Company sells discounted shoes to the fashion-oriented consumer. The following schedule…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. The gross margin…

Q: Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the…

A: SOLUTION-   THERE ARE THREE TYPES OF METHODS- FIFO , LIFO AND WEIGHTED AVERAGE METHOD .   ENDING…

Q: You are given the following data in relation to two items held in inventory.   Purchase price…

A: The total cost of inventory includes the purchase price and costs incurred till date to make them…

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable…

A: Whenever the Inventory valuation is done , the lower of ocst or net realizable value is considered .…

Q: Work's ending inventory for th Unit Quantity 150 140 48 29 Unit Market Value $ 12 14 13 Cost 12 14…

A: a) Inventory is valued at lower of cost or market value under least of cost or market rule (LCM).…

Q: Given the following:   Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: Lower-of-Cost-Net-Realizable-Value Method  The following data are taken from the Browning…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Winners Inc. has three items in its ending inventory. The company's inventory information is…

A: As per the Cost Concept of Accounting, assets are to be recorded at their cost at the time of…

Q: ABC Ltd. Uses the periodic inventory system and provided the following data: Cost Per Unit Date 1/2…

A: As per FIFO method, the inventory purchased first will be sold first. It is a method of pricing the…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value…

A: The principle is inventory should be valued at lower or cost of reliasable value which ever is lower…

Q: Using the LIFO inventory costing method compute ending inventory and cost of goods sold from the…

A: LIFO method assumes that the last unit to arrive in inventory is sold first. The older inventory,…

Q: Using LIFO inventory costing calculate ending inventory and cost of goods sold given the following…

A: No. of units sold = No. of units available for sale - ending inventory (units) = 1000-200 = 800…

Q: Cost of Goods Sold # of units sold Inventory Balance ntory lue Cost per Cost of Goods Sold Cost per…

A: The weighted average method assigns weighted average cost to each item sold and it the balance…

Q: Please provide correct solution for correct answer with help

A:

Q: If the cost of an item of inventory is $49 and the current r Oa. $63 Ob. $112 Oc. $49 Od. $14

A: In case of lower of cost or market method of inventory valuation, inventory is measured at cost or…

Q: Given the following:     Number purchased Cost per unit Total January 1 inventory 41 $ 5   $ 205…

A: Number of units sold = Units purchased - Ending inventory units = 209 - 62 = 147

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory   30     $ 5     $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Simpson…

A: Inventory valuationInventory valuation method is an accounting practice that is followed by each and…

Q: The following information pertains to Hagen Metal Work's ending Inventory for the current year: Unit…

A: Individual Item Method :— Under this method, cost & market value of each item is compared and…

Q: What amount should ABC report its total cost of inventory on the 12/31/2020 Balance Sheet?

A: The inventory data for ABC company on 12/31/2020 in table format. The value reported is the lower of…

Q: Using the FIFO method, calculate the cost of ending inventory and cost of goods sold for Carden…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the…

A: Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

Q: The accountant for Murphy Company prepared the following analysis of its inventory at year end:…

A: The question is based on the concept of Cost Accounting. inventory should be valued at a lower of…

Q: Requlred Information [The following Informatlon applies to the questions displayed below.] Hemming…

A: Perpetual Inventory Valuation method refers to where inventory are recorded at immediately after…

Q: S At the end of the year, Randy's Parts Company had the following items in inventory: Item P1…

A: The inventory is a balnce sheet item that is shown at cost, howevere the inventory may be presented…

Q: Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost…

A: Under the lower of cost and NRV method of recording the inventory, the inventory is recorded at the…

Q: Swifty Company had a beginning inventory on January 1 of 200 units of Product 4-18-15 at a cost of…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: The inventory data for an item for November are: 17 units at $21 9 units 30 units at $22 20 units 21…

A: Cost of goods sold (COGS) is an accounting term that refers to the direct costs associated with…

Q: The following data refer to Issue Company’s ending inventory: Item code Quantity Unit…

A: Lower of cost or market value Small (100*56)=$5600 Medium (420*38)=$15960 Large…

Q: None

A: Step 1: Input the given quantities of the inventories.Item CodeQuantityLower of cost of market…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.