Marin, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Unit Replacement Estimated Selling Completion & Disposal Normal Profit Item Quantity Cost Cost/Unit Price/Unit Cost/Unit Margin/Unit X490 10,404 $ 12.75 $ 12.19 $ 14.28 $ 3.06 $ 3.47 X512 5,049 7.14 7.65 9.08 0.26 1.84 X682 18,360 19.38 18.97 32.18 3.32 9.18 Z195 12,750 14.54 14.28 20.20 1.43 5.87 Z846 8,772 12.24 13.01 14.23 2.14 1.12
Marin, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Unit Replacement Estimated Selling Completion & Disposal Normal Profit Item Quantity Cost Cost/Unit Price/Unit Cost/Unit Margin/Unit X490 10,404 $ 12.75 $ 12.19 $ 14.28 $ 3.06 $ 3.47 X512 5,049 7.14 7.65 9.08 0.26 1.84 X682 18,360 19.38 18.97 32.18 3.32 9.18 Z195 12,750 14.54 14.28 20.20 1.43 5.87 Z846 8,772 12.24 13.01 14.23 2.14 1.12
Chapter10: Inventory
Section: Chapter Questions
Problem 12PB: Compare the calculations for gross margin for B76 Company, based on the results of the perpetual...
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![Marin, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's
inventory records as of December 31, 2020.
Unit
Replacement
Estimated Selling
Completion & Disposal
Normal Profit
Item
Quantity
Cost
Cost/Unit
Price/Unit
Cost/Unit
Margin/Unit
X490
10,404
$ 12.75
$ 12.19
$ 14.28
$ 3.06
$ 3.47
X512
5,049
7.14
7.65
9.08
0.26
1.84
X682
18,360
19.38
18.97
32.18
3.32
9.18
Z195
12,750
14.54
14.28
20.20
1.43
5.87
Z846
8,772
12.24
13.01
14.23
2.14
1.12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9eebb241-32a5-4830-bdcf-aafc197325b3%2F783fce35-eebb-4431-a553-1df8859e8633%2Fazm80lf_processed.png&w=3840&q=75)
Transcribed Image Text:Marin, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's
inventory records as of December 31, 2020.
Unit
Replacement
Estimated Selling
Completion & Disposal
Normal Profit
Item
Quantity
Cost
Cost/Unit
Price/Unit
Cost/Unit
Margin/Unit
X490
10,404
$ 12.75
$ 12.19
$ 14.28
$ 3.06
$ 3.47
X512
5,049
7.14
7.65
9.08
0.26
1.84
X682
18,360
19.38
18.97
32.18
3.32
9.18
Z195
12,750
14.54
14.28
20.20
1.43
5.87
Z846
8,772
12.24
13.01
14.23
2.14
1.12
![Show the journal entries Marin, Inc. will need to make in order to write down the ending inventory from cost to market. Assume
this is Marin's first year of operations. (Credit account titles are automatically indented when amount is entered. Do not indent manually.
Round answers to O decimal places, e.g. 5,275.)
Account Titles and Explanation
Debit
Credit
Cost of Goods sold Method:
Loss method:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9eebb241-32a5-4830-bdcf-aafc197325b3%2F783fce35-eebb-4431-a553-1df8859e8633%2F65xnlsm_processed.png&w=3840&q=75)
Transcribed Image Text:Show the journal entries Marin, Inc. will need to make in order to write down the ending inventory from cost to market. Assume
this is Marin's first year of operations. (Credit account titles are automatically indented when amount is entered. Do not indent manually.
Round answers to O decimal places, e.g. 5,275.)
Account Titles and Explanation
Debit
Credit
Cost of Goods sold Method:
Loss method:
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