Market perProductUnits Cost per UnitUnitHelmets24$ 50$ 54Bats1778Shoes38427637291Uniforms953636Compute the lower of cost or market for ending Inventory applied separately to each product.Per UnitTotalInventory Items UnitsLCM AppliedCostMarketCostMarketto ItemsHelmets24$50 $54BatsShoesUniforms4278417787233895913636$0$0

For better understanding computation of the lower of cost or market for ending inventory is applied…

Answered: Market per Product Units Cost per Unit…

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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Question Content Area Three identical units of merchandise were purchased during July, as follows: Date Product Basic H Units Cost July 3 Purchase 1 $20 10 Purchase 1 23 24 Purchase 1 26 Total 3 $69 Average cost per unit $23 Assume one unit sells on July 28 for $34. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. Line Item Description Gross Profit Cost of Goods Sold Ending Inventory a. First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b. Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c. Weighted average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
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value on units in ending inventory: 20,000 per-unit product cost using absorption costing method: 130 units Dollar amount of the value of ending inventory using the absorption costing method: 2,600,000 per-unit product cost using variable costing method: 110 units dollar amount of the value of ending inventory using the variable costing method: 2,200,000 1. If you were advising the accounting department on whcih method to use, which would you recommend?
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Cost Selling price Costs to sell Product 1 2 3 $ Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost Product 1 $ 20 40 20✔ $ 90 ✓ 50 ✓ 6 NRV Product 2 $ 90 120 40 34✔✔ $ X 60✔ Product 3 $ 50 70 10 Per Unit Inventory Value 20✔ X 50 ✓
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Need to solve Perpetual FIFO, LIFO, Weight average and Specific identification.
Product Quantity Cost Net Realizable Value Revolvers 17 124 159 Spurs 28 25 20 Hats 11 54 44 • 3,152. S3,402. $3,244. $3,747. At what amount should OldWest report its inventory?

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