General Account Teacher solve Martinez Company's ending inventory includes the following items.Per UnitProduct UnitsCostMarketHelmets40$ 62$ 58Bats3380112Shoes5499103Uniforms584444Compute the lower of cost or market for ending inventory appliedseparately to each product.

To compute the lower of cost or market (LCM) for Martinez Company's ending inventory, we compare the…

Answered: Martinez Company's ending inventory…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
The following data refer to the Froning Company's ending inventory: Item Code Quantity Unit Cost Unit Market LXC 60 $ 45 $ 48 KWT 210 38 34 MOR 300 22 20 NES 100 27 32 Required: Calculate the value of the company's Ending Inventory by using the lower-of-cost-or-market method applied to each item of inventory.
From the information above, determine the amount of Bolton Company inventory.
The following data refer to Cambridge Company’s ending inventory: Item Code Quantity Unit Cost Unit Market Small 120 $228 $232 Medium 420 152 176 Large 610 168 176 Extra-Large 220 268 256 How much is the inventory if the lower of cost or market rule is applied to each item of inventory?
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32
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The following data refer to Brompton Company's ending inventory: Item Code Quantity Unit Cost Unit Market Value Small 100 $ 250 $246 Medium 400 150 145 Large 600 170 162 Extra-Large 250 265 270 What is the ending inventory balance if the lower cost or net realisable(realizable) value rule is applied to each item of inventory? A) $248,050 B) $246,050 C) $253,250 D) $252,850
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Martinez Company's ending inventory includes the following items. Per Unit Product Units Cost Market Helmets 40 $ 62 $ 58 Bats 33 80 112 Shoes 54 99 103 Uniforms 58 44 44 Compute the lower of cost or market for ending inventory applied separately to each product.