On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) Birch 120 $150 $140 Cypress 90 120 130 Mountain Ash 200 110 100 Spruce 160 90 100 Willow 70 130 120 Inventory at the Lower of Cost or Market Inventory Total Cost Total Market Total LCM Item Birch $1 $4 Cypress Mountain Ash Spruce Willow Total $

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) Birch 120 $150 $140 Cypress 90 120 130 Mountain Ash 200 110 100 Spruce 160 90 100 Willow 70 130 120 Inventory at the Lower of Cost or Market Inventory Total Cost Total Market Total LCM Item Birch $1 $4 Cypress Mountain Ash Spruce Willow Total $

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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Presented below is information related to Lush Inc’s inventory: Determine the following:a) the net realizable value for each item, andb) The carrying value of each item under LCNRV.
The inventory of Longhorn Company at the end of the current year is to be recorded at the lower of cost and net realizable value. Item Unit Cost Estimated sales price Cost of sell A 1,100 120 180 30 B 1,500 110 140 20 C 1,200 150 170 30 D 1,800 140 190 30 E 1,700 130 200 40 Required: Determine the inventory value applying the lower of cost and net realizable value.
What is the ending inventory value?
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Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Unit Units Cost/Price $296 301 34 23 (40) 42 (48) 33 44 461 306 513 311
Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizabl e-value(LCNRV) basis in valuing inventories: Product Cost NRV A $114,000 $120,000 B 80,000 76,000 C 160,000 162,000 After Jenks applies the LCNRV rule, the value of the inventory reported on the balance sheet would be
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Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cale Corporation.
A v2.cengagenow.com Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 58 $29 $24 SAW9 119 15 20 Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grac %24
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?
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