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 10. Product Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Class 1: Model A 16 $162 $169 Model B 32 190 198 Model C 34 152 148 Class 2: Model D 31 298 309 Model E 42 72 78 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in the blank 1b67cb01c017023_6 Model B fill in the blank 1b67cb01c017023_7 fill in the blank 1b67cb01c017023_8 fill in the blank 1b67cb01c017023_9 fill in the blank 1b67cb01c017023_10 fill in the blank 1b67cb01c017023_11 fill in the blank 1b67cb01c017023_12 Model C fill in the blank 1b67cb01c017023_13 fill in the blank 1b67cb01c017023_14 fill in the blank 1b67cb01c017023_15 fill in the blank 1b67cb01c017023_16 fill in the blank 1b67cb01c017023_17 fill in the blank 1b67cb01c017023_18 Model D fill in the blank 1b67cb01c017023_19 fill in the blank 1b67cb01c017023_20 fill in the blank 1b67cb01c017023_21 fill in the blank 1b67cb01c017023_22 fill in the blank 1b67cb01c017023_23 fill in the blank 1b67cb01c017023_24 Model E fill in the blank 1b67cb01c017023_25 fill in the blank 1b67cb01c017023_26 fill in the blank 1b67cb01c017023_27 fill in the blank 1b67cb01c017023_28 fill in the blank 1b67cb01c017023_29 fill in the blank 1b67cb01c017023_30 Total blank blank blank $fill in the blank 1b67cb01c017023_31 $fill in the blank 1b67cb01c017023_32 $fill in the blank 1b67cb01c017023_33 Question Content Area b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. Inventory at theLower of Costor Market
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 10. Product Inventory Quantity Cost Per Unit Market Value per Unit (Net Realizable Value) Class 1: Model A 16 $162 $169 Model B 32 190 198 Model C 34 152 148 Class 2: Model D 31 298 309 Model E 42 72 78 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in the blank 1b67cb01c017023_6 Model B fill in the blank 1b67cb01c017023_7 fill in the blank 1b67cb01c017023_8 fill in the blank 1b67cb01c017023_9 fill in the blank 1b67cb01c017023_10 fill in the blank 1b67cb01c017023_11 fill in the blank 1b67cb01c017023_12 Model C fill in the blank 1b67cb01c017023_13 fill in the blank 1b67cb01c017023_14 fill in the blank 1b67cb01c017023_15 fill in the blank 1b67cb01c017023_16 fill in the blank 1b67cb01c017023_17 fill in the blank 1b67cb01c017023_18 Model D fill in the blank 1b67cb01c017023_19 fill in the blank 1b67cb01c017023_20 fill in the blank 1b67cb01c017023_21 fill in the blank 1b67cb01c017023_22 fill in the blank 1b67cb01c017023_23 fill in the blank 1b67cb01c017023_24 Model E fill in the blank 1b67cb01c017023_25 fill in the blank 1b67cb01c017023_26 fill in the blank 1b67cb01c017023_27 fill in the blank 1b67cb01c017023_28 fill in the blank 1b67cb01c017023_29 fill in the blank 1b67cb01c017023_30 Total blank blank blank $fill in the blank 1b67cb01c017023_31 $fill in the blank 1b67cb01c017023_32 $fill in the blank 1b67cb01c017023_33 Question Content Area b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory. Inventory at theLower of Costor Market
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 3RE: Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blues...
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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 10.
Product | Inventory Quantity |
Cost Per Unit |
Market Value per Unit (Net Realizable Value) |
Class 1: | |||
Model A | 16 | $162 | $169 |
Model B | 32 | 190 | 198 |
Model C | 34 | 152 | 148 |
Class 2: | |||
Model D | 31 | 298 | 309 |
Model E | 42 | 72 | 78 |
Question Content Area
a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory.
Product |
Inventory Quantity |
Cost per Unit |
Market Value per Unit (Net Realizable Value) |
Cost | Market | Lower of Cost or Market |
Model A | fill in the blank 1b67cb01c017023_1 | $fill in the blank 1b67cb01c017023_2 | $fill in the blank 1b67cb01c017023_3 | $fill in the blank 1b67cb01c017023_4 | $fill in the blank 1b67cb01c017023_5 | $fill in the blank 1b67cb01c017023_6 |
Model B | fill in the blank 1b67cb01c017023_7 | fill in the blank 1b67cb01c017023_8 | fill in the blank 1b67cb01c017023_9 | fill in the blank 1b67cb01c017023_10 | fill in the blank 1b67cb01c017023_11 | fill in the blank 1b67cb01c017023_12 |
Model C | fill in the blank 1b67cb01c017023_13 | fill in the blank 1b67cb01c017023_14 | fill in the blank 1b67cb01c017023_15 | fill in the blank 1b67cb01c017023_16 | fill in the blank 1b67cb01c017023_17 | fill in the blank 1b67cb01c017023_18 |
Model D | fill in the blank 1b67cb01c017023_19 | fill in the blank 1b67cb01c017023_20 | fill in the blank 1b67cb01c017023_21 | fill in the blank 1b67cb01c017023_22 | fill in the blank 1b67cb01c017023_23 | fill in the blank 1b67cb01c017023_24 |
Model E | fill in the blank 1b67cb01c017023_25 | fill in the blank 1b67cb01c017023_26 | fill in the blank 1b67cb01c017023_27 | fill in the blank 1b67cb01c017023_28 | fill in the blank 1b67cb01c017023_29 | fill in the blank 1b67cb01c017023_30 |
Total | blank | blank | blank | $fill in the blank 1b67cb01c017023_31 | $fill in the blank 1b67cb01c017023_32 | $fill in the blank 1b67cb01c017023_33 |
Question Content Area
b. Determine the value of the inventory at the lower of cost or market applied to each class of inventory.
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