Part No. Quantity Cost per Unit NRV 110 640 $70 $110 111 1,050 70 42 112 59 90 66 113 170 160 200 120 430 195 208 121 . 1,650 17 0.20 122 430 250 245 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method directly to each item. Inventory as at December 31, 2023 $ (b) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying the method to the total of the inventory.

Part No. Quantity Cost per Unit NRV 110 640 $70 $110 111 1,050 70 42 112 59 90 66 113 170 160 200 120 430 195 208 121 . 1,650 17 0.20 122 430 250 245 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method directly to each item. Inventory as at December 31, 2023 $ (b) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying the method to the total of the inventory.

Name: Part No.QuantityCost per UnitNRV110640$70$1101111,0507042112599066113
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Description: Part No.QuantityCost per UnitNRV110640$70$1101111,05070421125990661131701602001204301952081211,650170.20122430250245*Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.(a) Determine the inventory as at December 31, 2023, usin

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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The inventory of Coronado Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 620 $117.00 $123.00 111 920 73.80 64.00 112 530 98.40 93.00 113 190 209.10 221.40 120 370 252.00 256.00 121 a 1,700 20.00 1.00 122 330 295.20 289.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars
The inventory of Metlock Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 570 $113.00 $119.00 111 970 71.40 62.00 112 540 95.20 90.00 113 180 202.30 214.20 120 380 244.00 248.00 121 1,500 19.00 1.00 122 300 285.60 280.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $4 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
The inventory of Carla Vista Company on December 31, 2020, consists of the following items. Cost per Net Realizable Part Quantity unit Value A419 6,800 $ 16 $ 29 A435 5,780 12 10 A545 13,736 11 16 A615 10,200 15 11 A721 14,960 14 15 A885 19,040 22 27 a A999 12,512 10 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 %24
Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2022
The inventory of Ivanhoe Company on December 31, 2020, consists of the following items. Cost per Net Realizable Part Quantity unit Value A419 3,400 $ 8 $ 14 A435 2,890 6 5 A545 6,868 5 8 A615 5,100 7 5 A721 7,480 7 7 A885 9,520 11 14 a A999 6,256 5 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. LO
The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 600 $95.00 $100.00 111 1,000 60.00 52.00 112 500 80 76.00 113 200 170 180.00 120 400 205.00 208.00 121 1,600 16.00 1.00 122 300 240 235.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $
What is the correct answer? A. P129,000 B. P135,000 C. P112,000 D. P127,600
If Wrecking Ball uses a periodic inventory system, the cost of the inventory using the periodic average cost flow assumption at January 31, 2022 is? a. P78,960 b. P98,000 c. P84,840 d. P98,240
The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 6000 $ 95000 $10000000 111 1,0000 60000 5200000 112 5000 80000 7600000 113 2000 170000 18000000 120 4000 205000 20800000 121a 1,6000 16000 100000 122 3000 240000 23500000 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
2) Gander Inc. uses the Dollar Value (DV) LIFO inventory costing method. At December 31, 2023, Gander had the following information: 2023 2023 layer 2022 layer Base (2021) a) b) c) d) 4,000 8,000 X 20,000 X Dollar Value LIFO Ending Inventory $33,760 X 1.20 A 1.00 $ 4,800 8,960 20,000 What is the value of A? What is the total inventory at base cost at December 31st, 2023? On December 31, 2024, Gander had total inventory at base cost of $26,000. The DV LIFO Index for 2024 was 1.18. What is the dollar value (DV) LIFO inventory value at December 31, 2024? On December 31, 2025, Gander had total inventory at base cost of $30,000. This inventory had a current cost of $36,600. What is the dollar value (DV) LIFO inventory value at December 31, 2025?
Company P has the following inventory information: Date December 31, 2021 December 31, 2022 A. $89,684 Ending Inventory (End-of-Year Prices) O B. $112,884 O C. $99,684 O D. $109,884 $ 85,600 99,100 Price Index 100 Use the dollar-value LIFO method to compute the ending inventory for 2022. 111