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$70 $110 111 1,050 70 42 112 59 90 66 113 170 160 200 120 430 195 208 121 . 1,650 17 0.20 122 430 250 245 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.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$70 $110 111 1,050 70 42 112 59 90 66 113 170 160 200 120 430 195 208 121 . 1,650 17 0.20 122 430 250 245 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.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per UnitNRV110640$70$1101111,05070421125990661131701602001204301952081211,650170.20122430250245*Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap.(a) Determine the inventory as at December 31, 2023, usin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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Presented below is information related to Rembrandt Inc.’s inventory, assuming Rembrandt uses lower-of-LIFO cost-or-market. 000000(per unit)000000 0 Skis0 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to distribute 19.00 8.00 2.50 Current replacement cost 203.00 105.00 51.00 Normal profit margin 32.00 29.00 21.25 Determine the following: (a) the two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis, (b) the cost amount that should be used in the lower-of-cost-or-market comparison of boots, and (c) the market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.
what journal entry is needed?
Sheridan Combines, Inc. has $12000 of ending finished goods inventory as of December 31, 2022. If beginning finished goods inventory was $7000 and cost of goods sold was $42000, how much would Sheridan Combines, Inc. report for cost of goods manufactured? O $54000 O $7000 O $47000 O $37000 Save for Later Attempts: 0 of 1 used Submit Answer
As of 12-31-15, Acme Company has three different inventory items on hand. Data on the three items follows: Item Quantity on hand Unit cost (Acme uses LIFO) Replacement cost Normal profit Expected selling price Estimated disposal costs A 75 $405 $625 $750 $1,500 $100 B 24 $310 $300 $230 $400 $25 C 51 $775 $800 $300 $1,000 $250 Using the lower-of-cost-or-market approach applied on an individual-item basis, determine if Acme needs to make an entry to write her inventory down. If so, prepare the entry Acme should make
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Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. A1 84 C2 D3 (a) Quantity 4 120 110 190 120 Inventory 1 Unit Cost $3.20 Inventory 1.70 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at…
What is the beginning inventory? You left it blank. Direct Materials Conversion costs Beginning Inventory ? ? ? Add: Current costs 3798000 2160000 1638000 ($594000+$1044000) Total costs to account for (A) 3798000 2160000 1638000
hre.2
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