Pat and Company's ending inventory (at cost) was $87,500. The company would have had to pay $100,000 to replace the ending inventory. Before consideration of the lower-of-cost-or-market rule, the company's cost of goods sold was $60,000. What is the correct application of the LCM rule?(general account)

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.

Bhushan Company has been using LIFO for inventory purposes because it would prefer to keep gross profits low for tax purposes. In its second year of operation (20-2), the controller pointed out that this strategy did not appear to work and suggested that FIFO cost of goods sold would have been higher than LIFO cost of goods sold for 20-2. Is this possible? REQUIRED Using the information provided, compute the cost of goods sold for 20-1 and 20-2 comparing the LIFO and FIFO methods.

Can you solve these general accounting question ?

APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost – P7,000; Selling Price – P10,000; Cost to sell – P1,200; Cost to complete – P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company’s inventory be reported in its Statement of Financial Position? 7,300       7,000       6,800       5,500

EFG Co. has 600 units in inventory that had been purchased for $22 each and that would currently cost $25 to replace. The supplier has just informed EFG Co. that the cost of these goods is rising to $28.50. A. EFG Co. should adjust the inventory account using the most relevant market values, which is $28.50. B. EFG Co. should make no adjustments to the inventory account C. EFG Co. should adjust the inventory account using the lower of the recent market values, which is $25. D. EFG Co. should adjust the inventory account using the average cost and market values, which is $25.17.

Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $33; replacement cost, $31; selling price, $43; selling costs, $7. The normal profit is 20% of selling price.What unit value should Ross use when applying the lower of cost or market (LCM) rule to ending inventory?

Ross Electronics has one product in its ending inventory. Per unit data consist of the following: cost, $20; selling price, $30; selling costs, $4. What unit value should Ross use when applying the lower of cost or net realizable value rule to ending inventory?

The Company uses lower-of-cost-or-market approach. The replacement cost of an inventory item is $75. Net realizable value is $82.50. Net realizable value less a normal profit margin is $69. The cost of the item is $76.50. The inventory item would be valued at:

APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost - P7,000; Selling Price - P10,000; Cost to sell - P1,200; Cost to complete - P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company's inventory be reported in its Statement of Financial Position? 7,300 O 7,000 6,800 5,500 Answer not given