Pharoah Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta $175 $157 Canon 11 142 176 Light meters: Vivitar 14 130 111 Kodak 17 120 132 What amount should be reported for inventory on Pharoah Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied? The ending inventory $ %24

Pharoah Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta $175 $157 Canon 11 142 176 Light meters: Vivitar 14 130 111 Kodak 17 120 132 What amount should be reported for inventory on Pharoah Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied? The ending inventory $ %24

Name: Pharoah Camera Shop Inc. uses the lower-of-cost-or-net realizable val
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Pharoah Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available atDecember 31.ItemUnitsUnit CostNet Realizable ValueCameras:Minolta$175$157Canon11142176Light meters:Vivitar14130111Kod

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Shamrock, Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Units Cost per Unit Market per Unit Cameras Minolta 5 $187 $173 Canon 7 160 170 Light Meters Vivitar 12 116 108 Kodak 10 114 125 What amount should be reported on Shamrock, Inc.’s financial statements, assuming the lower-of-cost-or-market rule is applied? Total $Enter a dollar amount that should be reported on Shamrock, Inc.’s financial statements
Eddy's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Eddy's Fishing Hole uses a periodic inventory system. Date June 1 June 7 June 12 June 15 June 24 June 27 June 29 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units 16 11 10 12 10 8 9 Unit Cost $260 250 240 230 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Total Cost $4,160 2,500 2,400 2,070 $11,130
Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Cost Value Units per Unit per Unit Cameras Minolta LO 5 $159 $150 Canon 8 160 163 Light Meters Vivitar 12 135 116 Kodak 10 109 131 What amount should be reported on Best Buy's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $
Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year: Cost Retail Inventory, January 1 $32,500 $65,000 Purchases 130,000 215,667 Markups (net) — 3,000 Markdowns (net) — 2,000 Sales — 190,000 Required:
Sheridan Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 12 $168 $155 Canon 6 154 156 Light meters: Vivitar 12 125 115 Kodak 20 120 135 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory $Enter the ending inventory in dollars
Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit(Net Realizable Value) B12 38 $57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description LastPurchasesInvoiceQuantityPurchased LastPurchasesInvoiceUnit Cost Next-to-the-LastPurchasesInvoiceQuantityPurchased Next-to-the-LastPurchasesInvoiceUnit Cost B12 30 $60 30 $59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745 Required: Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the…
Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year: Cost Retail Inventory, January 1 $32,500 $65,000 Purchases 130,000 215,667 Markups (net) — 3,000 Markdowns (net) — 2,000 Sales — 190,000 Required: Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANYCalculation of ending inventory by retail inventory methodFIFO
Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Cost Value Units per Unit per Unit Cameras Minolta 5 $165 $156 Canon 7 136 140 Light Meters Vivitar 11 137 103 Kodak 10 120 123 What amount should be reported on Best Buy's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total
Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Cost per Unit Net RealizableValue per Unit Cameras: Minolta 8 $163 $155 Canon 10 154 156 Light Meters: Vivitar 20 121 110 Kodak 15 120 135
Skysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost 6 11 13 18 $173 146 The ending inventory $ 136 125 Net Realizable Value $163 170 104 128 What amount should be reported for inventory on Skysong Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?
The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 11 $16 10 Sale 5 17 Purchase 11 $17 20 Sale 8 23 Sale 3 30 Purchase 9 $18 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the FIFO inventory cost method. a.$232 b.$216 c.$134 d.$130
The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 10 $18 10 Sale 4 17 Purchase 12 $16 20 Sale 4 23 Sale 2 30 Purchase 12 $22 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. a.$64 b.$32 c.$72 d.$264