Presented below is information related to Kingbird Inc.'s inventory., assumming Kingsbird uses lower of LIFO cost or market (Per Unit). Skis Boots Parkas Historical cost $269.80 $150.52 $75.26 Selling price 301.04 205.90 104.73 Cost to distribute 26.98 11.36 3.55 Current replacement cost 288.26 149.10 72.42 Normal profit margin 45.44 41.18 30.18

Presented below is information related to Kingbird Inc.'s inventory., assumming Kingsbird uses lower of LIFO cost or market (Per Unit). Skis Boots Parkas Historical cost $269.80 $150.52 $75.26 Selling price 301.04 205.90 104.73 Cost to distribute 26.98 11.36 3.55 Current replacement cost 288.26 149.10 72.42 Normal profit margin 45.44 41.18 30.18

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 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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Presented below is information related to Waterway Inc's inventory, assuming Waterway uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost $262.20 $146.28 $73.14 Selling price 292.56 200.10 101.78 Cost to distribute 26.22 11.04 3.45 Current replacement cost 280.14 144.90 70.38 Normal profit margin 44.16 40.02 29.33 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. (Round answers to 2 decimal places, e.g. 52.75.) Ceiling $ Floor $
Smmons. Inc. uses the lower-of-cont-ormarket method to value s inventory that is accounted for using the FIFO method. Data regarding an tam in its inventory ls as follows Cost $26 Replacement cost 20 Selling price 30 Cost of completion and disposal 2 Normal profit margin 7. What is the lower-of-cost-or-mariket for this item?
Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs inventory. (1) Complete the table. Part # Cost Replacement Cost Net Realizable Value Normal Profit NRV less Normal Profit LCM SP17G $181,000 $ 152,000 $151,000 $15,000 SP23X 254,000 249,800 262,500 25,800 SP78A 205,400 214,000 206,000 10,200 Total (2) Prepare the journal entry to record the Allowance to Reduce Inventory to Market using the "Loss Method". $ $ (Record the adjustment to inventory due to decline in value)
Information pertaining to the inventory of Palette Company follows. LIFO Cost Selling Price Replacement Cost Category: Supreme Item A $5,600 $6,400 $4,800 Item B 7,200 7,200 7,680 Item C 17,600 17,600 16,800 Category: Classic Item X 28,800 28,800 30,400 Item Y 35,200 42,400 41,600 Item Z 56,000 48,000 52,800 The company has a normal profit margin of 20% of selling price and has no additional costs to complete or sell the items. What is the lower-of-cost-or-market value of the company's inventory applying the rule to (a) each individual item and (b) to each inventory category? Select one: a. Inventory item: $150,400; Inventory Category: $150,400 b. Inventory item: $141,120; Inventory Category: $147,520 c. Inventory item: $147,200; Inventory Category: $147,200 d. Inventory item: $143,520; Inventory Category: $150,400 9 APR 35,874 11 A 甲

Lower of Cost or Market Zoundi Trading Co. has the following products in its ending inventory. Compute lower of cost or market (LCM) for inventory applied separately to each product. Product Mountain bikes Skateboards Gliders Quantity 11 13 26 Cost per Unit Market per Unit $550 425 700 $600 350 800
Presented below is information related to Tamarisk Inc.'s inventory. (per unit) Historical cost Skis Boots Parkas $342.00 $190.80 $95.40 Selling price Cost to sell 381.60 261.00 132.75 34.20 57.60 14.40 4,50 Cost to complete 52.20 38.25 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, e.g. 52.75.) Item Cost NRV LCNRV Skis Boots Parkas Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.
Ames Trading Company has the following products in its ending inventory. Cost per Unit Market per Product Quantity Unit Mountain bikes 20 $ 610 $ 550 Skateboards 21 260 320 Gliders 28 930 900 Compute lower of cost or market for inventory applied separately to each product. Per Unit Total LCM applied to each product Inventory Items Units Cost Market Cost Market Mountain bikes Skateboards Gliders
Presented below is information related to Nash Inc.’s inventory, assuming Nash uses lower-of-LIFO cost-or-market. (c) The amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answers to 2 decimal places, e.g. 52.75.) (per unit) Skis Boots Parkas Historical cost $197.60 $110.24 $55.12 Selling price 220.48 150.80 76.70 Cost to distribute 19.76 8.32 2.60 Current replacement cost 211.12 109.20 53.04 Normal profit margin 33.28 30.16 22.10
The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $
Ames Trading Co. has the following products in its ending inventory. Product Quantity Cost per Unit Market per Unit Mountain bikes 11 $ 600 $ 550 Skateboards 13 350 425 Gliders 26 800 700 Compute lower of cost or market for inventory applied separately to each product.
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.
Ames Trading Company has the following products in its ending inventory Cost per Unit Product Mountain bikes. Skateboards Gliders Inventory Items Quantity 12 22 12 Mountain bikes Skateboards Gliders $ 580 330 960 Compute lower of cost or market for inventory applied separately to each product. Units Market per Unit $ 510 370 910 Per Unit Cost Market Cost Total Market LCM applied to each product