Presented below is information related to Marigold Inc.'s inventory.(per unit)Historical costSelling priceCost to sellCost to completeItemSkisBootsParkasSkis$228.00$254.4022.8038.40BootsCost$127.20 $63.60174.009.60Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2decimal places, e.g. 52.75.)34.80Parkas$88.503.0025.50NRV$LCNRV

LCNRV is one of the inventory valuation method under which inventory is being valued at lower of…

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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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What are the sales, beginning inventory, COGP, COGA, Ending inventory, COGS, and Gross Profit as stated on the green sheet.
I need help calculating not only the net realizable value for all four products but also calculating the ending inventory using the LOWER OF COST OR MARKET METHOD for- individual items, category, and total inventory (Please Show Calculations).
Presented below is information related to Lush Inc’s inventory: Determine the following:a) the net realizable value for each item, andb) The carrying value of each item under LCNRV.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) Birch 120 $150 $140 Cypress 90 120 130 Mountain Ash 200 110 100 Spruce 160 90 100 Willow 70 130 120 Inventory at the Lower of Cost or Market Inventory Total Cost Total Market Total LCM Item Birch $1 Cypress Mountain Ash Spruce Willow Total
Calculate necessary data where you have a ? in the table
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product Cost $ 50 A B 90 C 50 D 50 E 10 Product A Per Unit Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 10% of cost. BUDE Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? C Selling Price $ 70 130 Cost 90 80 20 NRV Per Unit Inventory Value
Using the following data, how should the merchandise be valued under lower of cost or market?Original cost $1,350Estimated selling price 1,475Selling expenses 180
Presented below is selected information related to Bonita Electronics' inventory. (per unit) HDTV-50" HDTV-42" TV Stand Historical cost $ 496 $ 354 $71 Selling price 636 388 93 Cost to sell 37 18 3 Cost to complete 61 28 8 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) (b) NRV LCNRV HDTV-50" HDTV-42" TV Stand %24 %24
Answer with correct explanation calculation clearly for all steps and answer in text form
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product A n C D Cost $70 110 70 70 30 Product Per Unit ABCDE Selling Price Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 10% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? $90 160 110 100 40 Cost NRV Per Unit Inventory Value
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Per Unit Product A Cost $ 80 Selling Price $ 100 B 120 160 80 120 D E 80 40 110 50 Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule Co units of ending inventory? Product Cost NRV Per Unit Inventory Value A $ 80 B 56 104 104 C 80 D 80 E 40
How much should it report as Cost of Goods Sold?

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