Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:SkisBootsSupplies$75,000ApparelSelling price$170,000$148,000$101,000Cost147,000148,00065,65048,750Replacement cost116, 000129,00085,65044,750Sales commission10%10%10%10%In applying the lower of cost or net realizable value rule, the inventory of boots would be valued atMultiple Choice$96,200.$133.200.O S129,000o.$148,000

Solution.. Comparison between net realizable value and cost of boots Sales $148,000 (-)…

presented below Skis Boots Apparel $101,000 Supplies $75,000 48,750 Selling price $170,000 147,000 $148,000 Cost 148,000 65,650 Replacement cost 116,000 129,000 10% 85,650 44,750 Sales commission 10% 10% 10% In applying the lower of cost or net realizable value rule, the inventory of boots would be valued at Multiple Choice $96,200. $133.200. O S129,00o. $148,000

presented below Skis Boots Apparel $101,000 Supplies $75,000 48,750 Selling price $170,000 147,000 $148,000 Cost 148,000 65,650 Replacement cost 116,000 129,000 10% 85,650 44,750 Sales commission 10% 10% 10% In applying the lower of cost or net realizable value rule, the inventory of boots would be valued at Multiple Choice $96,200. $133.200. O S129,00o. $148,000

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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Data related to the inventories of Alpine Ski Equipment and Supplies is presented below: Skis Boots Apparel Supplies Selling price $ 180,000 $ 140,000 $ 120,000 $ 60,000 Cost 128,000 133,000 90,000 45,000 Replacement cost 120,000 130,000 110,000 41,000 Sales commission 10 % 10 % 10 % 10 % In applying the lower of cost or net realizable value rule, the inventory of skis would be valued at: Multiple Choice $162,000. $128,000. $120,000. $180,000.
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v2.cengagenow.com Purchase-Related Transactions A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight. Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200. Price of Supplier One: $ X Price of Supplier Two: X Which of the two offers, Supplier One or Supplier Two, yields the lower price? Supplier One Feedback Check My Work Calculate the total price for each offer, keeping in mind that the discount is deducted from the total price and the freight is added.
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Cost Selling price Costs to sell Product 1 2 3 $ Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost Product 1 $ 20 40 20✔ $ 90 ✓ 50 ✓ 6 NRV Product 2 $ 90 120 40 34✔✔ $ X 60✔ Product 3 $ 50 70 10 Per Unit Inventory Value 20✔ X 50 ✓
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