Problem #4 At December 31, Beaver Company's records show the following amounts in ending Market price Book Value 3,000 24,000 45.000 72,000 Cost per unit S 70 Inventory items Widgets Gadgets Contraptions Quantity 50 Per unit 200 300 $60 120 110 180 150 Required: 1. Determine ending inventory using the lower of cost and market (LCM). Total LCM LCM Inventory items Widgets Gadgets Contraptions Quantity 50 200 300 Per unit 2. Record any necessary year-end adjustment associated with the lower of cost and net realizable valu Ассounts Debit Credi
Problem #4 At December 31, Beaver Company's records show the following amounts in ending Market price Book Value 3,000 24,000 45.000 72,000 Cost per unit S 70 Inventory items Widgets Gadgets Contraptions Quantity 50 Per unit 200 300 $60 120 110 180 150 Required: 1. Determine ending inventory using the lower of cost and market (LCM). Total LCM LCM Inventory items Widgets Gadgets Contraptions Quantity 50 200 300 Per unit 2. Record any necessary year-end adjustment associated with the lower of cost and net realizable valu Ассounts Debit Credi
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem #4
At December 31, Beaver Company's records show the following amounts in ending
Market price
Book
Value
3,000
24,000
45.000
72,000
Cost
Inventory items
Widgets
Gadgets
Contraptions
per unit
$ 70
110
180
Quantity
50
Per unit
$60
200
300
120
150
Required:
1. Determine ending inventory using the lower of cost and market (LCM).
LCM
Per unit
Total
LCM
Inventory items
Widgets
Gadgets
Contraptions
Quantity
50
200
300
2. Record any necessary year-end adjustment associated with the lower of cost and net realizable valu
Accounts
Debit
Credi](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3bbb1023-8679-4974-8088-d39c72847843%2F194a1c9c-63d8-4c44-ae62-9c3467a1524a%2Fp0gw7hw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem #4
At December 31, Beaver Company's records show the following amounts in ending
Market price
Book
Value
3,000
24,000
45.000
72,000
Cost
Inventory items
Widgets
Gadgets
Contraptions
per unit
$ 70
110
180
Quantity
50
Per unit
$60
200
300
120
150
Required:
1. Determine ending inventory using the lower of cost and market (LCM).
LCM
Per unit
Total
LCM
Inventory items
Widgets
Gadgets
Contraptions
Quantity
50
200
300
2. Record any necessary year-end adjustment associated with the lower of cost and net realizable valu
Accounts
Debit
Credi
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