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

Name: Problem #4At December 31, Beaver Company's records show the following
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Description: Problem #4At December 31, Beaver Company's records show the following amounts in endingMarket priceBookValue3,00024,00045.00072,000CostInventory itemsWidgetsGadgetsContraptionsper unit$ 70110180Quantity50Per unit$60200300120150Required:1. Determine

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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