6 Q: If the cost of an item of inventory is $52.00 and the currentreplacement cost is $68.00, what is the amount included in inventoryaccording to the lower of cost or market?a. $120.00b. $52.00c. $16.00d. $68.00

Inventory is valued using the LCM principle, which guarantees that the cost is recorded at the lower…

Answered: Q: If the cost of an item of inventory…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

See similar textbooks

Similar questions

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $68.00, what is the amount included in inventory according to the lower of cost or market? a. $120.00 b. $52.00 c. $16.00 d. $68.00
Need answer
I want the correct answer
I want to answer this question
If the cost of an item of inventory is $52.00 and the current replacement cost is $70.00, what is the amount included in inventory according to the lower of cost or market? Select the correct answer. A. $18.00 B. $122.00 C. $52.00 D. $70.00
Using the lower of cost or market, what should the total inventory value be for the following items:
If the cost of an item of inventory is $49 and the current replacement cost is $63, the amount included in inventory according to the lower of cost or market is Oa. $63 Ob. $112 Oc. $49 Od. $14
If the cost of an item of inventory is $60 and the current replacement cost is $75, the amount included in inventory according to the lower of cost or market is a. $15 b. $60 c. $75 d. $135
31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00
1. How much is the ending inventory in terms of quantity? a. 621 c. 695 b. 471 d. 74 2. How much is the Cost of Goods Sold under weighted average method? a. 3,995 c. 37,525 b. 33,530 d. 3,959 3. How much is the ending inventory FIFO method? a. 33,680 c. 33,677 b. 33,050 d. 33,530

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial & Managerial Accounting

Accounting

ISBN:

9781285866307

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Corporate Financial Accounting

Accounting

ISBN:

9781305653535

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Financial & Managerial Accounting

Accounting

ISBN:

9781285866307

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Corporate Financial Accounting

Accounting

ISBN:

9781305653535

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Corporate Financial Accounting

Accounting

ISBN:

9781337398169

Author:

Carl Warren, Jeff Jones

Publisher:

Cengage Learning

Financial & Managerial Accounting

Accounting

ISBN:

9781337119207

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $68.00, what is the amount included in inventory according to the lower of cost or market? a. $120.00 b. $52.00 c. $16.00 d. $68.00