small explanation give AND answer want Question: AccountGracy Company sells three different types of home heatingstoves (wood, gas, and pellet). The cost and market value ofits inventory of stoves are as follows.CostMarketGas$ 84,000$ 79,000Wood2,50,0002,80,000Pellet1,12,000 1,01,000Determine the value of the company's inventory under thelower-of-cost or market approach.

Definition of LCM:The lower-of-cost or market method is an accounting principle used to value…

Answered: Question: Account Gracy Company sells…

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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A firm buys and sell two models, P and Q. The following unit’s cost are available (all figures are in GHc and all the cost are borne by the firm). P Q Purchase 100 200 Delivery cost from supplier 20 30 Delivery costs to customer 22 40 Packaging costs 15 18 Selling price 150 300 Required: calculate the figure to be included in closing inventory for a unit each model, according o IAS 2 Inventories.
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 5,300 $25 2/4 Purchase 5,100 27 7,250 5,250 4,100 8,200 2/20 Sale 4/2 Purchase 7/17 Purchase 11/4 Sale 28 30 Compute cost of goods sold, assuming Ehlo uses: (a) Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow (e) Periodic system, weighted-average cost flow (f) Perpetual system, moving-average cost flow Cost of goods sold tA LA ta LA LA A
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Presented below is information related to Skysong Inc.'s inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Item Skis Boots Skis $247.00 275.60 Parkas 24.70 41.60 Boots $137.80 Cost 188.50 10.40 37.70 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, e.g. 52.75.) Parkas $68.90 95.88 3.25 27.63 NRV ta LCNRV
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Blossom Company sells three different categories of tools (small, medium, and large). The cost and net realizable value of its inventory of tools are as follows. Net Realizable Cost Value Small $63,300 $59,600 Medium 289,600 261,000 Large 151,300 172,500 Determine the value of the company's inventory under the lower-of-cost-or-net realizable value approach. Total inventory value $
Hh3. Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye
Wildhorse Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 4/2 11/4 Transaction 2/20 Sale (a) Beginning inventory Purchase Purchase Sale Quantity Price/Cost 2,800 Your answer is incorrect. 3,800 eTextbook and Media 4,300 4,800 4,000 Weighted-average cost per unit $ $17 26 43 33 Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) 48
Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual products and has collected the following data: Product A Product B Product C Selling price $ 96 $ 121 $ 76 Cost 66 71 76 Costs to sell 14 19 9 Determine the inventory book value for Products A, B, and C. Product NRV Cost Inventory Value A B C
The following information has been extracted from the records of Marie Company about one of itsproducts:Units Unit Cost Total CostJan. 1 Beg. balance 10,000 150 P1,500,000Jan. 5 Purchase 10,000 180 1,800,000Jan. 15 Sale 15,000Jan. 16 Sales return 1,000Jan. 25 Purchase 4,000 200 800,000Jan. 26 Purchase return 500 200 100,000 4. Under the FIFO, the cost of ending inventory and cost of goods sold should, respectively be

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