4eBookPrintReferencesShowtime Company's ending inventory at December 31, 2023, includes the following items:Units onHandNet RealizableValue Per Unit36$ 116155054Product88FMMBSLUnit Cost$11114618779Required:Calculate LCNRV for the inventory:a. As a whole (assuming the items are similar).LCNRV applied to inventory13917393

Name: 4eBookPrintReferencesShowtime Company's ending inventory at December
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Description: 4eBookPrintReferencesShowtime Company's ending inventory at December 31, 2023, includes the following items:Units onHandNet RealizableValue Per Unit36$ 116155054Product88FMMBSLUnit Cost$11114618779Required:Calculate LCNRV for the inventory:a. As a w

Business

Accounting

Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Hand Net Realizable Value Per Unit $ 116 36 15 50 54 Product 88 FM MB SL Unit Cost $ 111 146 187 79 equired: Calculate LCNRV for the inventory: As a whole (assuming the items are similar). CNRV applied to inventory 139 173 93 A

Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Hand Net Realizable Value Per Unit $ 116 36 15 50 54 Product 88 FM MB SL Unit Cost $ 111 146 187 79 equired: Calculate LCNRV for the inventory: As a whole (assuming the items are similar). CNRV applied to inventory 139 173 93 A

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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Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit
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Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
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