SLR Corporation hos 500 units of each of its two products in its yeor-end inventory. Per unit dsta for each of the products are os follows: Product 1 Product 2 Cost $53 $37 Replacement cost Selling price Selling costs Normal profit 51 29 73 39 13 11 Determine the carrying velue of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products What is the before-tax income effect of the LCM adjustment? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. Per Unit Inventory Value Lower of Coat or Market Product Coat Market Unit Cost 53 s 73 1 51 51 500 26,500 25,500 2 29 29 500 36,500 14,500 Cost 63,000 Inventory value 40,000 Required 1 Required 2 >

SLR Corporation hos 500 units of each of its two products in its yeor-end inventory. Per unit dsta for each of the products are os follows: Product 1 Product 2 Cost $53 $37 Replacement cost Selling price Selling costs Normal profit 51 29 73 39 13 11 Determine the carrying velue of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products What is the before-tax income effect of the LCM adjustment? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. Per Unit Inventory Value Lower of Coat or Market Product Coat Market Unit Cost 53 s 73 1 51 51 500 26,500 25,500 2 29 29 500 36,500 14,500 Cost 63,000 Inventory value 40,000 Required 1 Required 2 >

Name: SLR Corporation has 500 units of each of its two products in its yeor
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Description: SLR Corporation has 500 units of each of its two products in its yeor-end inventory. Per unit data for each of the products are osfollows:Product 1Product 2Cost$53$37Replacement costSelling priceSelling costsNormal profit512973391311Determine the ca

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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d t nces SLR Corporation has 500 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Cost Replacement cost Selling price Selling costs Normal profit Product 1 $ 53 51 73 Required 1 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. What is the before-tax income effect of the LCM adjustment? Complete this question by entering your answers in the tabs below. Product Cost 9 13 Required 2 Product 2 $ 37 29 39 7 11 Determine the carrying value of SLR's inventory assuming that the lower of cost or market (LCM) rule is applied to individual products. Market Per Unit Inventory Value Unit Cost Lower of Cost or Market
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Marr Corporation has two products in its ending inventory, each accounted for at the lower of cost or market. A profit margin of 30% on selling price is considered normal for each product. Specific data with respect to each product follows: Product Product 2 Historical cost Replacement cost Estimated cost to complete/dispose Estimated selling price $40 45 10 80 $70 54 26 130 In pricing its ending inventory using the lower-of-cost-or-market, what unit values should Marr use for products #1 and #2, respectively? a. $40.00 and $60.00 b. $46.00 and $65.00 c. $40.00 and $65.00 d. $45.00 and $54.00