dont answer handwritten thanku Lower of Cost or Net Realizable ValueSue Stone, the president of Tippecanoe Home Products, has prepared the following information for the company's television inventory at the end of the year:Selling PriceFIFO Costper Unitper UnitModelT-260S-256R-193Z-376Required:Quantity11241812$225325210285$480330250290DisposalCosts$353020401. Determine the carrying amount of the inventory using lower of cost or net realizable value applied on an item-by-item basis.2. Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank.88

FIFO means First In First Out which means the goods purchased earlier will be issue first for…

Answered: Sue Stone, the president of Tippecanoe…

Business

Accounting

Sue Stone, the president of Tippecanoe Hom

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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Question

dont answer handwritten thanku

Lower of Cost or Net Realizable Value
Sue Stone, the president of Tippecanoe Home Products, has prepared the following information for the company's television inventory at the end of the year:
Selling Price
FIFO Cost
per Unit
per Unit
Model
T-260
S-256
R-193
Z-376
Required:
Quantity
11
24
18
12
$225
325
210
285
$480
330
250
290
Disposal
Costs
$35
30
20
40
1. Determine the carrying amount of the inventory using lower of cost or net realizable value applied on an item-by-item basis.
2. Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank.
88

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