Sundara Electronics applied FIFO to its inventory and reports the following results for its ending inventory. • • • Laptops 120 units at a cost per unit of $850 Headphones - 250 units at a cost per unit of $45 Smartwatches - 85 units at a cost per unit of $210 The net realizable value of units purchased at year-end was: • . • Laptops: $880 Headphones: $40 Smartwatches: $195 Determine the amount of ending inventory at lower-of-cost or market.

Sundara Electronics applied FIFO to its inventory and reports the following results for its ending inventory. • • • Laptops 120 units at a cost per unit of $850 Headphones - 250 units at a cost per unit of $45 Smartwatches - 85 units at a cost per unit of $210 The net realizable value of units purchased at year-end was: • . • Laptops: $880 Headphones: $40 Smartwatches: $195 Determine the amount of ending inventory at lower-of-cost or market.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory was $2,100,and costs had increased 5 % during the year.what is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
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