General Accounting Question please solve this one Tech Max Systems normally sells its graphic cards for $70per unit. However, the market price has dropped to $50per unit. The company's current inventory consists of500 units purchased at $60 per unit. The replacementcost has now fallen to $48 per unit. Calculate the valueof Tech Max Systems' inventory at the lower of cost ormarket.A. $24,000B. $25,000C. $30,000D. $35,000

Step 1: Definition of Lower of Cost or Market (LCM)The lower of cost or market (LCM) principle is…

Answered: Tech Max Systems normally sells its…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 1PA: When prices are rising (inflation), which costing method would produce the highest value for gross...

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A company's normal selling price for its product is $30 per unit. However, due to market competition, the selling price has fallen to $25 per unit. This company's current FIFO inventory consists of 100 units purchased at $26 per unit. Net realizable value has fallen to $23 per unit. Calculate the value of this company's inventory at the lower of cost or market.
A company's normal selling price for its product is $30 per unit. However, due to market competition, the selling price has fallen to $25 per unit. This company's current FIFO inventory consists of 100 units purchased at $26 per unit. Net realizable value has fallen to $23 per unit. Calculate the value of this company's inventory at the lower of cost or market.(General Account)
Last Question that I wasnt able to take a picture of says: What is the minimum total cost?
A company normally sells its product for $20 per unit. However, the selling price has fallen to $15 per unit. This company's current FIFO inventory consists of 200 units purchased at $16 per unit. Net realizable value has now fallen to $13 per unit. What is the amount of the lower cost of market adjustment the company must make as a result of this decline in value?
Please answer it in Good form with explanations. thank you
What is Wyteboard's minimum costs of ordering and holding inventory?
Assume Wyteboard Corp. markers uses 1,440,000 gallons of ink each year. Assume Palmer will order the ink at a rate of P2 per gallon plus a fixed cost of P100 per order. At cost, the firm's carrying cost is 20% of the inventory value. What is Wyteboard's minimum costs of ordering and holding inventory?Please provide a solution
SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM
company normally sells its product for $20 per unit. However, the selling price has fallen to $15 per unit. This company's current FIFO inver onsists of 200 units purchased at $16 per unit. Net realizable value has now fallen to $13 per unit. What is the amount of the lower cost of m djustment the company must make as a result of this decline in value? Multiple Choice $1,000. $1,400. $400. $800.
1. Show solution in good accounting form
Assume Wyteboard Corp. markers uses 1,440,000 gallons of ink each year. Assume Palmer will order the ink at a rate of P2 per gallon plus a fixed cost of P100 per order. At cost, the firm's carrying cost is 20% of the inventory value. What is Wyteboard's minimum costs of ordering and holding inventory? SHOW THE ANSWER IN A GOOD ACCOUNTING FORM

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