The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is provided below: Product Quantity Cost Per Unit Replacement Cost Estimated Disposal Cost Expected Selling Price Normal Profit on Sales A 1,200 $ 25 $ 22 $ 6.5 $ 40 20% B 800 $ 42 $ 40 $ 12 $ 47 25% C 900 $ 120 $ 115 $ 25 $ 190 30% D 1,000 $ 18 $ 15.8

The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is provided below: Product Quantity Cost Per Unit Replacement Cost Estimated Disposal Cost Expected Selling Price Normal Profit on Sales A 1,200 $ 25 $ 22 $ 6.5 $ 40 20% B 800 $ 42 $ 40 $ 12 $ 47 25% C 900 $ 120 $ 115 $ 25 $ 190 30% D 1,000 $ 18 $ 15.8

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Description: The December 31, 2020 inventory of Manatee Inc. consisted of four products, for which information is provided below: Product Quantity Cost PerUnitReplacementCostEstimatedDisposal CostExpectedSelling PriceNormal Profit onSalesA1,200$ 25$ 22$ 6.5$ 4020

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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Using the lower-of-cost-or-market applied on an individual product basis, compute the inventory valuation that should be reported for each product on December 31, 2020.

Definition Definition Accounting practice that allows a business to determine the monetary value of any unsold inventory.

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Product	Quantity	Cost Per Unit	Replacement Cost	Estimated Disposal Cost	Expected Selling Price	Normal Profit on Sales
A	1,200	$ 25	$ 22	$ 6.5	$ 40	20%
B	800	$ 42	$ 40	$ 12	$ 47	25%
C	900	$ 120	$ 115	$ 25	$ 190	30%
D	1,000	$ 18	$ 15.8	$ 3	$ 26	10%