Inventory Write-DownThe following information for Tuell Company is available:Case245Cost$5.00 $5.00 $5.00 $5.00 $5.00Net realizable value5.205.504.904.30 4.7ONet realizable value less normal profit4.905.304.804.004.60Replacement cost5.305.204.604.154.80Required:1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under U.s. GAAP? If required, round your answers to the nearest cent.InventoryCasevalue1242.243452. Assume Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? If required, round your answers to the nearest cent.InventoryCasevalue124342$5$43. Assume that Tuell uses the average cost inventory cost flow assumption. What is the correct inventory value in each of the preceding situations if Tuell uses IFRS? If required, round your answers to the nearest cent.InventoryCasevalue1$42243%2445$4

The LIFO approach used the lower of the cost or market value within US GAAP, while the other…

The following information for Tuell Company is available: Case 1 2 4 5 Cost $5.00 $5.00 $5.00 $5.00 $5.00 Net realizable value 5.20 5.50 4.90 4.30 4.70 Net realizable value less normal profit 4.90 5.30 4.80 4.00 4.60 Replacement cost 5.30 5.20 4.60 4.15 4.80 Required: 1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? If required, round your answers to the nearest cent. Inventory Case value 2

The following information for Tuell Company is available: Case 1 2 4 5 Cost $5.00 $5.00 $5.00 $5.00 $5.00 Net realizable value 5.20 5.50 4.90 4.30 4.70 Net realizable value less normal profit 4.90 5.30 4.80 4.00 4.60 Replacement cost 5.30 5.20 4.60 4.15 4.80 Required: 1. Assume Tuell uses the LIFO cost flow assumption. What is the correct inventory value in each of the preceding situations under U.S. GAAP? If required, round your answers to the nearest cent. Inventory Case value 2

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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