The inventory of 3T Company on December 31, 2014, consists of thefollowing items.Part No. QuantityCost per Unit Cost to Replace per Unita110630$ 115$ 1281111,060776711259010297113210218230120460262266121 a1,7002018122370307301Part No. 121 is obsolete and has a realizable value of $0.64 each asscrap.Determine the inventory by the lower-of-cost-or-market method,applying the method to the total of the inventory.

To determine the inventory value using the Lower-of-Cost-or-Market (LCM) method applied to the total…

Answered: The inventory of 3T Company on December…

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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The inventory of Coronado Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 620 $117.00 $123.00 111 920 73.80 64.00 112 530 98.40 93.00 113 190 209.10 221.40 120 370 252.00 256.00 121 a 1,700 20.00 1.00 122 330 295.20 289.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars
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Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2022
The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 600 $95.00 $100.00 111 1,000 60.00 52.00 112 500 80 76.00 113 200 170 180.00 120 400 205.00 208.00 121 1,600 16.00 1.00 122 300 240 235.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $
Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on Net Realizable Value Per Unit $ 117 Product Hand Unit Cost $112 35 FM 10 147 140 MB 49 53 188 174 D- SL 80 94 Required: Calculate LCNRV for the inventory 6. As a whole (assuming the Items are similar). ences LCNRV applied to nventory b. Applied separately to each product. LCNRV Total Cost Total NRV Product applied to Each Product BB FM MB SL %24 c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View transaction list Journal entry worksheet Record the entry to write down inventory to NRV. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2020
The inventory of Carla Vista Company on December 31, 2020, consists of the following items. Cost per Net Realizable Part Quantity unit Value A419 6,800 $ 16 $ 29 A435 5,780 12 10 A545 13,736 11 16 A615 10,200 15 11 A721 14,960 14 15 A885 19,040 22 27 a A999 12,512 10 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 %24
What is the correct answer? A. P129,000 B. P135,000 C. P112,000 D. P127,600
2
APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost - P7,000; Selling Price P10,000; Cost to sell - P1,200; Cost to complete - P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company's inventory be reported in its Statement of Financial Position? O7,300 O 7,000 6,800 5.500 Answer not given O OO
The inventory of Wildhorse Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 660 $128.00 $135.00 111 1,040 81.00 70.00 112 540 108.00 103.00 113 210 229.50 243.00 120 410 277.00 281.00 121 a 1,700 22.00 1.00 122 280 324.00 317.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $enter the Inventory as of December 31 in dollars
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