The inventory of 3T Company on December 31, 2014, consists of the following items.Part No.QuantityCost per UnitCost to Replace per Unit110630$ 99$ 1101111,11066571125108884113260187198120470226229121 a1,7001815122360264259a Part No. 121 is obsolete and has a realizable value of $0.55 each as scrap.(a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-marketmethod, applying this method directly to each item.Inventory as of December 31, 2013$(b) Determine the inventory by the lower-of-cost-or-market method, applying the method tothe total of the inventory.Inventory as of December 31, 2013$

To calculate the inventory as of December 31, 2014, using the lower-of-cost-or-market (LCM) method,…

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 Metlock Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 570 $113.00 $119.00 111 970 71.40 62.00 112 540 95.20 90.00 113 180 202.30 214.20 120 380 244.00 248.00 121 1,500 19.00 1.00 122 300 285.60 280.00 a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.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 $4 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
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The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 6000 $ 95000 $10000000 111 1,0000 60000 5200000 112 5000 80000 7600000 113 2000 170000 18000000 120 4000 205000 20800000 121a 1,6000 16000 100000 122 3000 240000 23500000 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
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The inventory of 3t Company on December 31, 2014, consists of the following items: Part No. Quantity Cost per Unit Cost to Replace per Unit 110 650 $ 135 $ 150 111 1,040 90 78 112 540 120 114 113 220 255 270 120 500 308 312 121* 1,600 24 21 122 390 360 353 (* - Part No. 121 is obsolete and has a realizable value of $0.75 each as scrap) a. Determine the inventory as of December 31, 2014, by the lower-of- cost-or-market method, applying this method directly to each item.
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The inventory of 3T Company on December 31, 2014, consists of the following items. Part No. Quantity Cost per Unit Cost to Replace per Unit a 110 630 $ 115 $ 128 111 1,060 77 67 112 590 102 97 113 210 218 230 120 460 262 266 121 a 1,700 20 18 122 370 307 301 Part No. 121 is obsolete and has a realizable value of $0.64 each as scrap. Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
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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. (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
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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