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Replace per Unit110630$ 99$ 1101111,11066571125108884113260187198120470226229121 a1,7001815122360264259a Part No. 121 is obsolete and has a realizable value of $0.55 each as scrap.(a) Determine the inventory as of December 31, 2014, by the lower-of-cost-or-marketmethod, applying this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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...

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The inventory of Bonita Company on December 31, 2022, consists of the following items. Part No. Quantity Cost per Unit Net Realizable Value per Unit 110 576 $92 $96 111 960 56 50 112 480 80 77 113 192 160 176 120 384 196 174 121 a 1,536 21 1 122 288 232 228 a Part No. 121 is obsolete and has a realizable value of $1 each as scrap. × Your answer is incorrect. Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2022 $ 308064
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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150 111 1,040 90 78 112 540 120 114 113 220 255 270 120 500 308 312 121* 1,600 24 21 122 390 360 353 (* - Part No. 121 is obsolete and has a realizable value of $0.75 each as scrap) a. Determine the inventory as of December 31, 2014, by the lower-of- cost-or-market method, applying this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115 $ 128 111 1,060 77 67 112 590 102 97 113 210 218 230 120 460 262 266 121 a 1,700 20 18 122 370 307 301 Part No. 121 is obsolete and has a realizable value of $0.64 each as scrap.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 December 31, 2025 inventory of Sunland Company consisted of four products, for which certain information is provided below. Product Original Cost Estimated Disposal Normal Profit on Replacement Cost Expected Selling Price Cost Sales A $32.00 $30.00 $15.00 $48.00 28% B $50.00 $48.00 $18.00 $56.00 33% C $128.00 $123.00 $33.00 $198.00 38% D $27.00 $23.80 $12.00 $34.00 18% Determine the lower of cost or net realizable value amount for each product. Product A A LCNRV 32 B $ 37.52 C A +A 122.76 $ 27
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E8.1 (LO 1) Excel (LCNRV) The inventory of Oheto Company on December 31, 2025, consists of the following items. Part 110 111 Quantity 600 1,000 500 200 Cost per Unit $95 60 80 170 Net Realizable Value $100 52 76 180 208 1 235 400 205 121" 1,600 16 122 300 240 *Part No. 121 is obsolete and has a realizable value of $1 each as scrap Instructions a. Determine the inventory as of December 31, 2025, 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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A company has the following per unit recorded cost and replacement cost relating to its inventory: Item 1 Item 2 5 units 7 units Cost $50 Cost $60 Item 3 9 units Cost $30 Market $45 Market $65 Market $25 Applying the lower of cost or market method, the reported value of this company's ending inventory if LCM is applied to individual items is $870 $905 $920 $940
Suppose that Crane Corporation sells three different products. The following information is available on December 31: Inventory Item Units Cost per unit Net realizable value per unit X 290 $3.90 $3.50 Y 590 $2.00 $1.50 Z 1470 $3.00 $4.00 After applying the lower-of-cost-or-net-realizable-value rule to each item, what amount will be reported for ending inventory? $6431 $6310 $6721 $7780

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