**Inventory Analysis for Carla Vista Company as of December 31, 2020**The inventory of Carla Vista Company on December 31, 2020, is detailed in the following table:| Part | Quantity | Cost per Unit | Net Realizable 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| $15 | $11 || A721 | 14,960 | $14 | $15 || A885 | 19,040 | $22 | $27 || A999 | 12,512 | $10 | $1 |*Note: Part No. A999 is obsolete and has a realizable value of $1 each as scrap.***Tasks:**(a) Calculate the inventory as of December 31, 2020, using the Lower of Cost or Net Realizable Value (LCNRV) method for each item:- Inventory as of December 31, 2020: $ [Input required](b) Calculate the inventory using the LCNRV method, applying the method to the total inventory:- Inventory as of December 31, 2020: $ [Input required]**Explanation of Terms:**- **Cost per Unit**: The purchase or production cost associated with one unit of the item.- **Net Realizable Value**: The estimated selling price in the ordinary course of business, minus the estimated costs of completion and the costs necessary to make the sale.- **LCNRV Method**: An accounting method that values inventory at the lower of either its cost or its net realizable value to reflect potential losses from obsolescence or declining market values.

Name: **Inventory Analysis for Carla Vista Company as of December 31, 2020*
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Description: **Inventory Analysis for Carla Vista Company as of December 31, 2020**The inventory of Carla Vista Company on December 31, 2020, is detailed in the following table:| Part | Quantity | Cost per Unit | Net Realizable Value ||-------|----------|------

LCNRV - Lower of cost and net realizable value, applying this method for each item value of…

Business

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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A545 13,736 11 16 A615 10,200 15 11 A721 14,960 14 15 A885 19,040 22 27 a A999 12,512 10 1 a Part No. A999 is obsolete and has a realizable value of $ 1 each as scrap.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 2$ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 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 2$ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 $

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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Subject: accounting
ABC company follows the principle of lower of cost or net realizable value (NRV) to report its inventory. The following shows the data related to the inventory on 12/31/2020: Product Model Model X Model Y Model Z Model Alpha Units 20 15 10 30 Pedia Cost per $150 110 125 140 unit NRV per unit $155 105 115 150 What amount should ABC report its total cost of inventory on the 12/31/2020 Balance Sheet?
Current Attempt in Progress The inventory of Blue Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 a 122 Quantity 610 920 460 210 410 1,500 320 Cost per Unit $136.00 85.80 114.40 243.10 293.00 23.00 343.20 Inventory as of December 31, 2025 $ Net Realizable Value $143.00 74.00 Inventory as of December 31, 2025 $ 109.00 257.40 297.00 1.00 *Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2025, by the LCNRV method, applying this method to each item. 336.00 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
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
3
Answer the following 2 questions: Question1: Ashraf Company began operations in 2020 and determined its ending inventory at cost and at NRV on December 31, 2020, and December 31, 2021. This information is presented below. Cost Net Realizable Value 12/31/2020 $130,000 $110,000 12/31/2021 230,000 265,000
;) During 2024, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2024: Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold Number of Total Cost $765 848 $1,613 Units Unit Cost 15 16 31 $51 53 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses FIFO.
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.
Tetum Company has four products in its inventory. Information sbout the December 31, 2021, inventory is os follows: Total Net Realizable Value $187,0e0 Product Tatal Cost $134, 000 97,e00 101 102 117,00 57, 0ee 57,080 103 67, e00 37,e00 184 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net reslizable value (LCNRV) rule is applied to individual products. 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Inventory Value Product Cost NRV 101 134,000 107,000 102 97,000 117,000 103 67,000 57,000 104 37,000 57,000 335,000
The following information pertains to Indiana Inc.: 12 items in beginning inventory 20 items purchased 9 items purchased ·10 items sold 1/1/2022 2/28/2022 6/15/2022 12/20/2022 Cost per item $12.50 Cost per item $12.60 Cost per item $12.75 Sold for $40.00 per item Operating expenses for 2022 were $130. What was net operating income for 2022 assuming the company uses LIFO to account for inventory costs? Answer without using any dollar signs or commas. Round to TWO DECIMALS (i.e. 98.99)
What is the correct answer? A. P129,000 B. P135,000 C. P112,000 D. P127,600