check all details carefully for accurate answer this account questions The inventory of Oheto Company on December 31,2013, consists of the following items.Cost Per Unit Cost to Replace per UnitPart No.Quantity110650$ 100$ 1051111,050635511256084801132301791891204002152181211,6101715122390252247Part No. 121 is obsolete and has a realizable value of$.05 each as scrap.(a) Determine the inventory as of December 31, 2013,by the lower-of-cost-or-market method applying thismethod directly to each item.

Step 1: Understand the LCM RuleUnder the Lower-of-Cost-or-Market (LCM) rule, inventory is valued at…

Answered: The inventory of Oheto Company on…

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 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115 $ 128 111 1,060 77 67 112 590 102 97 113 210 218 230 120 460 262 266 121 a 1,700 20 18 122 370 307 301 Part No. 121 is obsolete and has a realizable value of $0.64 each as scrap.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 3T Company on December 31, 2014, consists of the following items. Part No. Quantity Cost per Unit Cost to Replace per Unit 110 630 $ 99 $ 110 111 1,110 66 57 112 510 88 84 113 260 187 198 120 470 226 229 121 a 1,700 18 15 122 360 264 259 a Part No. 121 is obsolete and has a realizable value of $0.55 each as scrap.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-market method, 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 to the total of the inventory. Inventory as of December 31, 2013 $
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150 111 1,040 90 78 112 540 120 114 113 220 255 270 120 500 308 312 121* 1,600 24 21 122 390 360 353 (* - Part No. 121 is obsolete and has a realizable value of $0.75 each as scrap) a. Determine the inventory as of December 31, 2014, by the lower-of- cost-or-market method, applying this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.
Vai
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.
53.The work-in-process inventory of YYY Company were completely destroyed by fire on June 1, 2020. You were able to establish physical inventory figures as follows: January 1, 2020 June 1, 2020 Raw materials P 60,000 P120,000 Work-in-process 200,000 - Finished goods 280,000 240,000 Sales from January 1 to May 31, were P546,750. Purchases of raw materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters than an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory overhead. The work in process inventory destroyed as computed by the
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
The ending balance of the direct material inventory is?
Qw.144.
The balance of inventory account as of December 31 of the current year of Mark Company amounted to P480,000. The replacement cost of the raw materials is P450,000. Assume that the finished products in which raw materials will be incorporated are expected to be sold at or above cost, a.compute for the loss on inventory writedown. b.Refer to given above but assume instead that the finished products in which raw materials will be incorporated are expected to be sold at lower than cost. Compute for loss on inventory writedown. Your answer
Cheap Sheep Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product Cost $ 70,000 50,000 100,000 NRV $ 75,000 48,000 102,000 C After Cheap Sheep Company values its inventory at the lower of cost or net realizable value, the value of the inventory reported on the balance sheet would be $ 220,000 $ 227,000. $ 218.000. $ 225,000

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