The inventory of Oheto Company on December 31, 2013, consists of the following items. Cost Per Unit Cost to Replace per Unit Part No. Quantity 110 650 $ 100 $ 105 111 1,050 63 55 112 560 84 80 113 230 179 189 120 400 215 218 121 1,610 17 15 122 390 252 247 Part No. 121 is obsolete and has a realizable value of $.05 each as scrap.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 this method directly to each item.

Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant...
icon
Related questions
Question

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 Unit
Part No.
Quantity
110
650
$ 100
$ 105
111
1,050
63
55
112
560
84
80
113
230
179
189
120
400
215
218
121
1,610
17
15
122
390
252
247
Part No. 121 is obsolete and has a realizable value of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 this
method directly to each item.
Transcribed Image Text:The inventory of Oheto Company on December 31, 2013, consists of the following items. Cost Per Unit Cost to Replace per Unit Part No. Quantity 110 650 $ 100 $ 105 111 1,050 63 55 112 560 84 80 113 230 179 189 120 400 215 218 121 1,610 17 15 122 390 252 247 Part No. 121 is obsolete and has a realizable value of $.05 each as scrap.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 this method directly to each item.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning