The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Product Cost Selling Price A $ 170 $ 190 B 210 230 C 150 210 D 130 210 E 80 110 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 10% of cost. Required: What unit value should Royal

The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Product Cost Selling Price A $ 170 $ 190 B 210 230 C 150 210 D 130 210 E 80 110 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 10% of cost. Required: What unit value should Royal

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit TTT Product Selling Price $110 Cost A $ 90 130 158 138 98 55 85 20 30 Costs to sell consist of a sales commission equal to 10% of selling price snd shipping costs equal to 10% of cost. Required: What unit value should Royal Decking use for esch of its products when applying the lower of cost or net reslizable value (LCNRV) rule to units of ending inventory? Per Unit Product Cost NRV Inventory Value A D E
The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit Product Cost Selling Price A $ 40 $ 60 B 80 100 C 40 80 D 100 130 E 20 30 Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. Required:What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? Product Cost NRV Per Unit Inventory Value A B C D E
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The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product ABCDE Cost $ 90 130 90 55 20 Product Per Unit Costs to sell consist of a sales commission equal to 10% of selling price and shipping costs equal to 10% of cost. A B с D E Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? Selling Price $ 120 160 130 85 30 Cost NRV Per Unit Inventory Value
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product A n C D Cost $70 110 70 70 30 Product Per Unit ABCDE Selling Price Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 10% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? $90 160 110 100 40 Cost NRV Per Unit Inventory Value
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Per Unit Product A Cost $ 80 Selling Price $ 100 B 120 160 80 120 D E 80 40 110 50 Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule Co units of ending inventory? Product Cost NRV Per Unit Inventory Value A $ 80 B 56 104 104 C 80 D 80 E 40
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product Cost $ 50 A B 90 C 50 D 50 E 10 Product A Per Unit Costs to sell consist of a sales commission equal to 20% of selling price and shipping costs equal to 10% of cost. BUDE Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to units of ending inventory? C Selling Price $ 70 130 Cost 90 80 20 NRV Per Unit Inventory Value
Tatum Company has four products in its inventory. Information about the Decemnber 31, 2021, Inventory is as follows: Total Net Realizable Value Product 101 Total Cost $134,000 97,000 67,000 37,000 $107,000 117,000 57,000 57,000 102 103 104 Required: 1. 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. 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 S. 134,000 107,000 102 97,000 117,000 57,000 67,000 37,000 103 104 57,000 S. 335,000 Required 2 > Prev 1 of 9 Next > Profile (1).pdf Profile.pdf Profile (1) .pdf
The inventory of Royal Decking consisted of five products. Information about ending inventory is as follows: Product A B C D E Cost $ 59 99 59 119 39 Product Selling costs consist of a sales commission equal to 15% of selling price and shipping costs equal to 5% of cost. The normal profit is 25% of selling price. A B с D E Required: What unit value should Royal Decking use for each of its products when applying the lower of cost or market (LCM) rule to units of ending inventory? Note: Do not round intermediate calculations. Round final answers to 2 decimal places. Per Unit Replacement Cost $ 54 89 74 89 47 $ Cost Replacement cost Selling Price $ 79 119 99 149 49 59 $ 99 59 119 39 54 89 74 89 47 NRV NRV minus NP Market Per Unit Inventory Value
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total NetRealizable Value 101 $ 120,000 $ 100,000 102 90,000 110,000 103 60,000 50,000 104 30,000 50,000 Required:1. 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. Product Cost NRV Inventory Value 101 $120,000 $100,000 102 90,000 110,000 103 60,000 50,000 104 30,000 50,000 $300,000 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting journal entry.
The inventory of Royal Decking consisted of five products. Information about the December 31, 2016, inventory is as follows: Per Unit TTT Product Selling Price Cost $ 40 $ 60 90 100 40 80 100 130 20 30 Costs to sell consist only of a sales commission equal to 10% of selling price and shipping costs equal to 5% of cost. Required: What unit value should Royal Decking use for each of its products when applying the lower of cost and net realiz- able value rule to units of inventory?
Splish Brothers, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory records as of December 31, 2020. Item Quantity UnitCost ReplacementCost/Unit Estimated SellingPrice/Unit Completion & DisposalCost/Unit Normal ProfitMargin/Unit X490 8,976 $11.00 $10.52 $12.32 $2.64 $2.99 X512 4,356 6.16 6.60 7.83 0.22 1.58 X682 15,840 16.72 16.37 27.76 2.86 7.92 Z195 11,000 12.54 12.32 17.42 1.23 5.06 Z846 7,568 10.56 11.22 12.28 1.85 0.97 (a) Correct answer icon Your answer is correct. Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75.) (b) Partially correct answer icon Your answer is partially correct. Show the journal entries Splish Brothers, Inc. will…