Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Inventory as of December 31, 2022 The inventory of Tamarisk Company on December 31, 2022, consists of the following items.Part No. Quantity110111112113120121 A122660(a)1.1005502204401,760330Cost per Unit Net Realizable Value per Unit$106$1106394181224Your answer is correct.282675791Inventory as of December 31, 2022204181Part No. 121 is obsolete and has a realizable value of $1 each as scrap.1263Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item.390,720

Name: Determine the inventory by the LCNRV method, applying the method to t
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Determine the inventory by the LCNRV method, applying the method to the total of the inventory.Inventory as of December 31, 2022 The inventory of Tamarisk Company on December 31, 2022, consists of the following items.Part No. Quantity110111112113120

LCNRV is the short form of lower of cost or net realizable value (NRV). This followed under the…

Business

Accounting

The inventory of Tamarisk Company on December 31, 2022, consists of the following items. Part No. 110 111 112 113 120 121 a 122 Quantity (a) 660 1,100 550 220 440 1,760 330 Cost per Unit $106 63 94 181 224 Your answer is correct. 28 267 Net Realizable Value per Unit $110 Inventory as of December 31, 2022 57 91 204 181 Part No. 121 is obsolete and has a realizable value of $1 each as scrap. 1 263 Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. 390.720

The inventory of Tamarisk Company on December 31, 2022, consists of the following items. Part No. 110 111 112 113 120 121 a 122 Quantity (a) 660 1,100 550 220 440 1,760 330 Cost per Unit $106 63 94 181 224 Your answer is correct. 28 267 Net Realizable Value per Unit $110 Inventory as of December 31, 2022 57 91 204 181 Part No. 121 is obsolete and has a realizable value of $1 each as scrap. 1 263 Determine the inventory as of December 31, 2022, by the LCNRV method, applying this method to each item. 390.720

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

2. A company reported the following data related to its ending inventory: Product 849 Cost $10 Market $11 Units Available 100 842 75 16 14 847 60 14 13 860 40 16 20 Calculate the lower-of-cost-or-market on the: (a) Inventory as a whole (b) Inventory applied separately to each product.
76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 260 $100 Sold 160 $140 Purchased 500 103 Sold 400 142 Purchased 420 110 Sold 370 174 Ending Inventory 250 Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the ealculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG. Round intermediate calculation to 2 decimal places and final answer to nearest whole dollar. Comparison of FIFO, LIFO, AVG; Perpetual FIFO LIFO AVG Sales Revenue 24 Cost of Goods Sold Gross Margin
Windsor Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2025. Replacement Item Quantity Unit Cost Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit A 1,400 $8.85 $9.91 $12.39 $1.77 $2.12 B 1,100 9.68 9.32 11.09 1.06 1.42 C 1,300 6.61 6.37 8.50 1.36 0.71 D 1,300 4.48 4.96 7.43 0.94 1.77 1,700 7.55 7.43 7.91 0.83 1.18 Greg Forda is an accounting clerk in the accounting department of Windsor Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant.
TB MC Qu. 05-131 (Algo) A company has the following products... A company has the following products in its ending Inventory. Compute lower of cost or market for inventory applied separately to each product Cost per Market per Unit Unit $ 726 $ 696 $ 526 $ 566 $ 676 $ 701 Product Quantity 10 15 20 Product A Product B Product C
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 60 units). (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Use your rounded answer from Part a. Round your final answer to the nearest cent.)
The inventory of Wildhorse Company on December 31, 2025, consists of the following items. Part 110 111 112 113 120 121 a 122 Quantity 660 1,040 540 210 410 1,700 280 Show Transcribed Text Cost per Unit Net Realizable Value Show Transcribed Text Sales revenue Markdowns $128.00 Sales returns Inventory as of December 31, 2025 81.00 108.00 Markups Markup cancellations 229.50 277.00 Freight on purchases 22.00 324.00 aPart 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. Inventory as of December 31, 2025 $ Markdown cancellations $ (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. The records of Oriole's Boutique report the following data for the month of April. $100,800 1,800 10,300 $135.00 1,500 8,700 70.00 2,700 103.00 243.00 2,100 281.00 1.00 317.00 Purchases (at cost) Purchases (at sales price) Purchase…
Ayayai has the following individual inventory items at cost and net realizable value: Part Units Unit Cost X123 Y135 Z246 A369 B258 (a) 21 30 27 9 14 $4.80 3.15 4.60 1.10 2.25 NRV per Unit $4.30 3.90 5.35 1.10 1.95 Determine the lower of cost and net realizable value of the ending inventory for Ayayai. (Round answers to 2 decimal places, e.g. 15.25.) Lower of cost and net realizable value $
Premiere Company showed the following inventory data: Inventories Units Unit cost Net realizable value 110 250 100 260 1,000 2,000 3,000 4,000 5,000 2,000 2,000 Item 1 Item 2 Item 3 330 480 300 500 Item 4 Item 5 Item 6 Item 7 650 620 800 790 730 780 Required: Determine the valuation of the inventory following the measurement at LCNRV. 00000
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Total Net Product Total Cst Realizable Value 101 102 $148,000 104,000 74,000 $114,000 124,000 64,000 64,000 103 104 44,000 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Inventory Value Product Cost NRV 101 2$ 148,000 114,000 $114,000 102 104,000 124,000 104,000 103 74,000 64,000 66,000 X 104 44,000 64,000 44,000 370,000 $ 328,000
Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code, Quantity, Unit Cost, Unit MarketLXC 60 $45 $48KMT 210 $38 $34MOR 300 $22 $20NES 100 $27 $32
PA4. LO 10.3 Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG). Number of Units Unit Cost Beginning inventory Mar. 1 Purchased Mar. 8 Sold Mar. 11 for $120 per unit 110 140 $87 89 95 Solution А. Number of Units Dollar per Unit Value Cost of goods sold В. Number of Units Dollar per Unit Value Cost of goods sold C. Number of Units Dollar per Unit Value Cost of goods sold PA5. LO 10.3 Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions. Number Unit Cost of Units Beginning inventory Purchased Mar. 2 Sold Mar, 31 for $75 per unit 105 150 88…