Tracy Company sells three different types of home heating stoves (wood, gas, and pellet). The cost and market value of its inventory of stoves are as follows. Cost Market Gas $ 84,000 $ 79,000 Wood 2,50,000 2,80,000 Pellet 1,12,000 1,01,000 Determine the value of the company's inventory under the lower-of-cost-or-market approach.

Tracy Company sells three different types of home heating stoves (wood, gas, and pellet). The cost and market value of its inventory of stoves are as follows. Cost Market Gas $ 84,000 $ 79,000 Wood 2,50,000 2,80,000 Pellet 1,12,000 1,01,000 Determine the value of the company's inventory under the lower-of-cost-or-market approach.

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 1MC: Sienna Company uses the FIFO cost flow assumption. Sierra has inventory with a selling price of 100,...

See similar textbooks

Similar questions

Wildhorse Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 4/2 11/4 Transaction 2/20 Sale (a) Beginning inventory Purchase Purchase Sale Quantity Price/Cost 2,800 Your answer is incorrect. 3,800 eTextbook and Media 4,300 4,800 4,000 Weighted-average cost per unit $ $17 26 43 33 Calculate the weighted-average cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) 48
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 5,300 $25 2/4 Purchase 5,100 27 7,250 5,250 4,100 8,200 2/20 Sale 4/2 Purchase 7/17 Purchase 11/4 Sale 28 30 Compute cost of goods sold, assuming Ehlo uses: (a) Periodic system, FIFO cost flow (b) Perpetual system, FIFO cost flow (c) Periodic system, LIFO cost flow (d) Perpetual system, LIFO cost flow (e) Periodic system, weighted-average cost flow (f) Perpetual system, moving-average cost flow Cost of goods sold tA LA ta LA LA A
Bonita Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,900 $15 2/4 Purchase 2,900 23 2/20 Sale 3,400 38 4/2 Purchase 3,900 29 11/4 Sale 3,100 42 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.) Average-cost per unit $ Compute cost of goods sold, assuming Bonita uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 2,000 $15 2/4 Purchase 3,000 23 2/20 Sale 3,500 38 4/2 Purchase 4,000 29 11/4 Sale 3,200 42 Compute cost of goods sold, assuming Metlock uses: (Round average cost per unit to 4 decimal places, e.g. 2.7631 and final answers to 0 decimal places, e.g. 6,548.) Cost of goods sold (a) Periodic system, FIFO cost flow $ (b) Perpetual system, FIFO cost flow $ (c) Periodic system, LIFO cost flow $ (d) Perpetual system, LIFO cost flow $ (e) Periodic system, weighted-average cost flow $ (f) Perpetual system, moving-average cost flow $
Please help me
Splish Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 (a) Transaction Beginning inventory Purchase Sale Purchase Sale Quantity Price/Cost Average-cost per unit $ 3,400 4,400 4,900 5,400 4,600 $19 28 47 36 51 Calculate average-cost per unit. (Round answer to 4 decimal places, e.g. 2.7613.)
please answer do not image.
Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,000 $12 2/4 Purchase 2,000 18 2/20 Sale 2,500 30 4/2 Purchase 3,000 23 11/4 Sale 2,200 33 Instructions Compute cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system, moving-average cost flow.
A firm buys and sell two models, P and Q. The following unit’s cost are available (all figures are in GHc and all the cost are borne by the firm). P Q Purchase 100 200 Delivery cost from supplier 20 30 Delivery costs to customer 22 40 Packaging costs 15 18 Selling price 150 300 Required: calculate the figure to be included in closing inventory for a unit each model, according o IAS 2 Inventories.
Tariq Company is a multiproduct firm. Presented below is information concerning one of its products, the Jayhawk Date Transaction Quantity Unit Cost 1/1 Beginning inventory 1,100 OMR12 2/4 Purchase 2,200 18 2/20 Sale 2,800 30 4/2 Purchase 3,100 23 11/4 Sale 2,300 33 Instructions: Compute cost of goods sold, assuming Tariq uses periodic system, FIFO cost flow.
Haresh
Gracia Company uses the lower of cost or net realizable value method to value inventory. Data regarding the items in work in process inventory are presented below: Markers Pens Highlighters Historical cost 240,000 188,000 300,000 Selling price 360,000 250,000 360,000 Estimated cost to complete 480,000 50,000 68,000 Replacement cost 208,000 168,000 318,000 Normal profit margin as a percentage of selling price 25% 25% 10% What is the measurement of the work in process inventory?