Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for Save-Mor MerchandisersItemRaincoatsBirdcagesRadiosCalculatorsQty Cost470 $56315222377Video Games 46750431730Market Valuation Basis$8638421423---Select--- ✓--Select-----Select------Select--- ✓---Select--- ✓Total Value of Inventory69Amount

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Description: Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for Save-Mor MerchandisersItemRaincoatsBirdcagesRadiosCalculatorsQty Cost470 $56315222377Video Games 46750431730Market Valuation Basis$8638421423---Select-

Inventory refers to the complete list or stock of items, such as goods, materials, or assets, that a…

Business

Accounting

Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for Save-Mor Merchandise Item Raincoats Birdcages Radios Qty Cost Market Valuation Basis 470 $56 315 222 50 Video Games 467 43 Calculators 377 17 30 $86 38 42 14 23 ---Select--- --Select--- --Select-- ---Select--- ---Select--- Total Value of Inventory Amount 00000

Use the lower-of-cost-or-market rule to determine the value (in $) of the following inventory for Save-Mor Merchandise Item Raincoats Birdcages Radios Qty Cost Market Valuation Basis 470 $56 315 222 50 Video Games 467 43 Calculators 377 17 30 $86 38 42 14 23 ---Select--- --Select--- --Select-- ---Select--- ---Select--- Total Value of Inventory Amount 00000

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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LCM : LOWER OF COST OR MARKET A Retail Company sells various products related to pop culture. Since trends change the market price for items also changes. Review the book cost and market replacement cost for the retail company's inventory items and answer the questions below regarding LCM. Inventory Item # of units (Quantity) Book unit cost Market unit cost Product 1 100 $ 9 $11 Product 2 200 $ 6 $ 4 Product 3 150 $ 3 $ 5 Product 4 400 $ 15 $ 14 You can assume the adjustment (if any) is relatively small and not related to an unusual or extraordinary circumstance. What is the dollar amount of the adjustment? $ What is the DEBIT account of the journal entry? What is the CREDIT account of the journal entry? Search or type URL
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
Use the information below to answer. What is the total cost of the markdown? Style # QTY Orig Retail Sale Price 1000 120 $50.00 $29.99 1200 150 $38.00 $29.99 1300 144 $44.00 $29.99 1400 96 $54.00 $29.99
Item Baskets: Innova Discraft Disc bags: Lightning Wham-O Units Unit Cost Market 10 20 15 14 $224 Ending inventory $ 212 34 42 $232 182 31 40 (a) Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis.
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%25... A ☆ mework i Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system LO2 Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory JESTE Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 1. FIFO 2. Moving weighted average 24 69 119 64 68 158 Unit Cost Cost of Goods Sold $ 49 $ 54 $59 $59 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Saved Ending Inventory Help
Match the term with its definition. Cost-To-Retail Ratio [Choose ] Choose Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 11 Minutes, 4 Seconds Designated Market Value Gross Profit Method Gross Profit Percentage The cost to replace an item. Also known as "Replacement Cost". Correct Answer Gross profit divided by Sales. Correct Answer Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer An addition to the original sales price Correct Answer A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer Net Realizable Value minus a normal profit margin Correct Answer Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer An inventory valuation method that compiles inventory at sales prices and converts the…
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A v2.cengagenow.com Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 58 $29 $24 SAW9 119 15 20 Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grac %24