Use the lower-of-cost-or-market rule to determine thevalue of the following inventory for Instant Key's.QTY COST MKT BASISAMOUNTITEMDoor Keys154$ 554 $ 598Car Keys133$ 164$ 210Bike Keys257$ 510 $620Safe Keys491$279$ 240Total value in Inventory is?

Step-by-Step CalculationDoor KeysQuantity = 154Cost = $554Market = $598Lower value (LCM) =…

Answered: Use the lower-of-cost-or-market rule to…

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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What is the ending inventory value?
Using the lower of cost or market, what should the total inventory value be for the following items: Item InventoryQuantity Costper Unit Market Valueper Unit Total CostPrice Total MarketPrice Lower of Cost orMarket A 186 $6 $8 $1,116 $1,488 $fill in the blank 1 B 95 $18 $14 $1,710 $1,330 $fill in the blank 2 C 44 $22 $25 $968 $1,100 $fill in the blank 3 $fill in the blank 4
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Using the lower of cost or market, what should the total inventory value be for the following items:
Using the lower of cost or market, what should the total inventory value be for the following items: Item Quantity Unit CostPrice Unit MarketPrice Total CostPrice Total MarketPrice Lower of Cost orMarket A 188 $7 $11 $1,316 $2,068 $ B 90 $16 $14 $1,440 $1,260 $ C 41 $22 $25 $902 $1,025 $ $
Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Item InventoryQuantity Cost perUnit Market Valueper Unit TotalCost TotalMarket A 300 $15.00 $14.50 $4,500 $4,350 B 200 14.00 15.00 2,800 3,000 C 100 17.00 17.50 1,700 1,750 a. $8,850 b. $9,100 c. $9,250 d. $9,000
Rank the following inventory methods in terms of their record-keeping cost. For answer choices, the leftmost number has the highest record-keeping cost and the rightmost number has the lowest record-keeping cost. 1. Dollar-value LIFO 2. Retail inventory method - LIFO 3. Unit LIFO
Answer in text form please
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
i need the answer quickly
Lower-of-Cost-or-Market Method On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 152 $49 $52 O5T4 290 25 22 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 9. $
The following information is taken from a company’s records. Costper Unit Market valueper Unit Inventory Item 1 (10 units) $39 $38 Inventory Item 2 (22 units) 19 19 Inventory Item 3 (12 units) 9 11 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? $fill in the blank 1

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Use the lower-of-cost-or-market rule to determine the value of the following inventory for Instant Key's. QTY COST MKT BASIS AMOUNT ITEM Door Keys 154 $ 554 $ 598 Car Keys 133 $ 164 $ 210 Bike Keys 257 $ 510 $620 Safe Keys 491 $279 $ 240 Total value in Inventory is?