Yardley Electronics purchased 3,500 tablets and has 600 tablets in its ending inventory at a cost of $120 each and a current replacement cost of $110 each. The net realizable value (NRV) of each tablet in the ending inventory is $95. The ending inventory under the lower-of-cost-or-net realizable value (LCNRV) is?

Yardley Electronics purchased 3,500 tablets and has 600 tablets in its ending inventory at a cost of $120 each and a current replacement cost of $110 each. The net realizable value (NRV) of each tablet in the ending inventory is $95. The ending inventory under the lower-of-cost-or-net realizable value (LCNRV) is?

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 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

See similar textbooks

Similar questions

During the current year, mnerchandise is sold for $714000. The cost of the merchandise sold is $474000. What is the amount of the gross profit? Add your answer
Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 400 units of inventory that cost $15.00 each. At a later date during the year, the company purchased an additional 800 units of inventory that cost $18.00 each. Vargas sold 500 units of inventory for $27.00. What is the amount of cost of goods sold that will appear on the current year's income statement? Multiple Choice ο ο ο ο $4,500 $6,000 $7,800 $5,700
Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to $200,000. The net sales for the current period amounted to $150,000. What is the estimated value of the ending inventory at cost using the retail method? Show your work.
Poe, Co. uses LIFO for its inventory valuation. The original cost of Item #BB-8, the only inventory item of Poe, was $12,000. The current selling price and replacement cost are $13,500 and $9,500, respectively. Costs to sell are estimated to be $2,700. The normal profit margin is 10% of the original cost.
Com plc bought 500 items of inventory at the price of $20 per item on 1 January 20X2, and another 200 items at the price of $25 per item on 1 July 20X2. On 31 December 20X2, the replacement cost was $30 per item. On that date, Com plc sold 600 items and reported a profit of $9,100 using the first-in-first-out (FIFO) method to calculate the cost of sales. What would the profit be under replacement cost accounting? a. $6,000 b. $4,200 c. $3,200 d. $11,500 e. $12,500 f. $3,600
What amount will the gedgets be reported on the balance sheet for this general accounting question?
Han Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Cost Selling price Costs to sell Product 1 Product 2 Product 3 $ 25 $ 55 55 85 5 15 Product Cost 1 2 3 Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? $.95 135 50 NRV Per Unit Inventory Value A fire destroyed a warehouse of the Goren Group, Incorporated, on May 4, 2024. Accounting records on that date indicated the following: Estimated loss from fire Merchandise inventory, January 1, 2024 Purchases to date Freight-in Sales to date $ 1,970,000 5,870,000 470,000 8,900,000 The gross profit ratio has averaged 20% of sales for the past four years. Required: Use the gross profit method to estimate the cost of the inventory destroyed in the fire.
How would I complete this (with steps)?
Capaldo Music Center has five CD players on hand at the balance sheet date that cost $400 each. The current replacement cost is $350 per unit. Under the lower-of-cost-or-market basis of accounting for inventories, what value should Capaldo report for the CD players on the balance sheet? Why? [General Account]
Iris Company has provided the following information regarding two of its items of inventory at year-end: There are 200 units of Item A, having a cost of $10 per unit, a selling price of $14 and a cost to sell of $6 per unit. There are 150 units of Item B, having a cost of $40 per unit, a selling price of $46 and a cost to sell of $4 per unit. How much is the ending inventory using lower of cost or net realizable value on an item-by-item basis? a. $8,350. b. $8,750. c. $8,000. d. $7,600.
The following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 210 units. Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $ 12 January 31 Purchases 53 units at $14 IF THE TAX RATE IS 30%, HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO?
Need answer