Chapter 2.3, Problem 5Q

General accounting

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What was the direct labor cost on these general accounting question?

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general accounting

Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture:       Chairs 50 $ 26 $ 32 Desks 20 74 59 Tables 70 85 93 Accessories:       Rugs 50 61 49 Lamps 30 23 19 Required:  (already completed this part) Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. Stuck here:  Record the year-end adjustment for inventory assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products, product categories, total inventory.

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Find the cost of goods manufactured