Explanation Note 1: As a major category the Lower-of-cost (first-in, first-out) or-NRV is applied. Note 2: The amount of $136,500 is 75% of bar end shifters finished goods inventory. Supporting Calculations Particulars Amount ($) Amount ($) Amount ($) Amount ($) Finished Goods Work-in-Process Raw Materials Factory Supplies Down tube shifters at NRV 266,000 Bar end shifters at cost 182,000 Head tube shifters at cost 195,000 To determine (b) To explain: To explain given situation. To determine (c) To discuss: To discuss the impact, impact of given situation.

Intermediate Accounting, Binder Ready Version

16th Edition

ISBN: 9781118742976

Author: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Publisher: WILEY

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 9, Problem 11P

To determine

Inventory: Inventory can be defined as the goods manufactured which are held by the company for sale.

(a)

To prepare: To prepare the inventory section of M’s balance sheet.

To determine

(b)

To explain: To explain given situation.

To determine

(c)

To discuss: To discuss the impact, impact of given situation.

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Chapter 9 Solutions

Intermediate Accounting, Binder Ready Version

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - 3. What approaches may be employed in applying...Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - Prob. 10Q

Ch. 9 - Prob. 11Q Ch. 9 - Prob. 12Q Ch. 9 - Prob. 13Q Ch. 9 - Prob. 14Q Ch. 9 - Prob. 15Q Ch. 9 - Prob. 16Q Ch. 9 - 17. (a) Determine the ending inventory under the...Ch. 9 - Prob. 18Q Ch. 9 - Prob. 19Q Ch. 9 - Prob. 20Q Ch. 9 - Prob. 1BE Ch. 9 - BE9-2 (L01) Floyd Corporation has the following...Ch. 9 - BE9-3 (L01) Kumar Inc. uses a perpetual inventory...Ch. 9 - Prob. 4BE Ch. 9 - BE9-5 (L02) Kumar Inc. uses LIFO inventory...Ch. 9 - Prob. 6BE Ch. 9 - Prob. 7BE Ch. 9 - BE9-8 (L03) Use the information for Kemper...Ch. 9 - Prob. 9BE Ch. 9 - Prob. 10BE Ch. 9 - Prob. 11BE Ch. 9 - Prob. 12BE Ch. 9 - Prob. 13BE Ch. 9 - E9-1 (L01) (LCNRV) The inventory of Oheto Company...Ch. 9 - E9-2 (L01) (LCNRV) Riegel Company uses the LCNRV...Ch. 9 - Prob. 3E Ch. 9 - E9-4 (L01) (LCNRV-Journal Entries) Dover Company...Ch. 9 - Prob. 5E Ch. 9 - E9-6 (L01) (LCNRV-Error Effect) LaGreca Company...Ch. 9 - Prob. 7E Ch. 9 - E9-8 (L02) (Lower-of-Cost-or-Market-Journal...Ch. 9 - E9-9 (L03) (Relative Sales Value Method) Phil...Ch. 9 - E9-10 (L03) (Relative Sales Value Method) During...Ch. 9 - Prob. 11E Ch. 9 - E9-12 (L03) (Purchase Commitments) At December...Ch. 9 - Prob. 13E Ch. 9 - Prob. 14E Ch. 9 - Prob. 15E Ch. 9 - Prob. 16E Ch. 9 - Prob. 17E Ch. 9 - Prob. 18E Ch. 9 - Prob. 19E Ch. 9 - E9-20 (L05) (Retail Inventory Method) Presented...Ch. 9 - Prob. 21E Ch. 9 - Prob. 22E Ch. 9 - E9-23 (L06) (Analysis of Inventories) The...Ch. 9 - *E9-24 (L07) (Retail Inventory Method Conventional...Ch. 9 - *E9-25 (L07) (Retail Inventory Method-Conventional...Ch. 9 - *E9-26 (L07) (Dollar-Value LIFO Retail) You...Ch. 9 - *E9-27 (L07) (Dollar-Value LIFO Retail) Presented...Ch. 9 - E9-28 (L07) (Conventional Retail and Dollar-Value...Ch. 9 - E9-29 (L07) (Dollar-Value LIFO Retail) Connie...Ch. 9 - *E9-30 (L07) (Change to LIFO Retail) John Olerud...Ch. 9 - Prob. 1P Ch. 9 - Prob. 2P Ch. 9 - P9-3 (L01) (LCNRV-Cost-of-Goods-Sold and Loss)...Ch. 9 - Prob. 4P Ch. 9 - Prob. 5P Ch. 9 - Prob. 6P Ch. 9 - P9-7 (L04) (Gross Profit Method) On April 15,...Ch. 9 - P9-8 (L05) (Retail Inventory Method) The records...Ch. 9 - Prob. 9P Ch. 9 - P9-10 (L05) (Retail Inventory Method) Fuque Inc....Ch. 9 - Prob. 11P Ch. 9 - Prob. 12P Ch. 9 - Prob. 13P Ch. 9 - Prob. 14P Ch. 9 - Prob. 15P Ch. 9 - CA9-1 (LCNRV) You have been asked by the financial...Ch. 9 - CA9-2 (LCNRV) The net realizable value of Lake...Ch. 9 - Prob. 3CA Ch. 9 - Prob. 4CA Ch. 9 - Prob. 5CA Ch. 9 - Prob. 6CA Ch. 9 - Prob. 7CA Ch. 9 - Financial Reporting Problem The Procter & Gamble...Ch. 9 - Prob. 2UJ Ch. 9 - Prob. 3UJ Ch. 9 - Prob. 4UJ Ch. 9 - Prob. 5UJ Ch. 9 - Prob. 1CE Ch. 9 - Prob. 2CE Ch. 9 - Prob. 3CE Ch. 9 - Prob. 4CE Ch. 9 - Prob. 1CRC Ch. 9 - Prob. 1IST Ch. 9 - Prob. 2IST Ch. 9 - Prob. 3IST Ch. 9 - Prob. 4IST Ch. 9 - Prob. 5IST Ch. 9 - Prob. 1ICA Ch. 9 - Prob. 2ICA Ch. 9 - Prob. 3ICA Ch. 9 - Prob. 4ICA Ch. 9 - Prob. 5ICA Ch. 9 - Prob. 6ICA Ch. 9 - Prob. 7ICA Ch. 9 - Prob. 8ICA Ch. 9 - Prob. 9ICA Ch. 9 - IFRS9-10 Jones Co. is in a technology-intensive...Ch. 9 - Prob. 11ICA

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