•Robust Inc. has the following information related to an item in its ending inventory. Product 66...
•Robust Inc. has the following information related to an item in its ending
inventory. Product 66 has a cost of $6,500, a selling price of $7,100, a cost to
complete of $600, and a cost to sell of $400. What is the lower-of-cost-or-net
realizable value for product 66?
Journalize in the Loss & COGS method
Homework Answers
| Selling price | 7100 | ||
| Less: Cost to complete | 600 | ||
| Less: Cost to sell | 400 | ||
| Net realizable value | 6100 | ||
| Lower-of-cost-or-net realizable value is net realizable value | |||
| Lower-of-cost-or-net realizable value for product 66 = $6100 | |||
| Journal entry: | |||
| Debit | Credit | ||
| Cost of goods sold | 400 | =6500-6100 | |
| Inventory | 400 | ||
Add Answer to:
•Robust Inc. has the following information related to an item in
its ending
inventory. Product 66...
Cullumber Inc has the following information related to an item in its ending inventory. Acer Top...
Cullumber Inc has the following information related to an item in its ending inventory. Acer Top has a cost of $30, a replacement cost of $27, a net realizable value of $31, and a normal profit margin of $3. What is the final-lower of cost or market inventory value for Acer Top?
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on...
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women CEO department Realizable value Quantity Unit Cost 249 $28 $31 159 Accessories Item 620 Item 621 Women CEO Item 726 Item 727 199 101 139 1. What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and...
3. Bethel Co. has collected the following data related to its ending inventory: Product Units on...
3. Bethel Co. has collected the following data related to its ending inventory: Product Units on Hand Unit Cost Unit NRV 849 200 $12 $11 842 160 $13 $14 1847 85 $12 $13 1860 40 $21 $22 Calculate the lower of cost and net realizable value (LCNRV) on an item by item basis.
Herman Company has three products in its ending inventory. Specific per unit data at the end...
Herman 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 $33 79 6 Product 2 $103 159 66 Product 3 $ 63 109 23 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost NRV Per Unit...
Riverbed Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price...
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Sheffield Corporation has the following four items in its ending inventory: Item Cost Estimated Selling Price...
Sheffield Corporation has the following four items in its
ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,930
$2,210
$117
Ocillinos
4,940
4,840
107
Electrons
4,350
4,685
206
Protons
3,460
4,470
107
Assume that Sheffield is a public company using IFRS. Determine
the total value of ending inventory, using the lower of cost and
net realizable value model applied on an individual item
basis.
Item
LC and NRV
Neutrinos
$
Ocillinos
$
Electrons
$
Protons
$...
Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos...
Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos 5,000 Electrons 4,290 Protons 3,200 Estimated Estimated Selling Price Disposal Costs $2,100 $100 4,900 100 4,625 200 4,210 100 (a) Assume that Antimatter is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos $ Ocillinos Electrons Protons Total
Please consider the following data related to the ending inventory for Company A: Item Code Quantity...
Please consider the following data related to the ending inventory for Company A: Item Code Quantity Unit Cost Unit NRV Small 150 $250 $255 Medium 420 143 145 Large 500 162 168 Extra-Large 370 273 268 What is the ending inventory balance if the lower of cost or net realizable value rule is applied to each item of inventory?
13. Niles Co. has the following data related to inventory Inventory, March 1 Purchase, March 7...
13. Niles Co. has the following data related to inventory Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units 1400 units @S2.00 @S2.30 @ $2.50 280 units 600 units The value assigned to Ending Inventory if Niles uses LIFO is: a. $1,200 b. S1,260 c. $1,380 d. $1,480 14. The following information is given for a specific inventory item: Cost $100 120 32 15 Estimated selling price Cost to complete Selling cost What is the...
Brief Exercise 9-1 Presented below is information related to Novak Inc.’s inventory. (per unit) Skis Boots...
Brief Exercise 9-1
Presented below is information related to Novak Inc.’s
inventory.
(per unit)
Skis
Boots
Parkas
Historical cost
$275.50
$153.70
$76.85
Selling price
307.40
210.25
106.94
Cost to sell
27.55
11.60
3.63
Cost to complete
46.40
42.05
30.81
Determine the following: the net realizable value for each item,
and the carrying value of each item under LCNRV.
Item
Cost
NRV
LCNRV
Skis
$
$
$
Boots
Parkas
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women CEO department Realizable value Quantity Unit Cost 249 $28 $31 159 Accessories Item 620 Item 621 Women CEO Item 726 Item 727 199 101 139 1. What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and...
3. Bethel Co. has collected the following data related to its ending inventory: Product Units on Hand Unit Cost Unit NRV 849 200 $12 $11 842 160 $13 $14 1847 85 $12 $13 1860 40 $21 $22 Calculate the lower of cost and net realizable value (LCNRV) on an item by item basis.
Herman 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 $33 79 6 Product 2 $103 159 66 Product 3 $ 63 109 23 Required: What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost NRV Per Unit...
Sheffield Corporation has the following four items in its
ending inventory:
Item
Cost
Estimated
Selling Price
Estimated
Disposal Costs
Neutrinos
$
1,930
$2,210
$117
Ocillinos
4,940
4,840
107
Electrons
4,350
4,685
206
Protons
3,460
4,470
107
Assume that Sheffield is a public company using IFRS. Determine
the total value of ending inventory, using the lower of cost and
net realizable value model applied on an individual item
basis.
Item
LC and NRV
Neutrinos
$
Ocillinos
$
Electrons
$
Protons
$...
Antimatter Corporation has the following four items in its ending inventory: Item Cost Neutrinos $1,820 Ocillinos 5,000 Electrons 4,290 Protons 3,200 Estimated Estimated Selling Price Disposal Costs $2,100 $100 4,900 100 4,625 200 4,210 100 (a) Assume that Antimatter is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item LC and NRV Neutrinos $ Ocillinos Electrons Protons Total
13. Niles Co. has the following data related to inventory Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units 1400 units @S2.00 @S2.30 @ $2.50 280 units 600 units The value assigned to Ending Inventory if Niles uses LIFO is: a. $1,200 b. S1,260 c. $1,380 d. $1,480 14. The following information is given for a specific inventory item: Cost $100 120 32 15 Estimated selling price Cost to complete Selling cost What is the...
Brief Exercise 9-1
Presented below is information related to Novak Inc.’s
inventory.
(per unit)
Skis
Boots
Parkas
Historical cost
$275.50
$153.70
$76.85
Selling price
307.40
210.25
106.94
Cost to sell
27.55
11.60
3.63
Cost to complete
46.40
42.05
30.81
Determine the following: the net realizable value for each item,
and the carrying value of each item under LCNRV.
Item
Cost
NRV
LCNRV
Skis
$
$
$
Boots
Parkas
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