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 |
|
|
|
Homework Answers
Calculation of NRV :-
Skis = 307.40 - 27.55 - 46.40 = 233.45
Boots = 210.25 - 11.60 - 42.05 = 156.60
Parkas = 106.94 - 3.63 - 30.81 = 72.50
| Item | Cost | NRV | LCNRV |
| Skis | 275.50 | 233.45 | $233.45 |
| Boots | 153.70 | 156.60 | $153.70 |
| Parkas | 76.85 | 72.50 | $72.50 |
Add Answer to:
Brief Exercise 9-1
Presented below is information related to Novak Inc.’s
inventory.
(per unit)
Skis
Boots...
Please fill the blanks. Thanks Brief Exercise 9-1 Presented below is information related to Ivanhoe Inc.'s...
Please fill the blanks. Thanks
Brief Exercise 9-1 Presented below is information related to Ivanhoe Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost Selling price Cost to sell Cost to complete $218.50 243.80 21.85 36.80 $121.90 166.75 9.20 33.35 $60.95 84.81 2.88 24.44 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. Cost NRV LCNRV Item Skis Boots Parkas LINK TO TEXT
Presented below is information related to Sheridan Inc.'s inventory. Skis (per unit) Historical cost Selling price...
Presented below is information related to Sheridan Inc.'s inventory. Skis (per unit) Historical cost Selling price Cost to sell Cost to complete $256.50 286.20 25.65 43.20 Boots $143.10 195.75 10.80 39.15 Parkas $71.55 99.56 3.38 28.69 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, e.g. 52.75.) Item Cost NRV LCNRV Skis $ Boots Parkas Click if you would like to Show Work for...
Brief Exercise 9-1 Your answer is partially correct. Try again. Presented below is information related to...
Brief Exercise 9-1 Your answer is partially correct. Try again. Presented below is information related to Ivanhoe Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost Selling price Cost to sell Cost to complete $121.90 $218.50 243.80 21.85 36.80 $60.95 84.81 2.88 24.44 166.75 9.20 33.35 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. LCNRV Item Cost NRV Skis 218 121.9 Parkas
Question 3 View Policies Current Attempt in Progress Presented below is information related to Monty Inc.'s...
Question 3 View Policies Current Attempt in Progress Presented below is information related to Monty Inc.'s inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Skis Boots Parkas $199.50 $111.30 $55.65 222.60 152.25 77.44 19.95 8.40 2.63 33.60 30.45 22.31 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
Brief Exercise 9-4 Presented below is information related to Cheyenne Inc.'s inventory, assuming Cheyenne uses lower-of-LIFO...
Brief Exercise 9-4 Presented below is information related to Cheyenne Inc.'s inventory, assuming Cheyenne uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $281.20 313.76 28.12 300.44 47.36 $156.88 214.60 11.84 155.40 42.92 $78.44 109.15 3.70 75.48 31.45 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Ceiling Limit Floor Limit...
Presented below is selected information related to Bonita Electronics' inventory. HDTV 42" HDTV- TV 50" Stand (per unit...
Presented below is selected information related to Bonita Electronics' inventory. HDTV 42" HDTV- TV 50" Stand (per unit) $370 $264 Historical cost $53 Selling price 474 290 70 Cost to sell 27 13 2. Cost to complete 46 21 6 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) (b) LCNRV NRV HDTV-50" HDTV-42" TV Stand
Presented below is information related to Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots...
Presented below is information related to Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots Parkas (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $212.80 237.44 21.28 227.36 35.84 $118.72 162.40 8.96 117.60 32.48 $59.36 82.60 2.80 57.12 23.80 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Ceiling Limits Floor Limit (b) The cost...
Presented below is selected information related to Bonita Electronics' inventory. TV Stand HDTV- 50" $437 561...
Presented below is selected information related to Bonita Electronics' inventory. TV Stand HDTV- 50" $437 561 32 (per unit) Historical cost Selling price Cost to sell Cost to complete $62 HDTV- 42" $312 342 16 25 54 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) NRV (b) LCNRV HDTV-50" HDTV-42" TV Stand
Presented below is selected information related to Headlands Electronics'inventory. HDTV- 50" HDTV 42" Stand $428 $61...
Presented below is selected information related to Headlands Electronics'inventory. HDTV- 50" HDTV 42" Stand $428 $61 (per unit) Historical cost Selling price Cost to sell Cost to complete $306 336 550 M Determin&Rhe following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) (b) LCNRV NRV HDTV-50" $ HDTV-42 TV Stand
Presented below is information related to Coronado Inc.’s inventory, assuming Coronado uses lower-of-LIFO cost-or-market. (per unit)...
Presented below is information related to Coronado Inc.’s
inventory, assuming Coronado uses lower-of-LIFO
cost-or-market.
(per unit)
Skis
Boots
Parkas
Historical cost
$254.60
$142.04
$71.02
Selling price
284.08
194.30
98.83
Cost to distribute
25.46
10.72
3.35
Current replacement cost
272.02
140.70
68.34
Normal profit margin
42.88
38.86
28.48
Determine the following:
(a) The two limits to market value (i.e., the
ceiling and the floor) that should be used in the
lower-of-cost-or-market computation for skis.
Ceiling Limit
$
Floor Limit
$
(b)...
Please fill the blanks. Thanks
Brief Exercise 9-1 Presented below is information related to Ivanhoe Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost Selling price Cost to sell Cost to complete $218.50 243.80 21.85 36.80 $121.90 166.75 9.20 33.35 $60.95 84.81 2.88 24.44 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. Cost NRV LCNRV Item Skis Boots Parkas LINK TO TEXT
Presented below is information related to Sheridan Inc.'s inventory. Skis (per unit) Historical cost Selling price Cost to sell Cost to complete $256.50 286.20 25.65 43.20 Boots $143.10 195.75 10.80 39.15 Parkas $71.55 99.56 3.38 28.69 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. (Round answers to 2 decimal places, e.g. 52.75.) Item Cost NRV LCNRV Skis $ Boots Parkas Click if you would like to Show Work for...
Brief Exercise 9-1 Your answer is partially correct. Try again. Presented below is information related to Ivanhoe Inc.'s inventory. (per unit) Skis Boots Parkas Historical cost Selling price Cost to sell Cost to complete $121.90 $218.50 243.80 21.85 36.80 $60.95 84.81 2.88 24.44 166.75 9.20 33.35 Determine the following: the net realizable value for each item, and the carrying value of each item under LCNRV. LCNRV Item Cost NRV Skis 218 121.9 Parkas
Question 3 View Policies Current Attempt in Progress Presented below is information related to Monty Inc.'s inventory. (per unit) Historical cost Selling price Cost to sell Cost to complete Skis Boots Parkas $199.50 $111.30 $55.65 222.60 152.25 77.44 19.95 8.40 2.63 33.60 30.45 22.31 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
Brief Exercise 9-4 Presented below is information related to Cheyenne Inc.'s inventory, assuming Cheyenne uses lower-of-LIFO cost-or-market. (per unit) Skis Boots Parkas Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $281.20 313.76 28.12 300.44 47.36 $156.88 214.60 11.84 155.40 42.92 $78.44 109.15 3.70 75.48 31.45 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Ceiling Limit Floor Limit...
Presented below is selected information related to Bonita Electronics' inventory. HDTV 42" HDTV- TV 50" Stand (per unit) $370 $264 Historical cost $53 Selling price 474 290 70 Cost to sell 27 13 2. Cost to complete 46 21 6 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) (b) LCNRV NRV HDTV-50" HDTV-42" TV Stand
Presented below is information related to Ayayai Inc.'s inventory, assuming Ayayai uses lower-of-LIFO cost-or-market. Skis Boots Parkas (per unit) Historical cost Selling price Cost to distribute Current replacement cost Normal profit margin $212.80 237.44 21.28 227.36 35.84 $118.72 162.40 8.96 117.60 32.48 $59.36 82.60 2.80 57.12 23.80 Determine the following: (a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis. Ceiling Limits Floor Limit (b) The cost...
Presented below is selected information related to Bonita Electronics' inventory. TV Stand HDTV- 50" $437 561 32 (per unit) Historical cost Selling price Cost to sell Cost to complete $62 HDTV- 42" $312 342 16 25 54 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) NRV (b) LCNRV HDTV-50" HDTV-42" TV Stand
Presented below is selected information related to Headlands Electronics'inventory. HDTV- 50" HDTV 42" Stand $428 $61 (per unit) Historical cost Selling price Cost to sell Cost to complete $306 336 550 M Determin&Rhe following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV. (a) (b) LCNRV NRV HDTV-50" $ HDTV-42 TV Stand
Presented below is information related to Coronado Inc.’s
inventory, assuming Coronado uses lower-of-LIFO
cost-or-market.
(per unit)
Skis
Boots
Parkas
Historical cost
$254.60
$142.04
$71.02
Selling price
284.08
194.30
98.83
Cost to distribute
25.46
10.72
3.35
Current replacement cost
272.02
140.70
68.34
Normal profit margin
42.88
38.86
28.48
Determine the following:
(a) The two limits to market value (i.e., the
ceiling and the floor) that should be used in the
lower-of-cost-or-market computation for skis.
Ceiling Limit
$
Floor Limit
$
(b)...
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