Homework Answers
"VALUATION OF INVENTORIES", INVENTORIES SHOULD BE VALUED AT THE LOWER OF COST OR MARKET VALUE. INVENTORIES SHOULD BE WRITTEN DOWN TO MARKET VALUE ON AN ITEM BY ITEM BASIS.
| ITEMS (a) | UNITS (b) | COST PER UNIT (c) | MARKET VALUE PER UNIT (d) | VALUATION OF CLOSING INVENTORY PER UNIT (e) = ( LOWER OF (c) OR (d) ) | TOTAL VALUE (f) = (b) x (e) |
| CAMERAS | |||||
| MINOLTA | 5 | $ 168 | $ 143 | $ 143 | $ 715 |
| CANON | 8 | $ 133 | $ 154 | $ 133 | $1064 |
| LIGHT METERS | |||||
| VIVITAR | 12 | $ 114 | $ 100 | $ 100 | $ 1200 |
| KODAK | 11 | $ 109 | $ 128 | $ 109 | $ 1199 |
| TOTAL VALUATION OF CLOSING INVENTORIES SHOWN IN FS | $ 4178 |
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Exercise 6-9 Ivanhoe Company uses the lower-of-cost-or-market basis for its inventory. The following data are available...
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WD1 6-9
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Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data...
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 7 $178 153 $149 161 Canon 153 Light Meters Vivitar 136 111 Kodak 111 141 What amount should be reported on Blossom Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ 4425
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Exercise 6-9 Ivanhoe Company uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31 Cost Market Units per Unit per Unit Cameras $173 132 $147 162 Minolta Canon Light Meters Vivitar Kodak 121 12 10 119 137 113 What amount should be reported on Ivanhoe Company's financial statements, assuming the lower-of-cost-or-market rule is appled Total LINK TO TEXT VIDEO: APPLIED SKİLLS VIDEO: SIMILAR EXERCISE Question Attempts: 0 of 3 used S
Waterway Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31 Net Realizable Value per Unit Cost per Unit Units Cameras Minolta $184 Canon $147 162 154 Light Meters Vivitar 114 104 Kodak 109 What amount should be reported on Waterway Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rules applied Total $
WD1 6-9
Exercise 6-9 Sweet Acacda, Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31 Cost Market per Unit Units per Unit Minolta $179 153 $143 158 Light Meters Vivitar Kodak 13 132 120 119 130 What amount should be reported on Sweet Acacia, Inc.'s financial statements, assuming the lower-of-cost-or-market rule is applied?
Whispering Winds Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Units Unit Cost Net Realizable Value Item Cameras Minolta Canon Light meters: Vivitar Kodak $174 141 $165 190 138 125 107 135 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory $
Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 7 $178 153 $149 161 Canon 153 Light Meters Vivitar 136 111 Kodak 111 141 What amount should be reported on Blossom Camera Shop's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total $ 4425
x Your answer is incorrect. Try again. Sheffield Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Net Realizable Value Unit Cost 4 10 $177 145 $164 186 Cameras: Minolta Canon Light meters: Vivitar Kodak 14 131 19119 112 139 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6725 LINK TO TEYT
Exercise 6-12 X] your answer is incorrect. Try again. Wildhorse Co. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Units Unit Cost Net Realizable Value Cameras: Minolta 7 $179 $153 Canon 10 149 172 Light meters: Vivitar 13 136 108 Kodak 19122 128 Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory The ending inventory 6627) 6627
Tour answer is COTTEL Wildhorse Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Value per Unit Cost per Unit Units Cameras Minolta 5 $158 $156 Canon Light Meters Vivitar 12 127 108 103 130 Kodak What amount should be reported on Wildhorse Camera Shop's francial statements, assuming the lower-of-costornet realizable value rule is applied? Total 5 4236
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