Homework Answers
Correct Answer:
|
A |
B |
C =MIN(A,B) |
D |
E=C*D |
|
|
Cost per unit |
Net Realizable Value |
Lower of Cost or NRV |
Quantity |
Inventory as of Dec 31, 2017 |
|
|
Cameras |
|||||
|
Minolta |
$ 179.00 |
$ 171.00 |
$ 171.00 |
5 |
$ 855.00 |
|
Canon |
$ 138.00 |
$ 143.00 |
$ 138.00 |
7 |
$ 966.00 |
|
Light Meters |
|||||
|
Vivitar |
$ 120.00 |
$ 108.00 |
$ 108.00 |
12 |
$ 1,296.00 |
|
Kodak |
$ 118.00 |
$ 118.00 |
$ 118.00 |
11 |
$ 1,298.00 |
|
$ - |
$ 4,415.00 |
End of answer.
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WD1 6-9
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Answer part 1 and 2
Sunland Frame Camera Shop 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
Market Value
Cameras:
Minolta
9
$164
$153
Canon
10
151
153
Light meters:
Vivitar
20
124
114
Kodak
18
120
135
Determine the amount of the ending inventory by applying the
lower-of-cost-or-net realizable value basis.
The ending inventory
$
-----
Sheffield Company had a beginning inventory on January 1 of...
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WD1 6-9
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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
Answer part 1 and 2
Sunland Frame Camera Shop 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
Market Value
Cameras:
Minolta
9
$164
$153
Canon
10
151
153
Light meters:
Vivitar
20
124
114
Kodak
18
120
135
Determine the amount of the ending inventory by applying the
lower-of-cost-or-net realizable value basis.
The ending inventory
$
-----
Sheffield Company had a beginning inventory on January 1 of...
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