Homework Answers
| D | E | F | G | H | I | |||
| Selling price | 120 | 110 | 95 | 90 | 110 | 90 | ||
| Less: selling cost | 10 | 18 | 10 | 20 | 10 | 20 | ||
| Less: Coost to complete | 30 | 30 | 25 | 35 | 30 | 30 | ||
| Nnet realizable value | 80 | 62 | 60 | 35 | 70 | 40 | ||
| Cost | 75 | 80 | 80 | 80 | 50 | 36 | ||
| Inventory Cost | 75 | 62 | 60 | 35 | 50 | 36 | ||
| (Cost or Net realizable value, whichever is less) | ||||||||
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4. Lorrer of Cost or Not Realizable Riegal Company uses the Lower of Cost or Net...
E9-2 (L01) (LCNRV) Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its...
E9-2 (L01) (LCNRV) Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D $120 $110 $95 $90 $110 $90 80 80 50 Estimated selling price Cost Cost to complete Selling costs 35 30 18 30 10 Instructions Using the LCNRV rule, determine the proper unit value for balance...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net Realizable Value Part per unit Quantity A419 6,400 $15 $27 A435 5,440 A545 12,928 A615 9,600 A721 14,080 A885 17,920 A999) 11,776 Part No.A999 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine...
Exercise 9-1 The inventory of Skysong Company on December 31, 2017, consists of the following items....
Exercise 9-1
The inventory of Skysong Company on December 31, 2017, consists
of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
620
$121
$127
111
1,080
76
66
112
540
102
97
113
220
216
229
120
440
260
264
121
a
1,400
20
1
122
330
305
298
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December 31,
2017, by the...
The inventory of Ohio Company on December 31, 2017, consists of the following items Part Quantity...
The inventory of Ohio Company on December 31, 2017, consists of the following items Part Quantity Cost per unit Net Realizable Value per unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 1,600 16 1 122 300 240 235 Part No. 121 is obsolete and as a result has a realizable value of $1 each as scrap. Determine the inventory as of December 31, 2017, by the...
The inventory of Cullumber Company on December 31, 2017, consists of the following items. Part Quantity...
The inventory of Cullumber Company on December 31, 2017,
consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
640
$126
$133
111
1,100
80
69
112
450
106
101
113
190
226
239
120
410
273
277
121
a
1,700
21
1
122
320
319
313
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December 31,
2017, by the LCNRV method,...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual...
our answer is incorrect. Try again. The inventory of Flint Company on December 31, 2017, consists...
our answer is incorrect. Try again.
The inventory of Flint Company on December 31, 2017, consists of
the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
600
$98
$103
111
920
62
54
112
490
82
78
113
220
175
185
120
360
211
214
121
a
1,500
16
1
122
320
247
242
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December...
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January...
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January 1 of the current year and is preparing the annual financial state ments dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When Net Realizable Value on Hand Acquired (FIFO) (Market) at Year-End $20 $15 40 44 55 27 32 Required: 1. Compute the valuation that should...
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The...
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Estimated selling price Cost - Item D $120 75 30 10 Item E $110 80 30 18 Item F $95 80 25 10 Item G $90 30 35 20 Item H Item $110 $90 50 36 30 30 10 20...
Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at...
Determining Lower of Cost or Net Realizable Value (NRV) Crane Company had the following inventory at December 31, 2017. Unit Price QuantityCostNRV Desks Model 900174$190$210 Model 900249280268 Model 900324350360 Cabinets Model 70011246064 Model 7002849588 Model 700354130126 a. Determine the ending inventory amount by applying the net realizable value rule to: 1. Each item of inventory. $Answer 2. Each major category of inventory. $Answer 3. Total inventory. $Answer
E9-2 (L01) (LCNRV) Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D $120 $110 $95 $90 $110 $90 80 80 50 Estimated selling price Cost Cost to complete Selling costs 35 30 18 30 10 Instructions Using the LCNRV rule, determine the proper unit value for balance...
The inventory of Sheridan Company on December 31, 2020, consists of the following items. Cost Net Realizable Value Part per unit Quantity A419 6,400 $15 $27 A435 5,440 A545 12,928 A615 9,600 A721 14,080 A885 17,920 A999) 11,776 Part No.A999 is obsolete and has a realizable value of $1 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 $ (b) Determine...
Exercise 9-1
The inventory of Skysong Company on December 31, 2017, consists
of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
620
$121
$127
111
1,080
76
66
112
540
102
97
113
220
216
229
120
440
260
264
121
a
1,400
20
1
122
330
305
298
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December 31,
2017, by the...
The inventory of Cullumber Company on December 31, 2017,
consists of the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
640
$126
$133
111
1,100
80
69
112
450
106
101
113
190
226
239
120
410
273
277
121
a
1,700
21
1
122
320
319
313
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December 31,
2017, by the LCNRV method,...
Calculating Lower-ot Cost-or-Net Realizable Value The following information is from Guccii Company's individual inventory items as of December 31, 2020. Inventory Quantity Cost per Unit Net Realizable Value per Unit Classification:Premium Item 1 $180 $185 Item 2 150 100 98 Item 3 165 175 Item 4 Classification: Classic Item 5 80 200 158 Item 6 Item 7 Item 8 500 280 80 Required a. Calculate lower-of-cost-or-net realizable value of Guccii's December 31, 2020, inventory applying the rule to each individual...
our answer is incorrect. Try again.
The inventory of Flint Company on December 31, 2017, consists of
the following items.
Part
Quantity
Cost per Unit
Net Realizable Value
110
600
$98
$103
111
920
62
54
112
490
82
78
113
220
175
185
120
360
211
214
121
a
1,500
16
1
122
320
247
242
a Part No. 121 is obsolete and has a realizable value of
$1 each as scrap.
(a) Determine the inventory as of December...
Reporting Inventory at Lower of Cost or Net Realizable Value Sanchez Company was formed on January 1 of the current year and is preparing the annual financial state ments dated December 31, current year. Ending inventory information about the four major items stocked for regular sale follows: Item ENDING INVENTORY, CURRENT YEAR Quantity Unit Cost When Net Realizable Value on Hand Acquired (FIFO) (Market) at Year-End $20 $15 40 44 55 27 32 Required: 1. Compute the valuation that should...
Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Estimated selling price Cost - Item D $120 75 30 10 Item E $110 80 30 18 Item F $95 80 25 10 Item G $90 30 35 20 Item H Item $110 $90 50 36 30 30 10 20...
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