Homework Answers
| Product | units on hand | unit cost | NRV | Lower of cost or NRV | Cost of Ending Inventory |
| 849 | 200 | $12 | $11 | $11 | $2,200 |
| 842 | 160 | $13 | $14 | $13 | $2,080 |
| 847 | 85 | $12 | $13 | $12 | $1,020 |
| 860 | 40 | $21 | $22 | $21 | $840 |
| Total Value | $6,140 | ||||
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3. Bethel Co. has collected the following data related to its ending inventory: Product Units on...
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?
E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 H.T. Tan Company...
E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value Quantity Acquired (Market) on Hand (FIFO) at Year-End $16 $19 44 34 25 52 Item 65 95 85 365 Required: Compute the valuation that should be used for...
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
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: Product 1 $34 Product 2 $104 Cost Selling price Costs to sell Product 3 $ 64 112 24 7 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? Product Cost NRV ... Per Unit Inventory...
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: Product 1 $28 Cost Selling price Costs to sell Product 2 $ 98 144 56 Product 3 $58 94 18 64 8 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? Product Cost NRV Per...
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
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows...
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,160 5,400 4,752 3,456 Net Realizable Value (NRV) $2,268 5,346 4,995 4,136 Determine the following the LCNRV for each item. Item LCNRV Jokers Penguins Riddlers Scarecrows (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for the amounts.) Item Write-down Jokers Penguins Riddlers Scarecrows (2) Determine a total category LCNRV evaluation. (If no write-down,...
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...
Oriole Corporation has the following four items in its ending inventory. Item Cost Net Realizable Value...
Oriole Corporation has the following four items in its ending inventory. Item Cost Net Realizable Value (NRV) Jokers $2,800 $2,940 Penguins 7,000 6,930 Riddlers 6,160 6,475 Scarecrows 4,480 5,362 Determine the following the LCNRV for each item. Item LCNRV Jokers $enter a dollar amount Penguins enter a dollar amount Riddlers enter a dollar amount Scarecrows enter a dollar amount
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers...
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers Scarecrows 4,544 Cost Value (NRV) $2,840 7,100 $2,982 7,029 6,568 5,439 6,248 Determine the following the LCNRV for each item. Item okers Penguins Riddlers LCNRV (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter 0 for the amounts.) Item okers Penguins Riddlers Scarecrows Write-down (2) Determine a total category LCNRV evaluation. (If no write-down, enter 0...
E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value Quantity Acquired (Market) on Hand (FIFO) at Year-End $16 $19 44 34 25 52 Item 65 95 85 365 Required: Compute the valuation that should be used for...
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
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: Product 1 $34 Product 2 $104 Cost Selling price Costs to sell Product 3 $ 64 112 24 7 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? Product Cost NRV ... Per Unit Inventory...
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: Product 1 $28 Cost Selling price Costs to sell Product 2 $ 98 144 56 Product 3 $58 94 18 64 8 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? Product Cost NRV Per...
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
Martinez Corporation has the following four items in its ending inventory. Item Jokers Penguins Riddlers Scarecrows Cost $2,160 5,400 4,752 3,456 Net Realizable Value (NRV) $2,268 5,346 4,995 4,136 Determine the following the LCNRV for each item. Item LCNRV Jokers Penguins Riddlers Scarecrows (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter o for the amounts.) Item Write-down Jokers Penguins Riddlers Scarecrows (2) Determine a total category LCNRV evaluation. (If no write-down,...
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...
Pronghorn has the following four items in its ending inventory Net Realizable tem okers Penguins Riddlers Scarecrows 4,544 Cost Value (NRV) $2,840 7,100 $2,982 7,029 6,568 5,439 6,248 Determine the following the LCNRV for each item. Item okers Penguins Riddlers LCNRV (1) Determine the amount of write-down, if any, using an item-by-item LCNRV evaluation. (If no write-down, enter 0 for the amounts.) Item okers Penguins Riddlers Scarecrows Write-down (2) Determine a total category LCNRV evaluation. (If no write-down, enter 0...
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