Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) A13Y 80 $26...

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
A13Y	80	$26	$31
O5T4	162	14	11

Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.

Solutions

Expert Solution

Answer-----------$3,862

Working

	Inventory Value
A13Y	$ 2,080.00
O5T4	$ 1,782.00
Total	$ 3,862.00

Item	Quantity	Cost per unit	Total Cost	Market value per unit	Total Net realizable value	Lower of cost or Market
A13Y	80	$ 26.00	$ 2,080.00	$ 31.00	$ 2,480.00	$ 2,080.00
O5T4	162	$ 14.00	$ 2,268.00	$ 11.00	$ 1,782.00	$ 1,782.00

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

PER UNIT Inventory Quantity Cost Net Realizable Value(NRV) Class 1 Snowman A 50 100 120 Snowman...

PER UNIT Inventory Quantity Cost Net Realizable Value(NRV) Class 1 Snowman A 50 100 120 Snowman B 30 150 140 Class 2 Sleigh A 120 90 100 Sleigh B 60 130 140 Sleigh C 40 200 150 Develop a table below to compute the amount of any adjustment that is required to inventory by individual type of item and by the class of inventory. Provide the journal entry for the adjustment first by the individual amount (direct method) and then...

Lower-of-Cost-or-Market Method On the basis of the following data: Item Inventory Quantity Cost per Unit Market...

Lower-of-Cost-or-Market MethodOn the basis of the following data: $$ \begin{array}{lccc} \text { Item } & \text { Inventory Quantity } & \text { Cost per Unit } & \begin{array}{l} \text { Market Value per Unit } \\ \text { (Net Realizable Value) } \end{array} \\ \hline \text { JFW1 } & 6,330 & \$ 10 & \$ 11 \\ \text { SAW9 } & 1,140 & 36 & 34 \end{array} $$Determine the value of the inventory at the lower-of-cost-or-market by applying...

Consider the following information pertaining to OldWest's inventory: Product Quantity Cost Net Realizable Value Revolvers...

Consider the following information pertaining to OldWest's inventory: Product Quantity Cost Net Realizable Value Revolvers 17 $ 124 $ 159 Spurs 28 25 20 Hats 11 54 44 $3,152. $3,402. $3,244. $3,747. At what amount should OldWest report its inventory?

Lower-of-Cost-or-Market Inventory On the basis of the following data: Product Inventory Quantity Cost per Unit Market...

Lower-of-Cost-or-Market Inventory On the basis of the following data: Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Model A 13 $198 $223 Model B 42 63 56 Model C 36 126 144 Model D 13 241 237 Model E 33 144 152 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory at the Lower of Cost or Market Product Total...

Lower-of-Cost-or-Market Inventory On the basis of the following data: Product Inventory Quantity Cost per Unit Market...

Lower-of-Cost-or-Market Inventory On the basis of the following data: Product Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Model A 12 $106 $102 Model B 45 84 70 Model C 36 254 243 Model D 31 85 88 Model E 41 132 148 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory at the Lower of Cost or Market Product Total...

The following data refer to Bear Company's ending inventory: Item code Quantity Unit Cost Unit Market...

The following data refer to Bear Company's ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $228 $232 Medium 420 152 176 Large 600 168 176 Extra-Large 220 268 256 How much is the inventory if the lower of cost or market rule is applied to each item of inventory? Select one: A. $252,640 B. $243,760 C. $265,440 D. None of the above

What is the inventory carrying cost per unit per year for this item?

For a certain item, the cost-minimizing order quantity obtained with the basic EOQ model is 200 units, and the total annual inventory (carrying and setup) cost is $600. What is the inventory carrying cost per unit per year for this item?

Home furnishings reports inventory using the lower of cost and net realizable value (NRV).

Home furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Required: 1. Calculate the total recorded cost of ending inventory before any adjustments. 2. Calculate ending inventory using the lower of cost and net realizable value. 3. Record any necessary adjustment to inventory. 4. Explain the impact of the adjustment in the financial statements.

A company reports inventory using the lower of cost and net realizable value. See the following...

A company reports inventory using the lower of cost and net realizable value. See the following information related to its year-end inventory: Inventory Quantity Cost NRV Item A 150 $ 29 $ 34 Item B 50 34 24 a. Calculate ending inventory for the company under the lower of cost and net realizable value. b. Record the necessary adjusting entry to inventory.

Lower-of-Cost-or-Market Inventory On the basis of the following data: Commodity Inventory Quantity Unit Cost Price Unit...

Lower-of-Cost-or-Market Inventory On the basis of the following data: Commodity Inventory Quantity Unit Cost Price Unit Market Price AL65 42 $179 $174 CA22 46 89 89 LA98 30 276 295 SC16 11 116 134 UT28 21 213 222 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Inventory at the Lower of Cost or Market Commodity Total Cost Total Market Total Lower of C or M...

Subjects