Question
In: Accounting
Fiedler Corporation uses Lower of Cost or Market to value inventory. An item in inventory has...
Fiedler Corporation uses Lower of Cost or Market to value
inventory. An item in inventory has the following information. How
much will this item be valued at on the books for reporting
purposes?
| Sales Price | 1,200 |
| Net Realizable Value | 1,150 |
| Normal Profit | 80 |
| Replacement Cost | 1,050 |
| Original Cost | 1,100 |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Norton Corporation uses the Lower-of-Cost-or-Market (LCM) method, on an individual-item basis, in pricing its inventory items....
Norton Corporation uses the
Lower-of-Cost-or-Market (LCM) method, on an
individual-item basis, in pricing its inventory items. The
inventory at December 31, 2020, consists of products G, H, I, J, K,
L, M and N. Relevant per unit data for these products appear
below.
Required: Compute 1) Net Realizable Value (NRV), 2) NRV - normal
profit (show your detail calculation), and use the LCM rule,
determine the proper unit value for balance sheet reporting
purposes at December 31, 2020, for the...
Affliction Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The...
Affliction Company uses the lower-of-cost-or-market method, on
an individual-item basis, in pricing its inventory items. The
inventory at December 31, 2014, consists of products D, E, F, G, H,
and I. Relevant per-unit data for these products appear below.
Using the lower-of-cost-or-market rule, determine the proper unit
value for balance sheet reporting purposes at December 31, 2014,
for each of the inventory items below.
Item D
Item E
Item F
Item G
Item H
Item I
Estimated selling price
$130...
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...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
19
$299
$295
Model B
23
78
86
Model C
44
237
241
Class 2:
Model D
9
78
83
Model E
9
244
228
a. Determine the value of the...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
10
$164
$144
Model B
20
253
269
Model C
47
48
33
Class 2:
Model D
26
48
37
Model E
35
49
37
a. Determine the value of the...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
300
$140
$125
Model B
500
90
112
Model C
150
60
59
Class 2:
Model D
800
120
115
Model E
400
140
145
a. Determine the value of the...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 10.
Product
Inventory
Quantity
Cost Per
Unit
Market Value per Unit
(Net Realizable Value)
Class 1:
Model A
32
$256
$251
Model B
8
94
79
Model C
18
178
194
Class 2:
Model D
23
247
263
Model E
34
98
77
a. Determine the value of the...
1. Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory...
1. Lower-of-Cost-or-Market Inventory
On the basis of the following data, determine the value of the
inventory at the lower of cost or market. Assemble the data in the
form illustrated in Exhibit 9.
Inventory
Item
Inventory
Quantity
Cost per
Unit
Market Value per Unit
(Net Realizable Value)
Birch
43
$244
$231
Cypress
15
68
58
Mountain Ash
37
230
245
Spruce
49
151
170
Willow
43
113
111
Inventory at the Lower of Cost or Market
Inventory Item
Total Cost...
Blue Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Blue Company follows the practice of pricing its inventory at
the lower-of-cost-or-market, on an individual-item basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,300
$3.23
$3.03
$4.55
$0.35
$1.26
1333
1,000
2.73
2.32
3.54
0.51
0.51
1426
900
4.55
3.74
5.05
0.40
1.01
1437
1,100
3.64
3.13
3.23
0.25
0.91
1510
800
2.27
2.02
3.28
0.81
0.61
1522
600
3.03
2.73
3.84
0.40
0.51
1573
3,100
1.82...
Martinez Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Martinez Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,600
$3.46
$3.24
$4.86
$0.38
$1.35
1333
1,300
2.92
2.48
3.78
0.54
0.54
1426
1,200
4.86
4.00
5.40
0.43
1.08
1437
1,400
3.89
3.35
3.46
0.27
0.97
1510
1,100
2.43
2.16
3.51
0.86
0.65
1522
900
3.24
2.92
4.10
0.43
0.54
1573
3,400
1.94...
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