I have question about the lower-of-cost-or-market (LCM) method . Can anyone share with me, when do...

I have question about the lower-of-cost-or-market (LCM) method . Can anyone share with me, when do we need to use this method, and what are its benefits? Does every inventory apply to this method? Thank you so much!

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Define the Lower of Cost or market (LCM) method. Is it more or less applicable in...

Define the Lower of Cost or market (LCM) method. Is it more or less applicable in 2020? Explain.

How to calculate the cost of inventory using the lower of cost or market (LCM) inventory...

How to calculate the cost of inventory using the lower of cost or market (LCM) inventory valuation method? How to record the adjustment to write-down inventory under the LCM inventory valuation method?

Lower-of-Cost-or-Market (LCM) Method The Venner Company had the following inventory at year-end: Unit Price Quantity Cost...

Lower-of-Cost-or-Market (LCM) Method The Venner Company had the following inventory at year-end: Unit Price Quantity Cost Market Fans Model X1 300 $48 $49 Model X2 250 52 54 Model X3 400 59 56 Heaters Model B7 500 54 58 Model B8 290 65 62 Model B9 100 71 68 Required Determine the value of ending inventory after applying the lower-of-cost-or-market method to each item of inventory.

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...

I figured out the weighted average method, but can anyone show me the FIFO and LIFO...

I figured out the weighted average method, but can anyone show me the FIFO and LIFO treatment of this problem???? Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Timekeeper Inc. uses weighted-average costing. Data for the...

Can anyone explain to me why I am getting an access violation when I try to...

Can anyone explain to me why I am getting an access violation when I try to add notes? It occurs when I try to set the "pLast" pointer to the previous node (for a doubly linked list). The code worked as singly linked list. When I added a "pLast" pointer and the needed code to make it a doubly linked list everything broke. #include <iostream> #include <stdlib.h> using namespace std; //build class that has a private function to inc count....

Accountants generally follow the lower of cost or market (LCM) basis of inventory valuations. a. Define...

Accountants generally follow the lower of cost or market (LCM) basis of inventory valuations. a. Define cost as applied to the valuation of inventories b. Define market as applied to the valuation of inventories. c. Why are inventoies valued at the lower of cost or market? d. List the arguments against the use of the LCM method of valuing inventories.

How do I make a skewness and kurtosis graph in Excel? Can anyone provide me a...

How do I make a skewness and kurtosis graph in Excel? Can anyone provide me a step?

Can anyone tell me about the measurement of ICP-AES?

Accountants generally follow the lower of cost or market (LCM) basis of inventory valuations. Required: 1....

Accountants generally follow the lower of cost or market (LCM) basis of inventory valuations. Required: 1. Define cost as applied to the valuation of inventories. 2. Define market as applied to the valuation of inventories 3. Why are inventories valued at the lower of cost or market? Discuss. 4. List the arguments against the use of the LCM method of valuing inventories.

Subjects