Question
In: Accounting
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit...
Inventory Write-Down
The following information is taken from Aden Company's records:
| Product | Group | Units | Cost/Unit | Market/Unit |
|---|---|---|---|---|
| A | 1 | 700 | $1.10 | $0.90 |
| B | 1 | 300 | 1.50 | 1.55 |
| C | 2 | 150 | 4.90 | 5.15 |
| D | 2 | 100 | 6.50 | 6.40 |
| E | 3 | 80 | 25.00 | 24.60 |
Required:
What is the correct inventory value if the company applies the LCNRV rule to each of the following?
- Individual items
Product A $ Product B Product C Product D Product E Total inventory value $ - Groups of items
Group 1 $ Group 2 Group 3 Total inventory value $ - The inventory as a whole
Total inventory value $
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Tess Company's inventory records show the following data for the month of May: Units Unit Cost...
Tess Company's inventory records show the following data for the
month of May: Units Unit Cost Inventory, May 1 200 $2.00 Purchases:
May 8 200 3.00 May 15 100 4.00 The company uses a periodic
inventory system. A physical inventory on May 30 shows 150 units on
hand. Assuming FIFO (First-In-First-Out) inventory costing,
calculate the cost of goods sold. a. $1,100 b. $850 c. $700 d.
$980
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost...
Shellhammer Company's inventory records show the following
data for the month of September:
Units Unit Cost
Inventory, September 1 100 $3.34
Purchases: September 8 450 3.50
September 18 350 3.70
A physical inventory on September 30 shows 200 units on
hand.
Calculate the value of the ending inventory and cost of goods
sold if the company uses weighted average inventory costing and a
periodic inventory system. (Round cost per unit to 2 decimal places
and ending inventory and cost of...
1. Eneri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000...
1.
Eneri Company's inventory records show the following data:
Units
Unit Cost
Inventory, January 1
5,000
$9.20
Purchases:
June 18
4,500
8.00
November 8
3,000
7.00
A physical inventory on December 31 shows 2,000 units on hand.
Eneri sells the units for $13 each. The company has an effective
tax rate of 20%. Eneri uses the periodic inventory method.
Under the FIFO method, the December 31 inventory is valued at
A.
$16,133.
B.
$14,000.
C.
$16,480.
D.
$18,400.
2.
Priscilla...
The following inventory information was taken from the records of GlobeKom Ltd: Historical cost $12,000 Replacement...
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost $12,000
Replacement cost $9,000
Expected selling price $10,000
Expected selling cost $1,500
Normal profit margin 10% of selling price
Under IAS 2, what is the net realizable value for inventory?
A. 10,000
B. 9,500
C.9,000
D. 8,500
Under IAS 2, what should be the impairment loss for
Inventory
A.0
B.2,000
c.3,500
D.1,500
Under U.S. GAAP, what should be the market value for Inventory
(assuming LCM method...
1. The following inventory information was taken from the records of GlobeKom Ltd: Historical cost $12,000...
1.
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost
$12,000
Replacement cost
$9,000
Expected selling price
$10,000
Expected selling cost
$1,500
Normal profit margin
10% of selling price
Under U.S. GAAP, what should be the impairment loss for
inventory (assuming LCM method is used)?
A.
$0
B.
$3,500
C.
$2,000
D.
$1,500
2.
The following inventory information was taken from the records
of GlobeKom Ltd:
Historical cost
$12,000
Replacement cost
$9,000
Expected selling price...
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
6,300
units @ $11.00
Purchases:
9/7
4,200
units @ $11.60
9/25
10,500
units @ $12.20
Sales:
9/10
5,000
units
9/29
6,000
units
10,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
7,000
units @ $10.00
Purchases:
9/7
3,000
units @ $11.00
9/25
10,000
units @ $11.50
Sales:
9/10
4,000
units
9/29
5,000
units
11,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
Football teams ending inventory includes the following items product units cost per unit market per unit...
Football teams ending inventory includes the following items
product
units
cost per unit
market per unit
caps
200
$15
$22
travel Jerseys
55
$40
$125
windbreakers
18
$60
$85
signature stadium cushions
500
$20
$10
Compute the lower of cost or market for the ending inventory
separately for each product.
per unit
per unit
total inventory
total inventory
inventory items
units
cost
market
cost
market
LCM Applied to individual items
caps
travel jerseys
windbreakers
signature stadium cushion
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