Question
In: Accounting
UpCo’s inventory data is as follows: Cases on hand Cost per case Market per case 1....
UpCo’s inventory data is as follows: Cases on hand Cost per case Market per case 1. Garden Supplies a. Snail Bait 35 $80 $75 b. Isotox 12 20 23 c. Shovels 20 100 99 2. Hardware a. Screws 20 $80 $96 b. Brackets 2 35 31 c. Nails 8 12 12 3. Paint a. Enamel -1 gal. 22 $120 $118 b. Spray Cans 15 45 54 c. Misc. Brushes 4 30 38 Calculate LCM by group: $10,082 $9,994 $10,378 $10,517 $10,241
Solutions
Expert Solution
| Computation of Upco inventory - LCM by Group | ||||||
| Particulars | Cases on hand | Cost per Case | Total Cost | Market price per case | Total Market Value | Lower of Cost or Market Value by Group |
| Garden Supplies: | ||||||
| Snail Bait | 35 | $80.00 | $2,800.00 | $75.00 | $2,625.00 | |
| Isotox | 12 | $20.00 | $240.00 | $23.00 | $276.00 | |
| Shovels | 20 | $100.00 | $2,000.00 | $99.00 | $1,980.00 | |
| Total Garden Supplies | $5,040.00 | $4,881.00 | $4,881.00 | |||
| Hardware: | ||||||
| Screws | 20 | $80.00 | $1,600.00 | $96.00 | $1,920.00 | |
| Brackets | 2 | $35.00 | $70.00 | $31.00 | $62.00 | |
| Nails | 8 | $12.00 | $96.00 | $12.00 | $96.00 | |
| Total Hardware | $1,766.00 | $2,078.00 | $1,766.00 | |||
| Paint: | ||||||
| Enamel 1 | 22 | $120.00 | $2,640.00 | $118.00 | $2,596.00 | |
| Spray Cans | 15 | $45.00 | $675.00 | $54.00 | $810.00 | |
| Misc Brush | 4 | $30.00 | $120.00 | $38.00 | $152.00 | |
| Total Paint | $3,435.00 | $3,558.00 | $3,435.00 | |||
| Grand Total | $10,082.00 | |||||
Hence first option is the right choice.
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