3a) Complete the chart below for the ending inventory of Samuel Corporation. NRV Less Designated Final Replacemt NRV Profit Margin Market Inventory Item Cost Cost (Ceiling) (Floor) Value Value ABC 80,000 92,000 100,000 90,000 DEF 90,000 98,000 95,000 91,000 GHI 75,000 85,000 80,000 65,000 JKL 85,000 78,000 95,000 80,000 Total 330,000 (3b) Using the Loss Method, what adjusting journal entry?
3a) Complete the chart below for the ending inventory of Samuel Corporation. NRV Less Designated Final Replacemt NRV Profit Margin Market Inventory Item Cost Cost (Ceiling) (Floor) Value Value ABC 80,000 92,000 100,000 90,000 DEF 90,000 98,000 95,000 91,000 GHI 75,000 85,000 80,000 65,000 JKL 85,000 78,000 95,000 80,000 Total 330,000 (3b) Using the Loss Method, what adjusting journal entry?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
(3a) Complete the chart below for the ending inventory of Samuel Corporation.
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NRV Less |
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Designated |
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Final |
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Replacemt |
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NRV |
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Profit Margin |
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Market |
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Inventory |
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Item |
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Cost |
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Cost |
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(Ceiling) |
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(Floor) |
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Value |
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Value |
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ABC |
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80,000 |
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92,000 |
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100,000 |
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90,000 |
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DEF |
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90,000 |
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98,000 |
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95,000 |
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91,000 |
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GHI |
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75,000 |
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85,000 |
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80,000 |
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65,000 |
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JKL |
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85,000 |
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78,000 |
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95,000 |
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80,000 |
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Total |
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330,000 |
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(3b) Using the Loss Method, what
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