A company's normal selling price for its product is $25 per unit. However, due to market competition, the selling price has fallen to $20 per unit. This company's current FIFO inventory consists of 150 units purchased at $21 per unit. Net realizable value has fallen to $18 per unit. Calculate the value of this company's inventory at the lower of cost or market. Multiple Choice $2.700. $2.800

LCM : LOWER OF COST OR MARKET A Retail Company sells various products related to pop culture. Since trends change the market price for items also changes. Review the book cost and market replacement cost for the retail company's inventory items and answer the questions below regarding LCM. Inventory Item # of units (Quantity) Book unit cost Market unit cost Product 1 100 $ 9 $11 Product 2 200 $ 6 $ 4 Product 3 150 $ 3 $ 5 Product 4 400 $ 15 $ 14 You can assume the adjustment (if any) is relatively small and not related to an unusual or extraordinary circumstance. What is the dollar amount of the adjustment? $ What is the DEBIT account of the journal entry? What is the CREDIT account of the journal entry? Search or type URL

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Accounting Sheridan Company sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2022. Coffee Bean Units Unit Cost Net Realizable Value Coffee $5.30 $5.27 12,000 bags arabica Coffee 4,900 bags 3.30 3.40 robusta Calculate Sheridan's inventory by applying the lower-of-cost-or-net realizable value basis.

A company's normal selling price for its product is $26 per unit. However, due to market competition, the selling price has fallen to $21 per unit. This company's current FIFO inventory consists of 260 units purchased at $22 per unit. Net realizable value has fallen to $19 per unit. Calculate the value of this company's inventory at the lower of cost or market. Multiple Choice $4,890. $5,720. $5,040. $5,460. $4.940.

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