Applying the lower-of-cost-or-market method to each item of inventory, what should the total inventory value be for the following items? Total Cost Total Market Inventory Item Quantity Cost per Unit Market Value Total per Unit Price Price LCM A 181 $12 $17 $2,172 $3,077 $ B 91 18 16 1,638 1,456 C 70 10 22 25 1,540 1,750 Previous Next

Company Z had the following information: inventory at cost of $5,100, selling value of inventory of $5,250, inventory cost of completion of $100, inventory cost of distribution of $150, normal profit margin of $2,000, and inventory replacement cost of $4,800. What is the floor amount to be used in the determination of the inventory's market value in the lower-of- cost-or-market method of inventory? O $3,000 O $5,000 O $4,800 O $5,250

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item. Item A B с Total Inventory Quantity 181 82 60 Cost per Unit $10 14 20 Market value per Unit $14 11 22 Cost $1,810 1,148 1,200 Total Market $2,534 902 1,320 LA LCM

Using the lower of cost or market, what should the total inventory value be for the following items: Item Quantity Unit cost price Unit market price Total cost price Total market price A 200 $15 $14.50 $3,000   $2,900 B 100 $14 $15.00 $1,400   $1,500 C 50 $17 $17.50 $850   $875

Lower-of-Cost-or-Market InventoryOn the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. ProductInventoryQuantityUnitCost PriceUnitMarket Value per Unit(Net Realizable Value)Model A300$140$125Model B50090112Model C1506059Model D800120115Model E400140145 Inventory at the Lower of Cost or MarketProductTotal CostTotal MarketLower of Total Cost or Total MarketA$$$B   C   D   E   Total$$$

Based on the data below, how would the merchandise inventory appear on the balance sheet, assuming that the lower of cost or market is used and the cost is determined by the FIFO method? Total cost: $74, 300 Total market: $72,900 Lower of cost or market: $70, 400 The merchandise inventory would appear in the current assets section, as follows: Merchandise inventory - at lower of cost (FIFO) or market is

Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market.         Total Product Inventory Quantity Cost per Unit Market Value perUnit (Net Realizable Value) Cost Market LCM Adams 22   $51   $58   $ $ $ Coolidge 23   224   237         McKinley 27   167   152         Garfield 32   58   49         Lincoln 35   263   270         Total             $ $ $

On the basis of the following data, what is the value of the total inventory at the lower of cost or market? Apply lower of cost or market to each inventory item. Inventory Quantity Item Product C Product D a. $6,840 b. $6,540 c. $7,380 d. $6,300 300 420 Unit Cost Price $6 12 Unit Market Price $5 14

16. Use the following information to calculate inventory applying LCNRV by item: Recorded cost $12 $22 $17 $42 $32 $18 Еxpected sales price $16 $24 $19 Disposal Costs $2 $5 Item A Item B Item C $2 Item D $60 $40 $6 Item E $6 Item F $24 $7

1.At a time of declining prices, which cost flow assumption will result in the highest ending inventory? A. FIFO B. LIFO C. Weighted average D. Either A or C 2. When the cost of inventory is rising, which inventory cost flow method will produce the lowest amount of cost of goods sold? A. FIFO B. Weighted Average. C. All methods will produce the same amount of cost of goods sold. D. LIFO 200 The inventory records for Raymond Co. reflected the following Beginning Inventory @ May 1 200 units @ $1.00 First Purchase @ May 7 Second Purchase @ May 17 Third Purchase @ May 23 Sales @ May 31 B. $1.15 C. $1.14 D. $1.31 B. $130 C. $324 D. $340 300 units @ $1.10 = 400 units @ $1.20 100 units @ $1.30 = 120 900 units @ $1.50 1350 30 go 3. Determine the weighted average cost per unit for May. A. $1.22 .4.Determine the amount of cost of goods sold assuming the LIFO cost flow method. A. $1,140 B. $1,040 C. $1,000 D. $940 5. Determine the amount of gross margin assuming the FIFO cost flow method. A. $114