BenTen Co. buys and sells Ben & Ten. The following unit costs are available for the inventory as of December 31, 2021 Product Ben Product Ten No. of units 2,000 3,000 Purchase cost per unit P 100 P 200 Delivery cost Estimated selling price 20 30 140 250 Selling cost General and Admin expense 22 40 15 18
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- Presented below is information related to Rembrandt Inc.’s inventory. 000(per unit)000 00Skis00 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to sell 19.00 8.00 2.50 Cost to complete 32.00 29.00 21.25 Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV.Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving averageSuppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare
- Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…The inventory of Royal Decking consisted of five products. Information about the December 31, 2021, inventory is as follows: Per Unit TTT Product Selling Price $110 Cost A $ 90 130 158 138 98 55 85 20 30 Costs to sell consist of a sales commission equal to 10% of selling price snd shipping costs equal to 10% of cost. Required: What unit value should Royal Decking use for esch of its products when applying the lower of cost or net reslizable value (LCNRV) rule to units of ending inventory? Per Unit Product Cost NRV Inventory Value A D ETetum Company has four products in its inventory. Information sbout the December 31, 2021, inventory is os follows: Total Net Realizable Value $187,0e0 Product Tatal Cost $134, 000 97,e00 101 102 117,00 57, 0ee 57,080 103 67, e00 37,e00 184 Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net reslizable value (LCNRV) rule is applied to individual products. 2 Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. Inventory Value Product Cost NRV 101 134,000 107,000 102 97,000 117,000 103 67,000 57,000 104 37,000 57,000 335,000
- (ADDITIONAL INFO) Sales 450,000 1,440,000 2,126,250 Ethel uses the estimated net realizable value method to allocate the joint cost. The cost of product E sold for the year ended July 31, 2021 is: a. 1,470,000 b. 1,440,000 c. 990,000 d. 1,350,000 The cost of ending inventory for product D is: a. 270,000 b. 225,000 c. 180,000 d. 540,000 The gross profit (loss) of product F is: a. 168,750 b. 101,250 c. 1,226,250 d. (483,750)14. Decker Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity UnitCost UnitSellingPrice A 1,200 $ 14 $ 20 B 1,000 19 22 C 800 5 10 D 400 9 8 E 800 18 17 The cost to sell for each product consists of a 10 percent sales commission. Required:1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products.2. Determine the carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to the entire inventory.3. Assuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2.Shannon, Inc. values its inventory at the lower-of-cost-or-NRV. The following information is available from the company's inventory records as of December 31, 2022. Unit Estimated Selling Completion & Disposal Cost/Unit Item Quantity Cost Price/Unit X490 10,200 $12.50 $14.00 $3.00 X512 4,950 7.00 8.90 0.25 X682 18,000 19.00 31.55 3.25 Z195 12,500 14.25 19.80 1.40 Z846 8,600 12.00 13.95 2.10
- Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on Net Realizable Value Per Unit $ 117 Product Hand Unit Cost $112 35 FM 10 147 140 MB 49 53 188 174 D- SL 80 94 Required: Calculate LCNRV for the inventory 6. As a whole (assuming the Items are similar). ences LCNRV applied to nventory b. Applied separately to each product. LCNRV Total Cost Total NRV Product applied to Each Product BB FM MB SL %24 c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View transaction list Journal entry worksheet Record the entry to write down inventory to NRV. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2020Calculate the lowe, st-or-market c (a) Inventory a ACCT101_FEX_2021_2_Male A company reported the following data related to its ending inventory 957 95 95abe be1 3 SR1,100 Product Per Market Total on Hand Unit Cost Total abes 33 Cost 100 SR10 SR1,000 75 5a 18 20 16 95abe18ce 14 1,200 60 1,050 95abe18ce33 14 13 840 40 780 640 800 .ce3 the lower-of-cost-or-market on the: SR3,680 SR3,730 Calculate (a) Inventory as a whole (b) inventory applied separately to each product. 95abe1e 95abe18ce 33 MacBook Pro 95abe F3 000 F4 F5 F6 F7 50 DII & F8 6 7 7 V DD F9 T 8A F10 **** Y Co **** U **** **** O [P1 6E 6. R SA4 IIPresented below is information related to Rembrandt Inc.’s inventory, assuming Rembrandt uses lower-of-LIFO cost-or-market. 000000(per unit)000000 0 Skis0 0Boots0 Parkas Historical cost $190.00 $106.00 $53.00 Selling price 212.00 145.00 73.75 Cost to distribute 19.00 8.00 2.50 Current replacement cost 203.00 105.00 51.00 Normal profit margin 32.00 29.00 21.25 Determine the following: (a) the two limits to market value (i.e., the ceiling and the floor) that should be used in the lower-of-cost-or-market computation for skis, (b) the cost amount that should be used in the lower-of-cost-or-market comparison of boots, and (c) the market amount that should be used to value parkas on the basis of the lower-of-cost-or-market.
