Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Cameras Minolta Canon Light Meters Vivitar Kodak Total Units $ 5 7 12 10 Cost per Unit $176 147 121 113 Net Realizable Value per Unit $155 149 116 What amount should be reported on Best Buy's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? 140

The following are the transactions for the month of July.       Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55     $ 10         July 13 Purchase 275       11         July 25 Sold (100 )         $ 14   July 31 Ending Inventory 230                   Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?

Sheridan Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item   Units   Unit Cost   Net Realizable Value Cameras:                      Minolta   12     $168     $155      Canon   6     154     156   Light meters:                      Vivitar   12     125     115      Kodak   20     120     135   Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value basis. The ending inventory   $Enter the ending inventory in dollars

Fine Leather Ltd. had the following inventory at December 31 of the current year. Per Unit Item Quantity Cost Net Realizable Value Leather blazers Model 154 20 $ 100 $ 120 Model 160 15 180 168 Model 165 10 250 260 Handbags Model 11 60 30 32 Model 12 40 45 42 Model 13 25 65 63 Required: 1. Determine the value of ending inventory that should be reported on the statement of financial position by applying the LC&NRV rule to Each item of inventory Each major category of inventory Total inventory

Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit(Net Realizable Value) B12 38 $57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description LastPurchasesInvoiceQuantityPurchased LastPurchasesInvoiceUnit Cost Next-to-the-LastPurchasesInvoiceQuantityPurchased Next-to-the-LastPurchasesInvoiceUnit Cost B12 30 $60 30 $59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745 Required: Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the…

Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.     Units   Costper Unit   Net Realizable Valueper Unit Cameras                Minolta   5   $178   $149    Canon   7   153   161 Light Meters                Vivitar   13   136   111    Kodak   10   111   141 What amount should be reported on Blossom Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total   $Enter a dollar amount that should be reported on Unresolved’s financial statements

You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date   Description   Quantity   Unit Cost orSelling Price June   1   Beginning inventory   40     $31   June   4   Purchase   135     34   June   10   Sale   110     61   June   11   Sale return   15     61   June   18   Purchase   55     37   June   18   Purchase return   10     37   June   25   Sale   65     67   June   28   Purchase   35     41

Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Cost Value Units per Unit per Unit Cameras Minolta 5 $165 $156 Canon 7 136 140 Light Meters Vivitar 11 137 103 Kodak 10 120 123 What amount should be reported on Best Buy's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total

Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 280 units @ $2.25 March 31 520 units The value assigned to cost of goods sold if Niles uses FIFO is: A) $3,448. B) $3,392. C) $1,160. D) $1,104. 2. Emley Company has been using the LIFO method of inventory valuation for 10 years since it began operations. Its 2020 ending inventory was $60,000, but it would have been $90,000 if FIFO had been used. Thus, if FIFO had been used, Emley’s income before income taxes would have been: A) $30,000 less in 2020. B) $30,000 greater in 2020. C) $30,000 greater over the 10-year period. 3. Nichols Company had 500 units of “SIO” in its inventory at a cost of $5 each. It purchased, for $2,400, more units of “SIO”. Nichols then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow assumption used by Nichols: A) is FIFO. B) is weighted average. C) is…

Skysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost 6 11 13 18 $173 146 The ending inventory $ 136 125 Net Realizable Value $163 170 104 128 What amount should be reported for inventory on Skysong Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?