ending inventory if joint costs are allocated using net realizable value? Multiple Choice $24.87. $34.40. $43.20.

View Policies Current Attempt in Progress Which costing method cannot be used to determine the cost of inventory items before lower-of-cost- or-net realizable value is applied? O Specific identification. FIFO. O LIFO. O All of these methods can be used. eTextbook and Media Save for Later Submit Answer Attempts: 0 of 1 used Com the s the s. Suprat Supratarbo O not co ubo

On the basis of the data shown below:   Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y   144 $22 $27 TX24 274   11   7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.

Which U.S. GAAP principle or rule would apply if the net realizable value of acompany’s inventory is below its original cost?a. Lower-of-cost-or-market ruleb. Consistency principlec. Disclosure principled. Historical cost principle

Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 140 $56 $52 SAW9 274 28 33

1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b. weighted average cost c. FIFO d. specific identification

During periods of rising costs, which inventory costing method produces the highest gross profit?

The original cost of an item of inventory is above its replacement cost. The item s replacement cost is below its net realizable value but is higher than its net realizable value minus a normal profit. Under the lower of cost or market method, the inventory item should be valued at: a. Net realizable value. b. Original cost. c. Replacement cost. d. Net realizable value less normal profit margin.

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

Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) MX62 56 $56 $58 VZ31 107 29 26 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.