In addition to the INVENTORY DATA below: Inventory Balances at September 1. 2023, were as follows: USB-C (TA3) Hub – 200 @ $400 ea USB-C (TB3) Hub – 600 @ $800 ea USB-C (TA3) HUB Date Purchases Sales Sep 5 500@$450 10 500@ $540 15 400 @ $475 20 400@ $570 25 300 @ $500 USB-C (TB3) HUB Date Purchases Sales 10 600 @ $900 19 300 @ $950 25 900@ $1 080 28 500 @ $1 000 30 600 @ $ 1 140 Island Solutions accountant has made the following projections in light of the market changes USB – C (TA3) HUB USB- C (TB3)) HUB Expected Unit Selling Price (net of cost to sell) $580 $1 080 Costs to complete 30 150 Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023 Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023.
In addition to the INVENTORY DATA below: Inventory Balances at September 1. 2023, were as follows: USB-C (TA3) Hub – 200 @ $400 ea USB-C (TB3) Hub – 600 @ $800 ea USB-C (TA3) HUB Date Purchases Sales Sep 5 500@$450 10 500@ $540 15 400 @ $475 20 400@ $570 25 300 @ $500 USB-C (TB3) HUB Date Purchases Sales 10 600 @ $900 19 300 @ $950 25 900@ $1 080 28 500 @ $1 000 30 600 @ $ 1 140 Island Solutions accountant has made the following projections in light of the market changes USB – C (TA3) HUB USB- C (TB3)) HUB Expected Unit Selling Price (net of cost to sell) $580 $1 080 Costs to complete 30 150 Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023 Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023.
Chapter10: Inventory
Section: Chapter Questions
Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...
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Question
In addition to the INVENTORY DATA below:
Inventory Balances at September 1. 2023, were as follows:
USB-C (TA3) Hub – 200 @ $400 ea
USB-C (TB3) Hub – 600 @ $800 ea
USB-C (TA3) HUB |
||
Date |
Purchases |
Sales |
Sep 5 |
500@$450 |
|
10 |
|
500@ $540 |
15 |
400 @ $475 |
|
20 |
|
400@ $570 |
25 |
300 @ $500 |
|
USB-C (TB3) HUB |
||
Date |
Purchases |
Sales |
10 |
600 @ $900 |
|
19 |
300 @ $950 |
|
25 |
|
900@ $1 080 |
28 |
500 @ $1 000 |
|
30 |
|
600 @ $ 1 140 |
Island Solutions accountant has made the following projections in light of the market changes
|
USB – C (TA3) HUB |
USB- C (TB3)) HUB |
Expected Unit Selling Price (net of cost to sell) |
$580 |
$1 080 |
Costs to complete |
30 |
150 |
- Assume that Island Solutions applies LCNRV at the individual product level, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023
- Assume Island Solutions applies LCNRV at the major group level and for this purpose places TA3 and TB3 Hubs in one major group, determine the value of inventory that should be reported on the statement of financial position on September 30, 2023.
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