Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Browning Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value ACE 100 $55 BDF 300 60 GHJ 400 50 MBS 200 53 $54 61 48 57 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ 0

Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Browning Corporation's inventory accounts: Net Item Unit Realizable Code Quantity Cost Value ACE 100 $55 BDF 300 60 GHJ 400 50 MBS 200 53 $54 61 48 57 Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $ 0

Name: Lower-of-Cost-or-Net Realizable Value MethodThe following data are ta
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Description: Lower-of-Cost-or-Net Realizable Value MethodThe following data are taken from the Browning Corporation's inventory accounts:NetItemUnit RealizableCode Quantity Cost ValueACE100 $55BDF300 60GHJ40050MBS200 53$54614857Calculate the value of the company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Crane Ltd. had the following items in inventory as at December 31, 2024: Item No. Quantity Unit Cost NRV དྷྭ སྒྲ སཱུ སྦ 340 $4.00 $4.30 370 3.00 2.90 380 8.00 9.00 400 7.00 6.80 Assume that Crane uses a perpetual inventory system. Fill in the table below for the lower of cost and net realizable value per unit, the inventory dollar amount at the lower of cost and net realizable value, and the dollar amount of the inventory at cost. ntity Unit Cost NRV Unit LC & NRV 340 $4.00 $4.30 S 370 3.00 2.90 Dollar LC & NRV 4.00 $ 2.90 1360 1073 380 8.00 9.00 8.00 3040 400 7.00 6.80 6.80 2720 Dollar Cost 1360 1110 3040 2800 $ 8193 $ 8310 Prepare any necessary adjusting entry at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit
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Lower-of-Cost-Net-Realizable-Value Method The following data are taken from the Browning Corporation’s inventory accounts: ItemCode Quantity UnitCost Net RealizableValue ACE 100 $27 $25 BDF 300 29 31 GHJ 400 22 18 MBS 200 23 27 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable value method applied to each item of inventory. Ending Inventory Value: $Answer
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
Valuing Inventory at Lower-of-Cost-or-Market Management of Tarry Company takes the position that under the lower-of-cost-or-market rule, the two items below are reported in ending inventory at $119,520 (total). Inventory cost is reported using LIFO. • Edgers: 2,160 in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. • Hedge clippers: 1,440 in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal profit is 20% of sale price. a. Compute your inventory valuation by item and in total for the Tarry Company inventory reported above. Inventory valuation for edgers $ Inventory valuation for hedge clippers Total inventory valuation b. Prepare the entry, if any, to report inventory at the lower-of-cost-or-market. Assume that all adjustments directly impact cost of goods sold and…
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76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 260 $100 Sold 160 $140 Purchased 500 103 Sold 400 142 Purchased 420 110 Sold 370 174 Ending Inventory 250 Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the ealculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG. Round intermediate calculation to 2 decimal places and final answer to nearest whole dollar. Comparison of FIFO, LIFO, AVG; Perpetual FIFO LIFO AVG Sales Revenue 24 Cost of Goods Sold Gross Margin
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Lower-of-Cost-or-Net Realizable Value Method The following data are taken from the Hilton Corporation’s inventory accounts: Item Code Quantity Unit Cost Net Realizable Value Product 1 XKE 100 $32 $28 XKF 400 43 44 Product 2 ZNJ 400 32 29 ZNS 300 43 48 Calculate the value of the company’s ending inventory using the lower-of-cost-or-net realizable method applied to each item of inventory. Applying the lower-of-cost-or-net realizable value method to each item of the inventory results in an ending inventory amount of $Answer
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