NCAA Bracket Corp. has the following inventory on hand as of 12/31/17. The inventory is grouped into two categories: (1) Winners, and (2) Losers: Winner Category Loyola Chicago UMBC Buffalo Loser Category Virginia Arizona Total Loser Category Cost OVERALL TOTAL $18,000 11,000 Total Winner Category $66,000 $55,000 37,000 NRV Cost $22,000 9,000 NRV NRV less normal Replacement profit margin $21,500 4,000 18,000 $43,500 NRV less normal profit margin $245,000 $280,000 230,000 95,000 92,000 87,000 $340,000 $372,000 $317,000 $406,000 $427,000 $360,500 cost $16,000 7,000 25,000 $48,000 Replacement cost $200,000 89,000 $289,000 $337,000 Assuming NCAA Bracket Corp. uses LIFO and applies the lower-of-cost-or-market method at the individual item level, what amount of loss (if any) will the company record for any decline in inventory value? Enter your answer as a positive number below with no commas or decimals.

NCAA Bracket Corp. has the following inventory on hand as of 12/31/17. The inventory is grouped into two categories: (1) Winners, and (2) Losers: Winner Category Loyola Chicago UMBC Buffalo Loser Category Virginia Arizona Total Loser Category Cost OVERALL TOTAL $18,000 11,000 Total Winner Category $66,000 $55,000 37,000 NRV Cost $22,000 9,000 NRV NRV less normal Replacement profit margin $21,500 4,000 18,000 $43,500 NRV less normal profit margin $245,000 $280,000 230,000 95,000 92,000 87,000 $340,000 $372,000 $317,000 $406,000 $427,000 $360,500 cost $16,000 7,000 25,000 $48,000 Replacement cost $200,000 89,000 $289,000 $337,000 Assuming NCAA Bracket Corp. uses LIFO and applies the lower-of-cost-or-market method at the individual item level, what amount of loss (if any) will the company record for any decline in inventory value? Enter your answer as a positive number below with no commas or decimals.

Name: NCAA Bracket Corp. has the following inventory on hand as of 12/31/17
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Description: NCAA Bracket Corp. has the following inventory on hand as of 12/31/17. The inventory is grouped into twocategories: (1) Winners, and (2) Losers:Winner CategoryLoyola ChicagoUMBCBuffaloLoser CategoryVirginiaArizonaTotal Loser CategoryCostOVERALL TOTA

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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