On the basis of the following data, determine the value of the inventory at the lower of costor market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.Cost perUnitMarket Value per Unit(Net Realizable Value)InventoryQuantityItemRaven 10$115$1121,200Dove 236,5001722

Determine the value of inventory based on lower of cost or market price.

Answered: On the basis of the following data,…

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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Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. InventoryItem InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Birch 24 $156 $151 Cypress 13 156 165 Mountain Ash 17 266 284 Spruce 25 115 139 Willow 9 193 169 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total LCM Birch $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Cypress fill in the blank 4 fill in the blank 5 fill in the blank 6 Mountain Ash fill in the blank 7 fill in the blank 8 fill in the blank 9 Spruce fill in the blank 10 fill in the blank 11 fill in the blank 12 Willow fill in the blank 13 fill in the blank 14 fill in the blank 15 Total $fill in the blank 16 $fill in the blank 17 $fill in the blank 18
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10. Product InventoryQuantity Cost PerUnit Market Value per Unit(Net Realizable Value) Class 1: Model A 16 $162 $169 Model B 32 190 198 Model C 34 152 148 Class 2: Model D 31 298 309 Model E 42 72 78 Question Content Area a. Determine the value of the inventory at the lower of cost or market applied to each item in the inventory. Inventory at the Lower of Cost or Market Product InventoryQuantity Costper Unit Market Valueper Unit(Net Realizable Value) Cost Market Lower of Cost or Market Model A fill in the blank 1b67cb01c017023_1 $fill in the blank 1b67cb01c017023_2 $fill in the blank 1b67cb01c017023_3 $fill in the blank 1b67cb01c017023_4 $fill in the blank 1b67cb01c017023_5 $fill in…
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exh Inventory Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) Birch 28 $82 $68 Cypress 8 137 128 Mountain Ash 48 106 102 Spruce 10 135 155 Willow 18 80 93 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of C or M Birch Cypress Mountain Ash Spruce Willow Total
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On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) МX62 80 $42 $40 05T4 155 20 23 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 9. $ 6,925 x
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Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Cale Corporation.
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The inventory records of Sunshine company show the following data: UNITS UNIT COST ESTD. SALES PRICE COST OF TO SELL A 8,000 400 415 20 B 8,000 365 405 15 C 6,000 410 412 7 What amount of inventory will be presented in the statement of financial position under the lower of cost or NRV convention?
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