Part No. Quantity Cost per Unit NRV 110 640 $70 $110 111 1,050 70 42 112 59 90 66 113 170 160 200 120 430 195 208 121 . 1,650 17 0.20 122 430 250 245 *Part No. 121 is obsolete and has a realizable value of $0.20 each as scrap. (a) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying this method directly to each item. Inventory as at December 31, 2023 $ (b) Determine the inventory as at December 31, 2023, using the lower of cost and net realizable value method, applying the method to the total of the inventory.

Sheridan Combines, Inc. has $12000 of ending finished goods inventory as of December 31, 2022. If beginning finished goods inventory was $7000 and cost of goods sold was $42000, how much would Sheridan Combines, Inc. report for cost of goods manufactured? O $54000 O $7000 O $47000 O $37000 Save for Later Attempts: 0 of 1 used Submit Answer

As of 12-31-15, Acme Company has three different inventory items on hand. Data on the three items follows:   Item Quantity on hand Unit cost (Acme uses LIFO) Replacement cost Normal profit Expected selling price Estimated disposal costs A 75 $405 $625 $750 $1,500 $100 B 24 $310 $300 $230 $400 $25 C 51 $775 $800 $300 $1,000 $250 Using the lower-of-cost-or-market approach applied on an individual-item basis, determine if Acme needs to make an entry to write her inventory down. If so, prepare the entry Acme should make

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Sunland Corporation had the following items in inventory as at December 31, 2023: Item No. A1 84 C2 D3 (a) Quantity 4 120 110 190 120 Inventory 1 Unit Cost $3.20 Inventory 1.70 8.50 7.50 Your answer is partially correct. Assume that Sunland uses a periodic inventory system, and that none of the inventory items can be grouped together for accounti purposes. The opening inventory on January 1, 2023, was $3,200 in total. Account Titles and Explanation Allowance to Reduce Inventory to NRV NRV $3.80 1.10 Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (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 all debit entries before credit entries.) 10.30 7.10 (To transfer out beginning inventory balance) Allowance to Reduce Inventory to NRV (To record ending inventory at…

What is the beginning inventory? You left it blank.     Direct Materials Conversion costs   Beginning Inventory   ?   ? ?   Add: Current costs 3798000 2160000 1638000 ($594000+$1044000) Total costs to account for (A) 3798000 2160000 1638000

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Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code,  Quantity,  Unit  Cost,  Unit MarketLXC               60             $45             $48KMT              210           $38             $34MOR              300          $22             $20NES                100          $27              $32