Scott’s Sporting Stores Inc. reported the following cost and net realizable value information for inventory at December 31: Product Item   Units   Unit Cost   Unit NRV Skates:                Bauer   12   $272   $411    CCM   10   $424   $367 Running shoes:                Adidas   5   $125   $125    Nike   9   $117   $110     Calculate the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item. Ending inventory balance   $    Calculate the ending inventory balance for skates and running shoes using the historical unit costs provided. Ending inventory balance   $

Bramble Company reports the following for the month of June. June 1 (a) 12 23 30 (b) Inventory 290 Purchase 400 Purchase Inventory Units Unit Cost $5 Cost of goods sold 300 130 Cost of the ending inventory Your answer has been saved. See score details after the due date. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Save for Later 6 $ 7 in Total Cost $1,450 2,400 2,100 FIFO 910 5040 Which costing method gives the higher ending inventory? 5 $ LIFO 650 5300 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer

Blossom Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31.     Units   Costper Unit   Net Realizable Valueper Unit Cameras                Minolta   5   $178   $149    Canon   7   153   161 Light Meters                Vivitar   13   136   111    Kodak   10   111   141 What amount should be reported on Blossom Camera Shop’s financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total   $Enter a dollar amount that should be reported on Unresolved’s financial statements

Martinez Company's ending inventory includes the following items.  Product Units Cost per Unit Market per Unit Helmets 30   $ 58     $ 62   Bats 23     112       80   Shoes 44     103       99   Uniforms 48     44       44       Compute the lower of cost or market for ending inventory applied separately to each product.

Wildhorse's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Wildhorse's Gift Shop's year end, December 31: Clothing Units Unit Cost 91 $8 76 20 2017 Greeting cards 47 4 60 12 Jewellery Stuffed toys (a) Net Realizable Value per Unit Lower of cost and net realizable value $6 $ 27 5 Determine the lower of cost and net realizable value of the ending inventory assuming Wildhorse's Gift Shop applies LCNRV on individual items. 38

Best Buy uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Net Realizable Cost Value Units per Unit per Unit Cameras Minolta 5 $165 $156 Canon 7 136 140 Light Meters Vivitar 11 137 103 Kodak 10 120 123 What amount should be reported on Best Buy's financial statements, assuming the lower-of-cost-or-net realizable value rule is applied? Total

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Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item   Units   Cost per Unit   Net RealizableValue per Unit Cameras:                      Minolta   8     $163     $155      Canon   10     154     156   Light Meters:                      Vivitar   20     121     110      Kodak   15     120     135

Skysong Camera Shop Inc. uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item Cameras: Minolta Canon Light meters: Vivitar Kodak Units Unit Cost 6 11 13 18 $173 146 The ending inventory $ 136 125 Net Realizable Value $163 170 104 128 What amount should be reported for inventory on Skysong Camera Shop's balance sheet, assuming the lower-of-cost-or-net realizable value rule is applied?

Lambeth Company experienced the following events in February: Date Event Units   Unit Cost Total Cost Feb. 1 Purchased inventory 100 @ $20 $2,000 Feb. 4 Sold inventory 50       Feb. 9 Purchased inventory 100 @ $22 $2,200 Feb. 27 Sold inventory 100       If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost ofgoods sold and ending inventory as of February 28 assuming the periodic method. Cost of goods sold Answer   Ending inventory Answer