The following information is for Lawrence Company, who uses the LIFO method: NRV Minus Net Normal Realizable Replacement Item Cost Profit Value Cost a $ 3.40 $ 2.79 $ 4.14 $ 4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 Required: 1.) Determine the lower of cost or market for each inventory item. 2.) Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item.

The following information is for Lawrence Company, who uses the LIFO method: NRV Minus Net Normal Realizable Replacement Item Cost Profit Value Cost a $ 3.40 $ 2.79 $ 4.14 $ 4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 Required: 1.) Determine the lower of cost or market for each inventory item. 2.) Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter11: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 11.18E

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		NRV Minus	Net
		Normal	Realizable	Replacement
Item	Cost	Profit	Value	Cost
a	$ 3.40	$ 2.79	$ 4.14	$ 4.65
b	36.00	28.80	32.40	27.60
c	2.40	1.32	1.56	1.94
d	6.00	5.55	6.15	6.30
e	24.00	20.40	22.80	21.00
f	13.35	10.55	12.30	12.90