FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Inventory Valuation
Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…
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N2.

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The following information pertains to Hagen Metal Work's ending inventory for the current year: Item с D K M Quantity 90 75 40 22 Unit Cost $ 24 22 25 15 Unit Market Value $ 16 20 1. Individual item method 2. Aggregate method 28 17 Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. b. Calculate the adjustment required under both methods, assuming the decline in value is immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the adjustment required under both methods, assuming the decline in value is immaterial. Adjustment
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Transcribed Image Text:The following information pertains to Hagen Metal Work's ending inventory for the current year: Item с D K M Quantity 90 75 40 22 Unit Cost $ 24 22 25 15 Unit Market Value $ 16 20 1. Individual item method 2. Aggregate method 28 17 Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied to (1) each individual inventory item and (2) the inventory in aggregate. b. Calculate the adjustment required under both methods, assuming the decline in value is immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the adjustment required under both methods, assuming the decline in value is immaterial. Adjustment
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Step 2: Value Of Ending Inventory Using Lower - Of - Cost Or Market Rule -
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Step 3: Adjustment Under Both Methods -
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