Ames Trading Company has the following products in its ending inventoryCost perUnitProductMountain bikes.SkateboardsGlidersInventory ItemsQuantity122212Mountain bikesSkateboardsGliders$ 580330960Compute lower of cost or market for inventory applied separately to each product.UnitsMarket perUnit$ 510370910Per UnitCost MarketCostTotalMarketLCM applied toeach product

Name: Ames Trading Company has the following products in its ending invento
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Description: Ames Trading Company has the following products in its ending inventoryCost perUnitProductMountain bikes.SkateboardsGlidersInventory ItemsQuantity122212Mountain bikesSkateboardsGliders$ 580330960Compute lower of cost or market for inventory applied

The lower cost or market method indicates that businesses should recognize the inventory in the…

Business

Accounting

Ames Trading Company has the following products in its ending inventory. Cost per Unit Market per Unit $ 580 $ 510 330 370 960 910 Product Mountain bikes Skateboards Gliders Compute lower of cost or market for inventory applied separately to each product. Inventory Items Quantity 12 Mountain bikes Skateboards Gliders 22 12 Units Per Unit Cost Market Cost Total Market LCM applied to each product

Ames Trading Company has the following products in its ending inventory. Cost per Unit Market per Unit $ 580 $ 510 330 370 960 910 Product Mountain bikes Skateboards Gliders Compute lower of cost or market for inventory applied separately to each product. Inventory Items Quantity 12 Mountain bikes Skateboards Gliders 22 12 Units Per Unit Cost Market Cost Total Market LCM applied to each product

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 7RE: Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate...

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Ames Trading Co. has the following products in its ending inventory. Quantity Cost per Unit Market per Unit 22 $550 18 390 $510 460 680 13 750 Product Mountain bikes Skateboards Gliders Compute lower of cost or market for inventory applied separately to each product. Inventory Items Mountain bikes Skateboards Gliders Units Per Unit Cost Market Cost $ $ Total 0 0 0 0 Market $ 0 0 0 0 LCM applied to each product 0
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Martinez Company's ending inventory includes the following items. Cost per Market per Unit $55 83 100 41 Product Units Helmets 27 Bats Shoes Uniforms Compute the lower of cost or market for ending inventory applied separately to each product. 20 41 45 Inventory Items Units Helmets Bats Shoes Uniforms Unit $ 59 77 96 41 Per Unit Cost Market 27 $ 55 $ 20 83 41 100 45 41 59 77 96 41 Cost Total Market LCM Applied to Items
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Sunland Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity Costper Unit EstimatedSelling Price Cost to Completeand Sell 1320 1,700 $3.62 $5.09 $1.81 1333 1,400 3.05 3.84 1.13 1426 1,300 5.09 5.65 1.58 1437 1,500 4.07 3.62 1.53 1510 1,200 2.54 3.67 1.58 1522 1,000 3.39 4.41 0.90 1573 3,500 2.03 2.83 1.36 1626 1,500 5.31 6.78 1.70 From the information above, determine the amount of Sunland Company inventory.