Product Quantity Cost Net Realizable Value Revolvers 17 124 159 Spurs 28 25 20 Hats 11 54 44 • $3,152. • $3,402. • $3,244. $3,747. At what amount should OldWest report its inventory?
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- On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) A13Y 144 $22 $27 TX24 274 11 7 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.On the basis of the data shown below: Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) МX62 80 $42 $40 05T4 155 20 23 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $ 6,925 xThe following information is taken from a company’s records. Costper Unit Market valueper Unit Inventory Item 1 (10 units) $39 $38 Inventory Item 2 (22 units) 19 19 Inventory Item 3 (12 units) 9 11 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? $fill in the blank 1
- The following information is taken from a company’s records. Costper Unit Market valueper Unit Inventory Item 1 (10 units) $40 $39 Inventory Item 2 (23 units) 20 20 Inventory Item 3 (12 units) 8 10 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory?Solve for the dollar-value LIFO inventoryApplying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Item InventoryQuantity Cost perUnit Market Valueper Unit TotalCost TotalMarket A 300 $15.00 $14.50 $4,500 $4,350 B 200 14.00 15.00 2,800 3,000 C 100 17.00 17.50 1,700 1,750 a. $8,850 b. $9,100 c. $9,250 d. $9,000
- Lower-of-Cost-or-Market Method On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) IA17 80 $39 $42 O5T4 150 20 16 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $Using the lower of cost or market, what should the total inventory value be for the following items: Item InventoryQuantity Costper Unit Market Valueper Unit Total CostPrice Total MarketPrice Lower of Cost orMarket A 186 $6 $8 $1,116 $1,488 $fill in the blank 1 B 95 $18 $14 $1,710 $1,330 $fill in the blank 2 C 44 $22 $25 $968 $1,100 $fill in the blank 3 $fill in the blank 4On the basis of the following data: Product InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Model A 42 $74 $90 Model B 45 181 202 Model C 29 166 171 Model D 12 130 112 Model E 24 159 158 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory at the Lower of Cost or Market Product Total Cost Total Market Lower of Total Cost or Total Market A $ $ $ B C D E Total $ $ $
- How much is the total cost of inventory to be presented in the financial position of XYZ?Lower-of-Cost-or-Market InventoryOn the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. ProductInventoryQuantityUnitCost PriceUnitMarket Value per Unit(Net Realizable Value)Model A300$140$125Model B50090112Model C1506059Model D800120115Model E400140145 Inventory at the Lower of Cost or MarketProductTotal CostTotal MarketLower of Total Cost or Total MarketA$$$B C D E Total$$$On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) Raven 10 1,700 $163 $159 Dove 23 9,200 24 30 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9.$______