Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.Inventory as of December 31, 2020(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory,Inventory as of December 31, 202024%24 The inventory of Metlock Company on December 31, 2020, consists of the following items.PartQuantityCost per UnitNet Realizable Value110570$113.00$119.0011197071.4062.0011254095.2090.00113180202.30214.20120380244.00248.001211,50019.001.00122300285.60280.00a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap.(a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item.Inventory as of December 31, 2020$4(b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory.

Lower-of-cost-or-net realizable value: The lower-of-cost-or-net realizable value (LCNRV) is a method…

a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 %24 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 24

a Part No. 121 is obsolete and has a realizable value of $1.00 each as scrap. (a) Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. Inventory as of December 31, 2020 %24 (b) Determine the inventory by the LCNRV method, applying the method to the total of the inventory. Inventory as of December 31, 2020 24

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 16PB: Use the following information relating to Medinas Company to calculate the inventory turnover ratio,...

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The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000
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Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be 125,000. On December 31, 2019, the cost of inventory was 130,000, while the market value was only 128,000. The December 31, 2020, market value of inventory was 140,000, and the cost was only 135,000. Frost uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the journal entries at the end of 2019 and 2020 to record the lower of cost or net realizable value under the: a. allowance method b. direct method 2. Show the presentation of cost of goods sold and inventory of Frosts income statement and balance sheet for 2019 and 2020 under the: a. allowance method (assume the cost of goods sold prior to applying the lower of cost or net realizable value rule was 595,000 and 605,000 for 2019 and 2020, respectively) b. direct method
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The inventory of Oheto Company on December 31, 2020, consists of the following items. Part Quantity Cost per Unit Net Realizable Value 110 6000 $ 95000 $10000000 111 1,0000 60000 5200000 112 5000 80000 7600000 113 2000 170000 18000000 120 4000 205000 20800000 121a 1,6000 16000 100000 122 3000 240000 23500000 aPart No. 121 is obsolete and has a realizable value of $1 each as scrap. Instructions a. Determine the inventory as of December 31, 2020, by the LCNRV method, applying this method to each item. b. Determine the inventory by the LCNRV method, applying the method to the total of the inventory.
The dollar-value LIFO method was adopted by Crane Corp. on January 1, 2020. Its inventory on that date was $155,200. On December 31, 2020, the inventory at prices existing on that date amounted to $134,400. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. Inventory 12/31/20 under dollar-value LIFO method Compute the inventory on that date under the dollar-value LIFO method.
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he dollar-value LIFO method was adopted by Bramble Corp. on January 1, 2020. Its inventory on that date was $298,300. On December 31, 2020, the inventory at prices existing on that date amounted to $280,000. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. (a) Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method.
The dollar-value LIFO method was adopted by Enya Corp. on January 1, 2020. Its inventory on that date was $160,000. On December 31, 2020, the inventory at prices existing on that date amounted to $140,000. The price level at January 1, 2020, was 100, and the price level at December 31, 2020, was 112. Instructions a. Compute the amount of the inventory at December 31, 2020, under the dollar-value LIFO method. b. On December 31, 2021, the inventory at prices existing on that date was $172,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.
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Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
A company adopted dollar-value LIFO on January 1, 2020, when the inventory value was $365,000 and the cost index was 1.45. On December 31, 2020, the inventory was valued at year-end cost of $400,000 and the cost index was 1.50. The company would report a LIFO inventory of: