Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Inventory, by Product Category Tools: Per Unit Realizable Quantity Cost Value Hammers $ 5.80 10.80 120 $6.30 Saws 280 9.80 Screwdrivers 380 2.80 3.40 Paint products: 1-gallon cans Paint brushes 580 6.80 5.80 120 4.80 5.30 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2
Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Net Inventory, by Product Category Tools: Per Unit Realizable Quantity Cost Value Hammers $ 5.80 10.80 120 $6.30 Saws 280 9.80 Screwdrivers 380 2.80 3.40 Paint products: 1-gallon cans Paint brushes 580 6.80 5.80 120 4.80 5.30 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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