Bramble Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No.   Quantity   Cost per Unit   Cost to Replace   Estimated Selling Price   Cost of Completion and Disposal   Normal Profit 1320   1,900     $3.65     $3.42     $5.13     $0.40     $1.43   1333   1,600     3.08     2.62     3.99     0.57     0.57   1426   1,500     5.13     4.22     5.70     0.46     1.14   1437   1,700     4.10     3.53     3.65     0.29     1.03   1510   1,400     2.57     2.28     3.71     0.91     0.68   1522   1,200     3.42     3.08     4.33     0.46     0.57   1573   3,700     2.05     1.82     2.85     0.86     0.57   1626   1,700     5.36     5.93     6.84     0.57     1.14   From the information above, determine the amount of Bramble Company inventory.

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A: Inventory Cost :— Inventory costs are the costs to a business associated with holding stock, or…

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A: The ending inventory is the inventory left in the stock at end.

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A: Lower-of-cost-or-market = Lower of cost and Net realizable value where, Net realizable value =…

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A: Lets understand the basics. As per IAS 2 "Inventories", inventories should be valued at cost or net…

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A: IN CASE OF INVENTORY AS WHOLE :  = LOWER IS COST SR3,680   PRODUCT UNITS ON HAND  PER UNIT COST…

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A: Steps taken for computing the inventory valuation is as above.

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A: If current replacement cost is between Ceiling (NRV) and floor value (NRV-normal profit) then Market…

Q: The following data refer to Billings Company’s ending inventory: Item Code Quantity Unit Cost Unit…

A: Compute the total cost and total market value of all items and select the lower of cost and market…

Q: Given the following:     Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A:

Q: Wangerin Company follows the practice of pricing its inventory at the lower‐of‐cost‐or‐market, on an…

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Q: Required information [The following information applies to the questions displayed below.] A company…

A: ENDING INVENTORY WILL BE VALUED AT COST OR NET REALIZABLE VALUE WHICHEVER IS LOWER .

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A: Inventory Valuation: Inventory valuation is the cost associated with the inventory of a company at…

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A: The question is related to Valuation of Inventories. The Inventory Should be Valued at lower of…

Q: In some instances, accounting principles require a departure from valuing inventories at cost alone.…

A: Accounting principles refers to rules and regulations which are followed when financial data is…

Q: Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an…

A: solution In lower of cost or market price inventory valuation Steps is Identify the cost Identify…

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A: Lets understand the basics. As per IAS 2 "Inventory, inventory should be valued at lower of cost or…

Q: Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Cost per Market Value…

A: The principle is inventory should be valued at lower or cost of reliasable value which ever is lower…

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A: Item No. Quantity Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and…

Q: ABC Co. uses a perpetual inventory system and uses the LIFO cost flow assumption. Calculate the…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

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Q: Cost of Goods Sold As an accountant for Lee Company, your supervisor gave you the following…

A:

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Q: (LCNRV) Sedato Company follows the practice of pricing its inventory at LCNRV, on individual-item…

A: Formula: Cost of inventory = Units x Lower of cost or NRV

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A: Number of units sold = Units purchased - Ending inventory units = 209 - 62 = 147

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A: LCNRV: LCNRV mean Lower of cost or Net Realizable value. lower values of cost or NRV.

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A: LCNRV: LCNRV stands for lower of cost / Net realizable value consider the values whichever is lower.

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A: Lower of cost or market method: It is the method in which the inventory is valued at lower of…

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A: The question is based on the concept of Costing.

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A: Inventory to be valued at  Cost or NRV  which ever is lower

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A: Lower of cost or market  is a method of valuing inventory either baed on the historical cost or the…

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A: Step taken for computing the inventory valuation has been shown as above.

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Q: Sheffield Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on…

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Q: Sedato Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis.…

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A: Net realisable value is the price of the inventory, after reducing the estimated costs related to…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39…

A: Average Rate = Value of goods available for sale / No. units available for sale   1. April 1 =…

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A: Introduction Net Realizable Value is the cash that compnay expects to receive at the end. As far as…

Q: Martinez Company's ending inventory includes the following items.   Product Units Cost per Unit…

A: Given: Product Units Cost per unit Market per unit Helmets 30 58 62 Bats 23 112 80 Shoes 44…

Q: The following data refer to Cambridge Company’s ending inventory:   Item Code Quantity Unit Cost…

A: The lower of cost or market rule states that the firm should recognised the inventory at lower of…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.