Please help me W DD BE9-2 Floyd Corporation has the following four items in its ending inventory.Net RealizableNRV LessReplacementCost$2,0505,1004,5502,990Value (NRV)Normal Profit MarginItemCost$1,6004,100JokersPenguinsRiddlersScarecrows$2,0005,0004,4003,200$2,1004,9504,6253,8303,7003,070Determine the final lower-of-cost-or-market inventory value for each item.

Value of inventory = Lower of Cost or Net realizable value

DD BE92 Floyd Corporation has the following four items in its ending inventory. NRV Less Net Realizable Value (NRV) $2,100 4,950 4,625 3,830 Replacement Cost ITTT Normal Profit Margin Cost $2,000 Item $2,050 5,100 4,550 2,990 $1,600 4,100 3,700 3,070 Jokers Penguins Riddlers 5,000 4,400 3,200 Scarecrows Determine the final lower-of-cost-or-market inventory value for each item.

DD BE92 Floyd Corporation has the following four items in its ending inventory. NRV Less Net Realizable Value (NRV) $2,100 4,950 4,625 3,830 Replacement Cost ITTT Normal Profit Margin Cost $2,000 Item $2,050 5,100 4,550 2,990 $1,600 4,100 3,700 3,070 Jokers Penguins Riddlers 5,000 4,400 3,200 Scarecrows Determine the final lower-of-cost-or-market inventory value for each item.

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 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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