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- On 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 $ $ $Lower-of-Cost-or-Market Method On the basis of the data shown below: Item Inventory Quantity Cost per Unit 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.Lower-of-cost-or-market method On the basis of the following data, 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 10. Commodity InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) JFW1 53 $39 $34 SAW9 108 19 23 fill in the blank 1 of 1$
- Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual products and has collected the following data: Product A Product B Product C Selling price $ 96 $ 121 $ 76 Cost 66 71 76 Costs to sell 14 19 9 Determine the inventory book value for Products A, B, and C. Product NRV Cost Inventory Value A B CWhich method would produce the same unit cost for Inventory and Cost of Good Sold in periods of rising prices? Select one: a. Weighted Average b. FIFO c. LIFODirections: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the writedown or loss occurs. __________7. Professional fee arising directly from the acquisition of property and equipment are recognized as expense immediately
- Directions: Read the following sentences. Write the letter “T” if the statement is True and “F” if the statement is False. Write your answer on the space before the number. You may view this test at our google class. __________4. LCNRV should always be equal to net realizable value. __________5. Lower of cost and net realizable value gives the lowest valuation if applied to individual item of inventory. __________6. The amount of any writedown of inventory to net realizable value and all losses of inventory should be recognized as operating expense in the period the writedown or loss occurs. __________7. Professional fee arising directly from the acquisition of property and equipment are recognized as expense immediately. __________8. Exchange has a commercial substance when the exchange result in the difference in future cash flows. __________9. The cost of abnormal amounts of wasted materials is not included in the cost of self-constructed assets. __________10. An asset is not…The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $LCNRV of inventory Select one: a. Is always either the net realizable value or its cost. b. Should always be equal to net realizable value. c. May sometimes be less than net realizable value. d. Should always be equal to estimated selling price less cost to complete.
- When purchase prices are rising, which of the following statements is true? a.LIFO produces a higher cost of goods sold than FIFO. b.LIFO produces a higher cost for ending inventory than FIFO. c.FIFO produces a lower amount for net income than LIFO. d.Weighted average cost produces a higher net income than FIFO or LIFO.Identify that if prices are rising, which inventory cost flow method will produce the highest amount of ending inventory? A. Weighted average B. LIFO C. FIFO S. LIFO, FIFO, and weighted average will all produce the same amount of cost of goods sold.The dollar-value LIFO inventory cost flow method involves computations based on A Specific Price Index for Each Year O O Inventory Pools of Similar Items G No g Yes Yes NO NO Yes Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.