Inc.’s inventory, assuming Nash uses lower-of-LIFO cost-or-market. (c) The amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answers to 2 decimal places, e.g. 52.75.) (per unit) Skis Boots Parkas Historical cost $197.60 $110.24 $55.12 Selling price 220.48 150.80 76.70 Cost to distribute 19.76 8.32 2.60 Current replacement cost 211.12 109.20 53.04 Normal profit margin 33.28
Inc.’s inventory, assuming Nash uses lower-of-LIFO cost-or-market. (c) The amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answers to 2 decimal places, e.g. 52.75.) (per unit) Skis Boots Parkas Historical cost $197.60 $110.24 $55.12 Selling price 220.48 150.80 76.70 Cost to distribute 19.76 8.32 2.60 Current replacement cost 211.12 109.20 53.04 Normal profit margin 33.28
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 13E: Retail Inventory Method The following information relates to the retail inventory method used by...
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Presented below is information related to Nash Inc.’s inventory, assuming Nash uses lower-of-LIFO cost-or-market.
(c) The amount that should be used to value parkas on the basis of the lower-of-cost-or-market. (Round answers to 2 decimal places, e.g. 52.75.)
(per unit)
|
Skis
|
Boots
|
Parkas
|
|||
---|---|---|---|---|---|---|
Historical cost
|
$197.60
|
$110.24
|
$55.12
|
|||
Selling price
|
220.48
|
150.80
|
76.70
|
|||
Cost to distribute
|
19.76
|
8.32
|
2.60
|
|||
Current replacement cost
|
211.12
|
109.20
|
53.04
|
|||
Normal profit margin
|
33.28
|
30.16
|
22.10
|
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