Required information [The following information applies to the questions displayed below.] For the current year, Parker Games has the following inventory transactions related to its traditional board games. Pa Games uses a periodic inventory system. Date Jan. 1 Mar. 12 Transaction Units 120 90 60 Total Cost $2,520 1,440 540 Unit Cost Beginning inventory Purchase Purchase $21 16 Sep. 17 9. 270 $4,500 Jan. 1-Dec. 31 Sales 170 Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the dem for board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates net realizable value of the 100 units of unsold inventory to be $500. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value. Lower of Cost and NRV FIFO
Required information [The following information applies to the questions displayed below.] For the current year, Parker Games has the following inventory transactions related to its traditional board games. Pa Games uses a periodic inventory system. Date Jan. 1 Mar. 12 Transaction Units 120 90 60 Total Cost $2,520 1,440 540 Unit Cost Beginning inventory Purchase Purchase $21 16 Sep. 17 9. 270 $4,500 Jan. 1-Dec. 31 Sales 170 Because of the increasing popularity of electronic video games, Parker Games continues to see a decline in the dem for board games. Sales prices have decreased by over 50% during the year. At the end of the year, Parker estimates net realizable value of the 100 units of unsold inventory to be $500. 3-a. Determine the amount of ending inventory to report using lower of cost and net realizable value. Lower of Cost and NRV FIFO
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 14RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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