under Corporation has the following four items in its ending inventory: Item   Cost   Estimated Selling Price   Estimated Disposal Costs Neutrinos   $1930   $2210   $99       Ocillinos   $4930   $4830   $96       Electrons   $4230   $4565   $209       Protons   $3470   $4480   $112           Assume that Flounder is a public company using IFRS. Determine the total value of ending inventory, using the lower of cost and net realizable value model applied on an individual item basis. Item   LC and NRV Neutrinos   $enter a dollar amount  Ocillinos   $enter a dollar amount  Electrons   $enter a dollar amount  Protons   $enter a dollar amount     Total   $enter a total amount

Q: Elster Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2007. Its…

A: Date Inventory Amount $ Cost of ending inventory CPI Dec 31 , 2017 220000   100 Dec 31…

Q: At December 31, 2021, Bosan Corporation has 4,900 units of Model 63 and 3,500 units of Model 64 in…

A: The inventory value is calculated as lower of cost or Net realizable value.

Q: Kaasiam Company uses cost method in determining its ending inventory. Assume the beginning inventory…

A:

Q: As a result of a thorough physical inventory, Waterway Company determined that it had inventory…

A: Inventory: Inventory refers to the goods which are available for sale and raw materials which are…

Q: Based on the physical inventory taken on December 31, 2020, Maria Company has an ending inventory…

A: Inventory is defined as the goods and materials which the business holds for the ultimate purpose…

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

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

Q: Item Units Cost Replacement Cost Net Realizable Value 1 500 $10.00 $ 9.10 $ 9.20 2 400    8.00…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Crane Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items.…

A: Working:   Item D Item E Item F Item G Item H Item I Selling price (A) $ 122.00…

Q: Lychee Company uses the retail method of inventory valuation. The following information is…

A:

Q: Bramble Corp. uses the lower-of-cost-or-net realizable value basis for its inventory. The following…

A: Closing inventory: It is the amount of inventory that remains with the company at the end of the…

Q: Given the following data for Al-Madar co. for 2021: Inventory at Cost (31/12/2021) 22000 Inventory…

A: Cost of goods sold means the cost incurred on the goods which has been sold out. This figure can be…

Q: Anna Company included the following items in its ending inventory: Merchandise out on consignment,…

A: Solution: Amount by which ending inventory should be reduced = Goods held on consignment by Anna…

Q: Serendipity Company uses the first-in, first-out retail method of inventory valuation. The following…

A: The FIFO stands for First in First out. Under this method, goods Purchased first are to be sold…

Q: Moss Company has determined its December 31,2019 inventory on a FIFO basis to be P4,000,000.…

A: LCM or the lower of cost or market method is used to value a company’s inventory. The inventory is…

Q: The XYZ Company completed the following perpetual inventory transactions:   May 1 Beginning…

A: Definition: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially…

Q: Campbell Corporation uses the retail method to value its inventory. The following information is…

A: Cost to retail ratio = Goods available for sale at cost (before markdowns) / Goods available for…

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

A: Workings: If Replacement cost is between NRV ( Net Realizable value ) and Floor value then Market…

Q: As of 12-31-15, Zena Company has four different inventory items on hand. Data on the four items…

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

Q: Seagull Company uses the retail method of inventory valuation. The following information is…

A: The cost of ending inventory is calculated as difference between cost of goods available for sale…

Q: Lychee Company uses the retail method of inventory valuation. The following information is…

A:

Q: Ray Corporation has two products in its ending inventory, each accounted for at the lower of cost or…

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

Q: The inventory of Oheto Company on December 31, 2020, consists of the following items. Part…

A: Solution: Part No. Quantity Per Unit Cost Market Total Cost Total Market Lower of Cost or Market…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: 1. LIFO Method - Under LIFO Method, Inventory purchased last is sold first.   2. Periodic Inventory…

Q: Coronado Corporation has the following four items in its ending inventory. Net Realizable Item Cost…

A: LCNRV for Each item ( Lower of cost or net realizable value)

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Lets understand the basics. As per IAS 2 "Inventories", inventory at the year end needs to be valued…

Q: Mic Drop Company uses the first-in, first-out retail method of inventory valuation. The following…

A: Answer B  P220,000

Q: Dunk Company adopted the dollar-value LIFO inventory method on 12/31/2020 and uses one inventory…

A: The following are the answers:   1. The price index for 2021 is \$4.25. 2. The ending inventory for…

Q: REQUIRED: What is the amount of loss that Purple Company should recognize at December 31, 2019?

A: Given, Cost of inventory under FIFO method: 200000 Estimated Selling price : 204000 Estimated cost…

Q: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for…

A: LIFO assumes that inventory purchased latest is sold first. In the closing inventory, 8,000 units…

Q: At December 31, Year 2, Beech Corporation still had the same three different products in its…

A: Question is based on the concept of Accounting standards

Q: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

Q: Using the LCNRV rule, determine the proper per-unit value for balance sheet reporting purposes for…

A: Working Note: Computation of Net Realizable value:- Item selling Price Estimated  selling  exp.…

Q: The inventory of Coronado Company on December 31, 2020, consists of the following items. Part…

A: GAAP require that inventory be valued at the lesser amount of its laid-down cost and the amount for…

Q: he XYZ Company completed the following perpetual inventory transactions: May 1Beginning inventory20…

A: LIFO method under perpetual inventory method : In this method, the costs of last purchased items are…

Q: Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory…

A: Carrying Value of Inventory: Carrying value of inventory is the absolute of all costs connected with…

Q: Presented below is information related to Rembrandt Inc.’s inventory, assuming Rembrandt uses…

A: a. Calculate ceiling limit and floor limit for skis: Ceiling limit = Selling price of inventory -…

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

A: In This Numerical has covered the concept of Inventory Valuation. Here Lower Of Cost Or Net…

Q: The inventory of Longhorn Company at the end of the current year is to be recorded at the lower of…

A: Net realizable value:-  NRV is value of inventory that seller expects to get after deducting selling…

Q: The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1…

A: LIFO: In Last-in-first-out it is assumed that the last purchased item will be sold first. So, the…

Q: Valley Inc. has compiled the following information concerning items in its inventory at December 31:…

A: Given, Quantity, Cost, & NRV of Raw materials  We need to find the value of Inventory and loss…

Q: 1. Assume that Palmquist uses the FIFO cost flow assumption. Compute the correct inventory value…

A: Inventory Write-Downs:   If the utilizing capacity of inventory by the company drops down below the…

Q: The following information on cost and net realizable value of Bramble Ltd's various inventory…

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

Q: Montana co has determined its year end inventory on a fifo basis tp be 635000. info pertaining to…

A: As per IAS 2 , Inventories  Inventory is to be valued at lower of cost and Net realizable value.

Q: Poe, Co. uses LIFO for its inventory valuation. The original cost of Item #BB-8, the only inventory…

A: Inventory is to be valued at cost or net realisable value which ever is lower. Where cost means cost…

Q: Palmquist Company has five different inventory items and applies the inventory valuation rules on an…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Blue Devil Inc. uses the LIFO inventory costing method for both tax reporting and financial…

A: First-in-First-Out (FIFO):   In First-in-First-Out method, the costs of the initially purchased…

Q: Pharoah Company developed the following information about its inventories in applying the…

A: Net realizable value is the estimated selling price of the product or asset less the cost of…

Q: What is the lower-of-cost-or-net realizable value of the inventory?

A: Inventory refers to all items of goods, merchandise, and materials held by a company or business for…

Q: Cheyenne Corp. had the following inventory transactions occur during 2022:         Units…

A: Under LIFO method, newer units are sold first and old units are sold later.

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.