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Rudiy27
3 years ago
13

Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory Information abo

ut the five major items stocked for regular sale follows: Quantity on Hand ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 13 $ 16 41 31 Item 62 Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. Total Net Quantity Total Cost Realizable Value Lower of Cost or NRY Item 62 92 22 82 362 Total
Business
1 answer:
Marina86 [1]3 years ago
7 0

Answer:

Explanation:

Item  Quantity  Total Cost*  Total Net realizable value     Lower of cost

                                                                                                        or NRV

A   62         $806.00             $992.00                                 $  806.00

B   92          $ 3,772.00     $ 2,852.00                                $ 2,852.00

C   22          $  1,166.00     $    1,078.00                        $ 1,078.00

D  82          $2,542.00      $    2,132.00                         $ 2,132.00

E 362          $2,172.00      $3,982.00                                 $ 2,172.00

       

       Total $10,458.00       $ 11,036.00                          $ 9,040.00

*Cost per unit x Total quantity

**NRV per unit x Total quantity

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Answer:

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amount of the lower cost of market

solution

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so cost will be here

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and

Net realizable value will be

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so that Market adjustment is the difference of

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