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Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows Inventory, by Product Category Tools: Hanners Saws Screwdrivers Paint products: 1-gallon cans Paint brushes Tools Product Hammers Saws Screwdrivers Total tools Paint products 1-gallon cans Paint brushes Total paint Total $ Quantity 100 290 390 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory 2. Assuming inventory write-downs are common for Almaden, record any necessary year end adjustment amount for each of the LCNRV applications in requirement 1 Complete this question by entering your answers in the tabs below. S S 590 100 Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Lower of cost and NRV By Product Categories Cost Per Unit Cost $5.90 10.90 2.90 0S 6.90 4.90 0$ 0$ Net Realizable Value $6.40 9.90 3.50 5.90 5.40 Net Realizable By Individual Products Value 0 0 $ By Total Inventory

Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows Inventory, by Product Category Tools: Hanners Saws Screwdrivers Paint products: 1-gallon cans Paint brushes Tools Product Hammers Saws Screwdrivers Total tools Paint products 1-gallon cans Paint brushes Total paint Total $ Quantity 100 290 390 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory 2. Assuming inventory write-downs are common for Almaden, record any necessary year end adjustment amount for each of the LCNRV applications in requirement 1 Complete this question by entering your answers in the tabs below. S S 590 100 Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Lower of cost and NRV By Product Categories Cost Per Unit Cost $5.90 10.90 2.90 0S 6.90 4.90 0$ 0$ Net Realizable Value $6.40 9.90 3.50 5.90 5.40 Net Realizable By Individual Products Value 0 0 $ By Total Inventory

Intermediate Accounting: Reporting And Analysis
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 13P: Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X,...
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Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Tools: Hanners Saus Screwdrivers Paint products: 1-gallon cans Paint brushes Tools Product Hammers Saws Screwdrivers Total tools Paint products 1-gallon cans Paint brushes Total paint Total $ Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1 Complete this question by entering your answers in the tabs below. S Quantity 100 290 390 Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Lower of cost and NRV S 590 100 Cost Per Unit Cost $5.90 10.90 2.90 0 S 6.90 4.90 0 S Net Realizable Value Net Realizable By Individual Value Products 0 $6.40 9.90 3.50 0 5.90 5.40 OSOS By Product Categories 0 S 0 By Total Inventory
Transcribed Image Text:Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2021 year-end inventory is as follows: Inventory, by Product Category Tools: Hanners Saus Screwdrivers Paint products: 1-gallon cans Paint brushes Tools Product Hammers Saws Screwdrivers Total tools Paint products 1-gallon cans Paint brushes Total paint Total $ Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Almaden, record any necessary year-end adjustment amount for each of the LCNRV applications in requirement 1 Complete this question by entering your answers in the tabs below. S Quantity 100 290 390 Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Lower of cost and NRV S 590 100 Cost Per Unit Cost $5.90 10.90 2.90 0 S 6.90 4.90 0 S Net Realizable Value Net Realizable By Individual Value Products 0 $6.40 9.90 3.50 0 5.90 5.40 OSOS By Product Categories 0 S 0 By Total Inventory
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