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Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The company's inventory at the end of the year is as follo Inventory Classification Class 1: Halicon basic models Halican super models Class 2: Private brand-regular Private brand-deluxe Private brand-super deluxe 1. By individual type of item. 2. By class of inventory. Writedown amount Quantity Cost By individual type of item 59 $136 39 195 129 69 49 126 175 254 Required: Determine the amount of any adjustment that is required to inventory under each of the following valuation methods: (Enter a amounts as positive values.) By class of inventory Per Unit Net Realizable Value $174 176 136 194 186

Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The company's inventory at the end of the year is as follo Inventory Classification Class 1: Halicon basic models Halican super models Class 2: Private brand-regular Private brand-deluxe Private brand-super deluxe 1. By individual type of item. 2. By class of inventory. Writedown amount Quantity Cost By individual type of item 59 $136 39 195 129 69 49 126 175 254 Required: Determine the amount of any adjustment that is required to inventory under each of the following valuation methods: (Enter a amounts as positive values.) By class of inventory Per Unit Net Realizable Value $174 176 136 194 186

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 11P: Olson Company adopted the dollar-value LIFO method for inventory valuation at the beginning of 2015....
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Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The company's inventory at the end of the year is as follows Required: Determine the amount of any adjustment that is required to inventory under each of the following valuation methods: (Enter all amounts as positive values.) By individual type of item. By class of inventory.
Transcribed Image Text:Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The company's inventory at the end of the year is as follows Required: Determine the amount of any adjustment that is required to inventory under each of the following valuation methods: (Enter all amounts as positive values.) By individual type of item. By class of inventory.
Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The company's inventory at the end of the year is as follows: Inventory Classification Class 1: Halicon basic models Halican super models Class 2: Private brand-regular Private brand-deluxe Private brand-super deluxe 1. By individual type of item. 2. By class of inventory. Writedown amount Quantity Cost By individual type of item 59 $136 39 195 129 69 49 126 175 254 Required: Determine the amount of any adjustment that is required to inventory under each of the following valuation methods: (Enter all amounts as positive values.) By class of inventory Per Unit Net Realizable Value $174 176 136 194 186
Transcribed Image Text:Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The company's inventory at the end of the year is as follows: Inventory Classification Class 1: Halicon basic models Halican super models Class 2: Private brand-regular Private brand-deluxe Private brand-super deluxe 1. By individual type of item. 2. By class of inventory. Writedown amount Quantity Cost By individual type of item 59 $136 39 195 129 69 49 126 175 254 Required: Determine the amount of any adjustment that is required to inventory under each of the following valuation methods: (Enter all amounts as positive values.) By class of inventory Per Unit Net Realizable Value $174 176 136 194 186
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