Decker Company has five products in its inventory. Information about ending inventoryfollows.UnitProduct Quantity Cost$A1,100303541134The cost to sell for each product consists of a 10 percent sales commission.BCPсDE9008004008001. Determine the carrying value of ending inventory, assuming the lower of cost or netrealizable value (LCNRV) rule is applied to individual products.2. Determine the carrying value of ending inventory, assuming the LCNRV rule is appliedto the entire inventory.3. Assuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2.Complete this question by entering your answers in the tabs below.ProductUnitSellingPrice$3638121033Required 1 Required 2 Required 3Determine the carrying value of ending inventory, assuming the lower of cost or net realizable value (LCNRV) rule is applied toindividual products.Note: Do not round intermediate calculations.ABCDUnits1,100900800400CostNRVInventoryValue Forest Company has tive products in its inventory. Information about ending inventoryfollows.Product Quantity Cost$A900293422BCсDE9009009001,000LeaUnitUnitUnit Replacement SellingCostPrice2633Required 1Product(units)A (900)B (900)Ca$ 313021The cost to sell for each product consists of a 20 percent sales commission. The normalprofit for each product is 40 percent of the selling price.0131223Required 2 Required 3RC231. Determine the carrying value of ending inventory, assuming the lower of cost ormarket (LCM) rule is applied to individual products.2. Determine the carrying value of inventory, assuming the LCM rule is applied to theentire inventory.313. Assuming inventory write-downs are common for Forest, record any necessary year-end adjusting entry based on the amount calculated in requirement 2.Complete this question by entering your answers in the tabs below.NRV57223$35Determine the carrying value of ending inventory, assuming the lower of cost or market (LCM) rule is applied to individualproducts.Note: Do not round intermediate calculations.NRV minus NPMarketCostInventoryvalue

Name: Decker Company has five products in its inventory. Information about
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Description: Decker Company has five products in its inventory. Information about ending inventoryfollows.UnitProduct Quantity Cost$A1,100303541134The cost to sell for each product consists of a 10 percent sales commission.BCPсDE9008004008001. Determine the carr

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Decker Company has five products in its inventory. Information about ending inventory follows. Unit Product Quantity Cost $ A 1,100 30 35 4 11 34 BUDE 900 800 400 800 Unit Selling Price $36 38 12 10 33 The cost to sell for each product consists of a 10 percent sales commission. 1. Determine the carrying value of ending inventory, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Determine the carrying value of ending inventory, assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker, record any necessary year- end adjusting entry based on the amount calculated in requirement 2.

Decker Company has five products in its inventory. Information about ending inventory follows. Unit Product Quantity Cost $ A 1,100 30 35 4 11 34 BUDE 900 800 400 800 Unit Selling Price $36 38 12 10 33 The cost to sell for each product consists of a 10 percent sales commission. 1. Determine the carrying value of ending inventory, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. 2. Determine the carrying value of ending inventory, assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker, record any necessary year- end adjusting entry based on the amount calculated in requirement 2.

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 2E: Inventory Write-Down Stiles Corporation uses the FIFO cost flow assumption and is in the process of...

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Decker Company has five products in its inventory. Information about ending inventory follows. Unit Unit Selling Cost Product ABCDE Quantity 1,250 1,050 850 450 850 $ 23 29 5 12 28 Price The cost to sell for each product consists of a 10 percent sales commission. Required: 1. Determine the carrying value of ending inventory, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products. $ 30 32 13 11 27 2. Determine the carrying value of ending inventory, assuming the LCNRV rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. View transaction list Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assuming inventory write-downs are common for Decker, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Note: If no entry is…
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