Question

Almaden Hardware Store sells two distinct types of products, tools and paint products. Information pertaining to its 2011 year-end inventory is as follows:

Required:
1. Determine the balance sheet inventory carrying value at year-end, assuming the LCM rule is applied to
(a) Individual products,
(b) Product type, and
(c) Total inventory.
2. Assuming that the company recognizes an inventory write-down as a separate income statement item, for each of the LCM applications determine the amount of the loss.



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  • CreatedJuly 02, 2013
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