Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Replacement Selling Cost $25 24 15 17 25 Unit Product Quantity 900 500 700 1,000 700 Unit Cost $ 23 28 16 Price A $29 31 21 19 26 D 20 27 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 perce selling price. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is appli individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the a calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to Individual products. (Do not round Intermediate calculations.) Prev 1 of 1 Next Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market individual products. (Do not round intermediate calculations.) Inventory carrying value Product RC NRV NRV-NP Market Cost (units) A (900) 24 25 B (500) C(700) D (1000) E (700) Total 2$ Requiree 1 Required 2 ne cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 percent of the elling price. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. (Do not round intermediate calculations.) Inventory carying value ( Required 1 Required 3 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 percent of the selling price. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is appliled to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Reqišred 3 Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit C Required 2 Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Unit Replacement Selling Cost $25 24 15 17 25 Unit Product Quantity 900 500 700 1,000 700 Unit Cost $ 23 28 16 Price A $29 31 21 19 26 D 20 27 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 perce selling price. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is appli individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the a calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to Individual products. (Do not round Intermediate calculations.) Prev 1 of 1 Next Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market individual products. (Do not round intermediate calculations.) Inventory carrying value Product RC NRV NRV-NP Market Cost (units) A (900) 24 25 B (500) C(700) D (1000) E (700) Total 2$ Requiree 1 Required 2 ne cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 percent of the elling price. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. (Do not round intermediate calculations.) Inventory carying value ( Required 1 Required 3 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 percent of the selling price. Required: 1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is appliled to individual products. 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory. 3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Reqišred 3 Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit C Required 2
Expert Answer:
Answer rating: 100% (QA)
Rquirement 1 Product Quantity Replacement cost RC Quantity Unit Replacement cost A NRV Units NR... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
Students also viewed these accounting questions
-
Forester Company has five products in its inventory. Information about the December 31, 2018, inventory follows. The cost to sell for each product consists of a 15 percent sales commission. The...
-
Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the...
-
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. The cost to sell for each product consists of a 15 percent sales commission. The...
-
Attijari Wafa Bank distributed on May 2022 a dividend per share of 5 MAD / share. The company is planning to have next 3 years a growth rate of 5% then after 7%. If the required rate of return is 12%...
-
Generally accepted auditing standards require that auditors always prepare and use a. A written planning memorandum explaining the auditors understanding of the clients business. b. A written client...
-
Consider the equation of the tractrix (a) Find dy/dx. (b) Let L be the tangent line to the tractrix at the point P. When L intersects the y-axis at the point Q, show that the distance between P and Q...
-
What topics should a ConOps, at a minimum, include?
-
In its income statement for the year ended June 30, 2009, The Clorox Company reported the following condensed data (dollars in millions). Selling and Research and administrative expenses .... $ 715...
-
Nottingham Ltd. entered into a contract to supply trophies to Golf Co. over the next three years. The contract contained two distinct performance obligations. After one year, the contract price was...
-
Ramakrishnan Inc. reported 2024 net income of $15 million and depreciation of $2,650,000. The top part of Ramakrishnan, Inc.s 2024 and 2023 balance sheets is listed below (in millions of dollars)....
-
Evaluate the following integral. x. x +16x-16 3 x - 16x innRaces! Find the partial fraction decomposition of the integrand. x x +16x-16 3 x - 16x dx= JO dx
-
Convert the following for loop into a do-while loop. int sum= 0; for (int i = 0; i < 100; i++) { sum += i; } Answer:
-
The hash function h(k)= k mod m and linear probing are used to insert the keys 37, 38, 72, 48, 98, 11, 56 into a hash table of size = 7 having indices 0...6. The order of the hash codes in the array...
-
Write a MATLAB script check02 that prompts for user input of a vector Yin and displays on the screen two vectors Yplus and Yminus such that Yplus and Yminus contain the positive and negative values...
-
Write a C++ program to read 4 numbers entered by user in the terminal (use cin). Then, take the average of these numbers and report: Average of number1, number2, number3 and number 4 is .... (use...
-
The plot below shows the training and validation r-squared scores of a ridge regression model for varying values of the rgularization hyperparameter. State the (approximate) value of a that would...
-
During the title search, the title insurance company noticed that an ex - spouse still had a claim to 1 3 0 0 Seabrook Drive. Which document will they most likely ask the ex - spouse to complete...
-
In the figure, two loudspeakers, separated by a distance of d1 = 2.63 m, are in phase. Assume the amplitudes of the sound from the speakers are approximately the same at the position of a listener,...
-
What is comprehensive income? Its composition varies from company to company but may include which investment-related items that are not included in net income?
-
Wickum Corporation reports under IFRS, and recognized a $500,000 other-than-temporary impairment of an HTM debt investment in Right Corporation. Subsequently, the fair value of Wickum's investment in...
-
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macrosoft Corporation. Required: Prepare the cash flows from operating...
-
Give some examples of how CRM-enabled sales analytics can provide valuable insights at each of these stages of the customer journey: prospect (lead), initial customer contact, engagement with the...
-
Someone says: Our firm focuses on maintaining long-term relationships with our customers. We dont have to do any prospecting. Evaluate this statement.
-
Why do some salespeople not immediately embrace the use of the newest technologies? What are some ways in which a salesperson who is reluctant to adopt new technologies might be influenced to do so?
Study smarter with the SolutionInn App