Data related to the inventories of the Hogwarts store is represented below. normal profit margin is...
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Data related to the inventories of the Hogwarts store is represented below. normal profit margin is 20% of selling price. In applying LCM (lower of cost or Market) or LCNRV (lower of cost or net realizable value), evaluate the following: Cost Wands Brooms Owls Toads 1200 480 400 280 Replacement cost 920 360 720 240 Selling price 1000 600 840 960 Selling cost 100 80 48 96 If the firm uses LIFO and applies LCM or LCNRV to individual items, what is the amount of the write down to inventory? Data related to the inventories of the Hogwarts store is represented below. normal profit margin is 20% of selling price. In applying LCM (lower of cost or Market) or LCNRV (lower of cost or net realizable value), evaluate the following: Cost Wands Brooms Owls Toads 1200 480 400 280 Replacement cost 920 360 720 240 Selling price 1000 600 840 960 Selling cost 100 80 48 96 If the firm uses LIFO and applies LCM or LCNRV to individual items, what is the amount of the write down to inventory?
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ANS WER W ands Write down of 200 1200 920 B rooms Write down of 120 480 360 O w ... View the full answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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