Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows....
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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
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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:
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