Question: I need help with this question please, 5 a,b and c Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on

I need help with this question please, 5 a,b and c

Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on Product Hand Unit Cost Net Realizable Value BB 22 Per Unit FM $ 120 $ 115 15 143 150 MB 36 SL 49 177 191 97 183 Required: Calculate LCNRV for the inventory. a. As a whole (assuming the items are similar). LCNRV/applied to inventory b. Applied separately to each product. Product Total Total LCNRV Cost NRV applied to Each Product BB FM MB SL O S O S c. Prepare the appropriate adjusting entry. if required, based on your calculations in (b) View transaction list

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Excel Question (show all the formulas) Shooter, Inc. began operations on September 1, 2020 The following balances are the ACTUAL TOTALS during 2020 (please be aware that 99.99% of the time projected...

Question 1 Mastery Problem: Activity-Based Costing WoolCorp WoolCorp buys sheep's wool from farmers. The company began operations in January of this year, and is making decisions on product...

I need help with this question please, 5 a,b and c Showtime Company's ending inventory at December 31, 2020, includes the following items: Units on Product Hand Unit Cost Net Realizable Value BB 22...

Please I don't want an answer that is copied and pasted from a similar question. These answers are wrong or incomplete that is why I posted the question again. Posh Hotels Ltd. (PHL) is a small...

Question 1: Assume 007 Inc. made sales of $964.4 million during 2016. Cost of goods sold for the year totaled $655.3 million. At the end of 2015, 007 Inc. inventories stood at $200.7 million, and the...

Bramble Corporation had the following portfolio of investments at December 31, 2020, that qualified and were accounted for using the FV-OCI method: Cost per Fair Value Percent Interest Quantity Share...

please help me answer only the incorrect ones most of it i already done im just stuck. thank you:) Mastery Problem: Budgeting Learn Co LeamCo manufactures and sells one product, an abacus for...

Mastery Problem: Budgeting Learn Co LearnCo manufactures and sells one product, an abacus for classroom use, with two models, the Basic model and the Deluxe model. The company began operations on...

Bramble Hotels Ltd. (BHL) is a small boutique hotel that provides 40 suites that can be rented by the day, week, or month. Food service is available through room service as well. In addition, there...

1. Create a new database and name it Baseball Gear. 2. Include in the Baseball Gear database a table (entity) for Customer, Order, Order Line Item, and Item. 3. For each table (entity) created...

1. [9 pts] Solve the following differential equations and briefly describe your method of solution (choose three). a.x y" + x y' - (1a x) y = 0 subject to y(0) = 0, y'(0) = B b. y" +4 y = x sin 2x...

In general, how do changes in the unemployment rate vary with changes in real GDP? After several quarters of a severe recession, explain why we might observe a decrease in the official unemployment...

Give an example of a marginal rate of transformation.

10. Try to remember the last communication you entered into. How many times did you fill in information that the other person did not convey? How many times did you speak before the other person...

6. Think of a situation where you noticed that the other person or people did not like or understand your behaviour. Examine your own intentions behind the behaviour.

2. In this chapter, the reader should reflect on the following concepts: historical reason, goal orientation, core values and top performance.