loads$/$Revenue$\%20$Recognition$\%20$Project$\%20(2).$pdf

$\frac{1}{1}$

$100\%$

Revenue Recognition Project

In $2024,$ the Roadrunner Construction Company entered into a contract to construct a road for Southwestern Desert County for $$10,000,000.$ The road was completed in $2026.$ Information related to the contract is as follows:

$\backslash$table$[[,2024,2025,2026$

calculated in requirement $2.$

P $9-4$ Lower of cost or market; by product, category, and total inventory LO$9-1$

Home Stop sells two product categories, furniture and accessories. Information pertaining to its yearend inventory is as follows:

Inventory,

by Product Category

Per Unit

Furniture:

Chairs

Cost

Market

Desks

Quantity

$50$

Tables

$10$

$20$

Accessories:

Rugs

$40$

Lamps

$30$

$$25$

$$31$

$73$

$58$

$84$

$92$

$60$

$48$

$22$

$18$

Required:

Determine the carrying value of inventory at year$-$end, assuming the lower of cost or market $($LCM$)$ rule is applied to $($a$)$ individual products, $($b$)$ product categories, and $($c$)$ total inventory.