Question: plz use excel 56 57 E2 58 Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items

plz use excel 56 57 E2 58 Loft Co. reviewed its

plz use excel

56 57 E2 58 Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items examined for the lower of cost or market: 59 Inventory #1 Inventory #2 60 Original cost 210,000 400,000 61 Replacement cost 150,000 370,000 62 Net realizable value 240,000 410,000 63 Net realizable value less profit margin 208,000 405,000 64 65 What amount should Loft include in inventory at year-end, if it uses the total of the inventory to apply the lower of cost or market

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!

Answers that receive full credit should be: well organized, done on excel E2 Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items...

Explain your answer step by step E2 Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items examined for the lower of cost or market:...

Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items examined for the lower of cost or market: Inventory item #1 Original Cost...

Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items examined for the lower of cost or market: Original cost Replacement cost Net...

Loft Co. reviewed its LIFO inventory values for proper pricing at year-end. The following summarizes two inventory items examines for the lower of cost or market: Inventory item #1 Inventory item #2...

Loft Co. reviewed its inventory values for proper pricing at year-end. The following summarizes two inventory items examined for the lower of cost or market: Inventory item #1 Inventory item #2...

Loft Co. reviewed its inventory values for proper pricing at year end. The following summarizes two inventory items examined for the lower of cost or net realizable value: What amount should Loft...

I'm in serious need of help in my accounting class (acc205) . I'm falling behind and I need help with this weeks assignment. for week three for the may-june month . can someone please help me ....

The Balance Sheet Referencing this week?s readings and lecture, what information is provided in the balance sheet? What is a common-sized balance sheet and how do you create one? For your final...

PART 2 Answers that receive full credit should be: well organized, use data inputs and use Excel features to make calculations. A firm's inventory was destroyed by fire on August 14 of the current...

Under the hierarchy of GAAP, what sources of accounting principles have the most authority for state and local governments, federal government entities, and nongovernmental entities? Where do...

In what way is the NPV consistent with the principle of shareholder wealth maximization? What happens to the value of a firm if a positive-NPV project is accepted? If a negative-NPV project is...

Elizabeth Island Airways scher. Ellermalogenal airine serving the New England area, recently suffered a major cras. As a result passengers are considered to be shy choose As there comer when making...

Flexibility. Organizations are introducing new working patterns and abandoning some traditional ones, influenced by economic transformation and savings in labour costs; however, part-time working has...

Recruitment and redundancy. Skills shortages as a result of loss of employees and lower wages in the state- and former state-owned organizations has led to targeting of school leavers, the long-term...

Underestimation of the complexities of a free market, with a tendency to rely on imported solutions. Western managers, they recommend, should encourage a blend of HRM involving both free market...