Shannon, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory
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Shannon, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company’s inventory records as of December 31,2020.
Item | Quantity | Unit | Replacement | Estimated Selling | Completion & Disposal | Normal Profit | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
X490 | 10,200 | $12.5 | $11.95 | $14 | $3 | $3.4 | ||||||||||
X512 | 4,950 | 7 | 7.5 | 8.9 | 0.25 | 1.8 | ||||||||||
X682 | 18,000 | 19 | 18.6 | 31.55 | 3.25 | 9 | ||||||||||
Z195 | 12,500 | 14.25 | 14 | 19.8 | 1.4 | 5.75 | ||||||||||
Z846 | 8,600 | 12 | 12.75 | 13.95 | 2.1 | 1.1 |
Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g.52.75.)
Lower-of-Cost-or-Market | ||
---|---|---|
X490 | $enter a dollar amount | |
X512 | $enter a dollar amount | |
X682 | $enter a dollar amount | |
X195 | $enter a dollar amount | |
X846 | $enter a dollar amount |
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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