Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bewed Chapter 9 - Homework 2 Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows 125 points Product

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Bewed Chapter 9 - Homework 2 Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows 125 points Product Quantity 1,000 500 900 900 E Unit Cost 5 26 31 19 23 30 Unit Replacement Cost 528 27 18 20 28 Unit Selling Price 532 34 24 22 29 The cost to sell for each product consists of a 10 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 applied to Individual products, 2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rale 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 2 inamique 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 2 125 points Complete this question by entering your answers in the tabs below. BOOK Print Required 1 Required 2 Required) 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.) Product RC NRV NRV.NP Market Cost Inventory carrying value A(1000) B (500) C 1900) D 1900 E (800 Total Required 2 > 2 REYMRU. 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 amou calculated in requirement 2 125 points eBook Complete this question by entering your answers in the tabs below. Per Required Required 2 Required Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to th] entire inventory. (Do not round intermediate calculations. Inventory carrying value View transaction list Journal entry worksheet Record any necessary year-end adjusting entry assuming that inventory write- downs are common for Forester Company, Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Prev Next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2021

Authors: Bernard J. Bieg, Judith A. Toland

31st Edition

0357358287, 9780357358283

More Books

Students also viewed these Accounting questions

Question

discuss the reliability of the data you have gathered;

Answered: 1 week ago

Question

undertake an initial analysis of your data;

Answered: 1 week ago