Homework: Homework 4 (Inventory) Save Score: 0.57 of 4 pts 4 of complot HW Score: 18.8%, 3.57 of 19 pts E10-13 (final answer) Question Help 0 Qualty Print Distributors Company ses faster printers and replacement tonercartridges Quality Prints Foro for inventory coating. It is two modes black and color laser printers. The black printers and back toner cartridges are in Group 100 and the color printer and color toner cartridges are in Group 200 Osity Print provided the following information regarding inventory at the end of the current year Click the icon to view the data) (Click the icon to view the reviation delitions) Read the resuments Requirement a. Conduct a lower-of-con-co-market lost torually Print assuming the total inventory approach for LCM computations (traro Loustment is required.) Assuming Quality Print the lo inventory approach for LCM computation. It will record a 5 loss adjustment Data Table Group No. Model No. CRC No. of Units No. 100 Black Laser Printer LP 100 $ 181 SP Disposal NPM Cost 214 $ 25 $ 38 $ 173 61 14 21 54 No. 100 Black Toner BT100 45 2,700 $ 2,400 3,600 3,350 CP200 202 236 22 29 193 No. 200 Color Laser Printer No. 200 Color Toner CT200 71 148 11 33 65 Print Done Requirements a. Conduct a lower-of-cost-or-market test for Quality Print assuming that it uses the total inventory approach for LCM computations. b. Conduct a lower-of-cost-or-market test for Quality Print assuming that it uses the individual-item approach for LCM computations. c. Conduct a lower-of-cost-or-market test for Quality Print assuming that it uses the group-by-group approach for LCM computations. d. Prepare the journal entry needed to adjust Quality Print's inventory to a lower-of-cost-or-market (LCM) basis assuming that LCM is applied to individual items. Quality Print uses the indirect approach to record any adjustments to LCM. (Assume that Quality Print Company is U.S. GAAP reporter.) Print Done Homework: Homework 4 (Inventory) Save Score: 0.57 of 4 pts 4 of complot HW Score: 18.8%, 3.57 of 19 pts E10-13 (final answer) Question Help 0 Qualty Print Distributors Company ses faster printers and replacement tonercartridges Quality Prints Foro for inventory coating. It is two modes black and color laser printers. The black printers and back toner cartridges are in Group 100 and the color printer and color toner cartridges are in Group 200 Osity Print provided the following information regarding inventory at the end of the current year Click the icon to view the data) (Click the icon to view the reviation delitions) Read the resuments Requirement a. Conduct a lower-of-con-co-market lost torually Print assuming the total inventory approach for LCM computations (traro Loustment is required.) Assuming Quality Print the lo inventory approach for LCM computation. It will record a 5 loss adjustment Data Table Group No. Model No. CRC No. of Units No. 100 Black Laser Printer LP 100 $ 181 SP Disposal NPM Cost 214 $ 25 $ 38 $ 173 61 14 21 54 No. 100 Black Toner BT100 45 2,700 $ 2,400 3,600 3,350 CP200 202 236 22 29 193 No. 200 Color Laser Printer No. 200 Color Toner CT200 71 148 11 33 65 Print Done Requirements a. Conduct a lower-of-cost-or-market test for Quality Print assuming that it uses the total inventory approach for LCM computations. b. Conduct a lower-of-cost-or-market test for Quality Print assuming that it uses the individual-item approach for LCM computations. c. Conduct a lower-of-cost-or-market test for Quality Print assuming that it uses the group-by-group approach for LCM computations. d. Prepare the journal entry needed to adjust Quality Print's inventory to a lower-of-cost-or-market (LCM) basis assuming that LCM is applied to individual items. Quality Print uses the indirect approach to record any adjustments to LCM. (Assume that Quality Print Company is U.S. GAAP reporter.) Print Done
