Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with requirements a, b, c, and d. Thanks! Also, for requirement a it would be appreciated it you can fill it out

image text in transcribed

I need help with requirements a, b, c, and d. Thanks! Also, for requirement a it would be appreciated it you can fill it out in the same format as shown.

Case Closed Company sells cases for smartphones and notepad computers. The company uses the LIFO method for costing inventory. Case Closed groups inventory by the device manufacturer for which the case is made in Its LCM computations. Case Closed 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 abbreviation definitions.) Requirements Read the requirements. Complete the table below to identify the market value per unit amounts for each product, the total cost arounts, and the total market value amounts Cost per Market a. Conduct a lower-of-cost-or-market test for Case Closed assuming that it uses the total inventory approach for LCM computations. b. Conduct a lower-of-cost-or-market test for Case Closed assuming that it uses the individual-item approach for LCM computations, C. Conduct a lower-of-cost-or-market test for Case Closed assuming that it uses the group by group approach for LCM computations d. Prepare the journal entry needed to adjust Case Closed's inventory to a lower-of-cost-or-market (LCM) basis assuming that LCM is applied to total inventory groups. Case Closed uses the indirect approach to record any adjustments to LCM (Assume that Case Closed Company is U.S. GAAP reporter.) Group No. Manufacturer No. of Units Unit Total Cost per Unit Total Market Smartphone case General Tech Notepad case General Tech Subtotal - General Tech FX Smartphone case Pacific Base Data table Notepad case Pacific Base Subtotal - Pacific Base CRC Manufacturer General Tech General Tech S No. Of Units SP Disposal NPM Cost 600 S 18 S 2 S 11 $ 9 800 30 2 21 17 Group No. Smartphone case Notepad case Smartphone case Notepad case 12 Total 16 7 400 1 2 10 Pacific Base Pacific Base 11 28 13 250 2 19 19 Help me solve this Etext pages Get more help Print Done

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_2

Step: 3

blur-text-image_3

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

Lease Audits The Essential Guide

Authors: Theodore H Hellmuth

1st Edition

0934055041, 978-0934055048

More Books

Students also viewed these Accounting questions

Question

Static Budget vs. Flexible Budget - ACCOUNTING

Answered: 1 week ago