{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-25T14:11:45-04:00", "answer_date": "2024-05-25 14:11:45", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1691500", "url": "\/study-help\/questions\/lower-of-cost-or-net-realizable-value-hans-has-the-1691500", "question_creation_date_js": "2024-05-25T14:11:45-04:00", "question_creation_date": "May 25, 2024 02:11 PM", "meta_title": "[Solved] Lower of Cost or Net Realizable Value Han | SolutionInn", "meta_description": "Answer of - Lower of Cost or Net Realizable Value Han's has the following data for the items in its inventory at the end of the ac | SolutionInn", "meta_keywords": "lower,cost,net,realizable,value,han,s,data,items,inventory,end,accounting", "question_title_h1": " Lower of Cost or Net Realizable Value Han's has the following data for the items in its inventory at the end of the accounting", "question_title": " Lower of Cost or Net Realizable Value Han's has the following", "question_title_for_js_snippet": "Lower of Cost or Net Realizable Value Han's has the following data for the items in its inventory at the end of the accounting period Number Item of Units Historical Cost per Unit Selling Price Disposal per Unit Costs Window air conditioner 19 $194 $110 $45 Dishwasher 34 330 380 26 Refrigerator 30 382 605 25 Microwave 19 225 180 15 Washer (clothing) 36 175 290 40 Dryer (clothing) 24 168 245 50 Required 1 Compute the carrying value of Han Sales and Services ending inventory using the lower of cost or net realizable value rule applied on an item by item basis x Feedback Check My Work 1 Compare actual cost of inventory to its market value The lower amount is the value of inventory If market value is lower, the inventory account is adjusted 2 Prepare the journal entry required to value the inventory at lower of cost or net realizable value If an amount box does not require an entry, leave it blank Cost of Goods Sold Inventory", "question_description": "\"image", "transcribed_text": "Lower of Cost or Net Realizable Value Han's has the following data for the items in its inventory at the end of the accounting period: Number Item of Units Historical Cost per Unit Selling Price Disposal per Unit Costs Window air conditioner 19 $194 $110 $45 Dishwasher 34 330 380 26 Refrigerator 30 382 605 25 Microwave 19 225 180 15 Washer (clothing) 36 175 290 40 Dryer (clothing) 24 168 245 50 Required: 1. Compute the carrying value of Han Sales and Services ending inventory using the lower of cost or net realizable value rule applied on an item-by-item basis. x Feedback Check My Work 1. Compare actual cost of inventory to its market value. The lower amount is the value of inventory. If market value is lower, the inventory account is adjusted. 2. Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank. Cost of Goods Sold Inventory", "related_book": { "title": "Intermediate Accounting", "isbn": "9780470374948, 470423684, 470374942, 978-0470423684", "edition": "13th Edition", "authors": "Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/11.jpg", "uri": "\/textbooks\/intermediate-accounting-13th-edition-470423684", "see_more_uri": "" }, "free_related_book": { "isbn": "1427751765", "uri": "\/textbooks\/civil-engineering-license-review-16th-edition-9781427751768", "name": "Civil Engineering License Review", "edition": "16th Edition" }, "question_posted": "2024-05-25 14:11:45", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/review-the-financial-statements-provided-to-each-group-on-blackboard-106856", "description": "Review the Financial Statements provided to each group on Blackboard (You may use laptops for this exercise). 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