Raider Industries must follow the Lower of Cost or Market (LCM) Rule for its inventory. The following information was taken from Raiders inventory records as of December 31, 2021:

Selling Replacement

Product ID Quantity Cost Price Cost

Number on Hand per Unit per Unit per Unit

Item #101 6,000 $48.00 $46.00 $45.00

Item #102 7,500 20.00 24.00 25.00

Item #103 2,000 120.00 144.00 126.00

Item #104 1,800 150.00 142.00 118.00

Item #105 2,400 84.00 106.00 82.00

Item #201 1,200 78.00 84.00 75.00

Item #202 1,000 160.00 150.00 110.00

Item #203 5,000 110.00 120.00 121.00

Raider has the following costs to sell associated with all of its products:

1. Sales commission of 5% of the selling price for each product

2. Packaging and delivery costs of 5% of the cost of each product

Also, Raiders normal profit margin is 10% of selling price for all of its products.

Requirements:

Complete each of the following independent requirements:

a) Determine the carrying value of inventory at 12/31/21 assuming that Raider applies the LCM Rule to each specific product in its inventory. Also, assuming that Raider would record any loss recognized as a separate line item in its income statement, determine the amount of the loss (if any) that Raider would record for 2021.

b) Determine the carrying value of inventory at 12/31/21 assuming that Raider applies the LCM Rule to its total inventory. Also, assuming that Raider would record any loss recognized as a separate line item in its income statement, determine the amount of the loss (if any) that Raider would record for 2021.

Here is what I have so far. I was wondering if it was correct?

Excel File Edit View Insert Format Tools Data Data Window Help ES A 100% 12 Mon 2:08 PM 0 coursehero.com Install P Homepage W 3010 121 Ex.. American M. Use Notes ....W Home WIN. ... W Logged Out * Introduction... screen shot... + Updates Available Do you want to install the updates now or try tonight? er_FIN-Saved to my Mac Later 8 COVID-19: We are in this together. Access textbook solutions and ask 5 free questions to expert tutors 24/7. RCM Tell me Share Comments AutoSave OFF G ... TaraBoehringer_Excel2 V Home Insert Draw Page Layout Formulas Data Review View Acrobat Tell me Share Comments Dictate Sensitivity Editor Insert v Calibri (Body) Y 12 ' General v EEE 25 , , Conditional Formatting 12 Format as Table v 17 Cell Styles Y- O 9X Delete v VV FO DIN Analyze Data Paste B IV v a. Av A V $ %) Sensitivity Y El Format v Sort & Filter O Find & Select Create and Share Adobe PDF v C3 fx 7 J L M Formula Bar A B D E F G H I 13 i Costs to Sell Sales Commission 5% Packaging and Delivery Costs 5% 4 Profit Margin 10% 5 6 Product ID Number Quantity on Hand Cost Per Unit Sell Price Per Unit Replacement Cost per Unit Sales Commission Packaging and Delivery Costs Total Costs to Sell NPM 7 Item #101 6000 $48.00 $46.00 $45.00 $2.30 $2.30 $4.60 $27,600.00 8 Item #102 7500 $20.00 $24.00 $25.00 $1.20 $1.20 $2.40 $18,000.00 9 Item #103 2000 $120.00 $144.00 $126.00 $7.20 $7.20 $14.40 $28.800,00 10 Item #104 1800 $150.00 $142.00 $118.00 $7.10 $7.10 $14.20 $25,560.00 11 Item 105 2400 $84.00 $106.00 $ $82.00 $5.30 $5.30 $10.60 $25,440.00 12 Item #201 1200 $78.00 $84.00 $75.00 $4.20 $4.20 $8.40 $10,080.00 13 Item #207 1000 $160.00 $150.00 $110.00 $7.50 $7.50 $15.00 $15,000.00 14 Item #203 5000 $110.00 $120.00 $121.00 $6.00 $6.00 $12.00 $60,000.00 115 16 Applying LCM to Each Specific Product Total Replacement Cost NRV (Ceiling) NRV-NPM (Floor) Market Total Costs Lower of Cost or Market 17 $270,000.00 $248,400,00 $220,800.00 $248,400.00 $288,000.00 $248,400.00 18 $187,500.00 $162,000.00 $144,000.00 $162,000.00 $150,000.00 $150,000.00 19 $252,000.00 $259,200.00 $ $ $230,400.00 $252,000.00 $240,000.00 $240,000.00 20 $212,400.00 $230,040.00 $204,480.00 $212,400.00 $270,000.00 $212,400.00 21 $ $196,800.00 $228,960.00 $ $203,520.00 $203,520.00 $201,600.00 $201,600.00 22 $90,000.00 $90,720.00 $80,640.00 $90,000.00 $93,600,00 $90,000.00 23 $110,000.00 $135,000.00 $ $120,000.00 $120,000.00 $160,000.00 $120,000.00 24 $605,000.00 $540,000.00 $480,000.00 $540,000.00 $550,000.00 $ $540,000.00 25 Tatal $1,828,320,00 $1,953,200.00 $1 802 400.00 26 Carrying Value $1,802,400.00 27 28 Debit Credit Loss of $150,800.00 29 Adjusting Entry Cost of Goods Sold $150,800.00 30 Inventory $150,800.00 31 32 33 34 Applying LCM to Total Inventory Total Cost $1,953,200.00 Carrying Value: Loss of $124,880.00 35 Total Market Value $1,828,320.00 36 Lower of Cost or Market $1,828,320.00 37 Adjusting Entry 38 Debit Credit 39 Cost of Goods Sold $124,880.00 40 Inventory $124,880.00 41 Sheet1 + Use the mouse to apply the copied format to another object 100% inventory. You purchased the cameras directly from the manufacturer at acost of $150 each and even planned to sell the cameras at a retail price of $200 a nice that is in line low maintenance (because you do not have co SI NOW 8 tv & W 3 107% Excel File Edit View Insert Format Tools Data Data Window Help ES A 100% 12 Mon 2:08 PM 0 coursehero.com Install P Homepage W 3010 121 Ex.. American M. Use Notes ....W Home WIN. ... W Logged Out * Introduction... screen shot... + Updates Available Do you want to install the updates now or try tonight? er_FIN-Saved to my Mac Later 8 COVID-19: We are in this together. Access textbook solutions and ask 5 free questions to expert tutors 24/7. RCM Tell me Share Comments AutoSave OFF G ... TaraBoehringer_Excel2 V Home Insert Draw Page Layout Formulas Data Review View Acrobat Tell me Share Comments Dictate Sensitivity Editor Insert v Calibri (Body) Y 12 ' General v EEE 25 , , Conditional Formatting 12 Format as Table v 17 Cell Styles Y- O 9X Delete v VV FO DIN Analyze Data Paste B IV v a. Av A V $ %) Sensitivity Y El Format v Sort & Filter O Find & Select Create and Share Adobe PDF v C3 fx 7 J L M Formula Bar A B D E F G H I 13 i Costs to Sell Sales Commission 5% Packaging and Delivery Costs 5% 4 Profit Margin 10% 5 6 Product ID Number Quantity on Hand Cost Per Unit Sell Price Per Unit Replacement Cost per Unit Sales Commission Packaging and Delivery Costs Total Costs to Sell NPM 7 Item #101 6000 $48.00 $46.00 $45.00 $2.30 $2.30 $4.60 $27,600.00 8 Item #102 7500 $20.00 $24.00 $25.00 $1.20 $1.20 $2.40 $18,000.00 9 Item #103 2000 $120.00 $144.00 $126.00 $7.20 $7.20 $14.40 $28.800,00 10 Item #104 1800 $150.00 $142.00 $118.00 $7.10 $7.10 $14.20 $25,560.00 11 Item 105 2400 $84.00 $106.00 $ $82.00 $5.30 $5.30 $10.60 $25,440.00 12 Item #201 1200 $78.00 $84.00 $75.00 $4.20 $4.20 $8.40 $10,080.00 13 Item #207 1000 $160.00 $150.00 $110.00 $7.50 $7.50 $15.00 $15,000.00 14 Item #203 5000 $110.00 $120.00 $121.00 $6.00 $6.00 $12.00 $60,000.00 115 16 Applying LCM to Each Specific Product Total Replacement Cost NRV (Ceiling) NRV-NPM (Floor) Market Total Costs Lower of Cost or Market 17 $270,000.00 $248,400,00 $220,800.00 $248,400.00 $288,000.00 $248,400.00 18 $187,500.00 $162,000.00 $144,000.00 $162,000.00 $150,000.00 $150,000.00 19 $252,000.00 $259,200.00 $ $ $230,400.00 $252,000.00 $240,000.00 $240,000.00 20 $212,400.00 $230,040.00 $204,480.00 $212,400.00 $270,000.00 $212,400.00 21 $ $196,800.00 $228,960.00 $ $203,520.00 $203,520.00 $201,600.00 $201,600.00 22 $90,000.00 $90,720.00 $80,640.00 $90,000.00 $93,600,00 $90,000.00 23 $110,000.00 $135,000.00 $ $120,000.00 $120,000.00 $160,000.00 $120,000.00 24 $605,000.00 $540,000.00 $480,000.00 $540,000.00 $550,000.00 $ $540,000.00 25 Tatal $1,828,320,00 $1,953,200.00 $1 802 400.00 26 Carrying Value $1,802,400.00 27 28 Debit Credit Loss of $150,800.00 29 Adjusting Entry Cost of Goods Sold $150,800.00 30 Inventory $150,800.00 31 32 33 34 Applying LCM to Total Inventory Total Cost $1,953,200.00 Carrying Value: Loss of $124,880.00 35 Total Market Value $1,828,320.00 36 Lower of Cost or Market $1,828,320.00 37 Adjusting Entry 38 Debit Credit 39 Cost of Goods Sold $124,880.00 40 Inventory $124,880.00 41 Sheet1 + Use the mouse to apply the copied format to another object 100% inventory. You purchased the cameras directly from the manufacturer at acost of $150 each and even planned to sell the cameras at a retail price of $200 a nice that is in line low maintenance (because you do not have co SI NOW 8 tv & W 3 107%