Assignment inventory for inyte PDF

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Question 2: Presented below is information related to Rembrandt Inc.’s inventory (per unit) Skis Boots Parkas:

Determine the following: (a) the net realizable value for each item, and (b) the carrying value of each item under LCNRV

Question 4: Remmers Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2015, the following finished desks appear in the company’s inventory.

The 2015 catalog was in effect through November 2015, and the 2016 catalog is effective as of December 1, 2015. All catalog prices are net of the usual discounts. Instructions: At what amount should each of the four desks appear in the company’s December 31, 2015, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value approach for valuation of inventories on an individual-item basis

Question 5 (LCNRV—Cost-of-Goods-Sold and Loss) Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2015, December 31, 2016, and December 31, 2017, as shown below. Instructions ASSIGNMENT: show the effect of recording previous entries on statement of profit & loss and statement of financial position noting that inventory account 98000, A/R 70,000, Cash 300,000, COGS 200,000, Sales revenue 1,000,000, selling & admin expense 250,000, other income& expense 20,000, interest 2000 and tax expense of 60,000....