Presented below is information related to Marigold Inc.’s
inventory, assuming Marigold uses lower-of-LIFO
cost-or-market.
(per unit)...
Presented below is information related to Marigold Inc.’s
inventory, assuming Marigold uses lower-of-LIFO
cost-or-market.
(per unit)
Skis
Boots
Parkas
Historical cost
$205.20
$114.48
$57.24
Selling price
228.96
156.60
79.65
Cost to distribute
20.52
8.64
2.70
Current replacement cost
219.24
113.40
55.08
Normal profit margin
34.56
31.32
22.95
Determine the following:
(a) The two limits to market value (i.e., the
ceiling and the floor) that should be used in the
lower-of-cost-or-market computation for skis. (Round
answers to 2 decimal places, e.g....
Data related to the inventories of Alpine Ski Equipment and
Supplies is presented below:
Skis
Boots...
Data related to the inventories of Alpine Ski Equipment and
Supplies is presented below:
Skis
Boots
Apparel
Supplies
Selling price
$
164,000
$
159,000
$
103,000
$
68,000
Cost
144,000
141,000
72,100
47,600
Replacement cost
111,000
130,000
118,000
43,600
Sales commission
10
%
10
%
10
%
10
%
In applying the lower of cost or net realizable value rule, the
inventory of apparel would be valued at:
Multiple Choice
$95,320.
$118,000.
$72,100.
$92,700.
1) Data related to the inventories of Mountain Ski Equipment and
Supplies is presented below:
Skis...
1) Data related to the inventories of Mountain Ski Equipment and
Supplies is presented below:
Skis
Boots
Apparel
Supplies
Selling price
$
196,000
$
166,000
$
136,000
$
76,000
Cost
136,000
141,000
98,000
56,000
Replacement cost
136,000
131,600
126,000
66,000
Sales commission
15
%
15
%
15
%
15
%
Normal gross profit ratio
25
%
25
%
20
%
20
%
In applying the lower of cost or market rule, the inventory of
boots would be valued at:
2)...
Presented below is information related to Larkspur
Corporation.
Price Index
LIFO Cost
Retail
Inventory on December...
Presented below is information related to Larkspur
Corporation.
Price Index
LIFO Cost
Retail
Inventory on December 31, 2017,
when dollar-value LIFO is adopted
100
$34,200
$77,200
Inventory, December 31, 2018
110
?
97,240
Compute the ending inventory under the dollar-value LIFO method at
December 31, 2018. The cost-to-retail ratio for 2018 was
60%.
Ending inventory under the dollar-value LIFO method at December
31, 2018
Presented below is information related to Coronado Corporation
for the last 3 years.
Base-Year Cost
Current-Year...
Presented below is information related to Coronado Corporation
for the last 3 years.
Base-Year Cost
Current-Year Cost
Item
Quantities
in Ending
Inventories
Unit Cost
Amount
Unit Cost
Amount
December 31, 2019
A
10,200
$2.00
$20,400
$2.20
$22,440
B
6,400
3.00
19,200
3.55
22,720
C
4,200
5.00
21,000
5.40
22,680
Totals
$60,600
$67,840
December 31, 2020
A
10,200
$2.00
$20,400
$2.60
$26,520
B
8,000
3.00
24,000
3.75
30,000
C
6,400
5.00
32,000
6.40
40,960
Totals
$76,400
$97,480
December 31, 2021
A...
Presented below is information related to Coronado Corporation
for the last 3 years.
Base-Year Cost
Current-Year...
Presented below is information related to Coronado Corporation
for the last 3 years.
Base-Year Cost
Current-Year Cost
Item
Quantities
in Ending
Inventories
Unit Cost
Amount
Unit Cost
Amount
December 31, 2019
A
10,200
$2.00
$20,400
$2.20
$22,440
B
6,400
3.00
19,200
3.55
22,720
C
4,200
5.00
21,000
5.40
22,680
Totals
$60,600
$67,840
December 31, 2020
A
10,200
$2.00
$20,400
$2.60
$26,520
B
8,000
3.00
24,000
3.75
30,000
C
6,400
5.00
32,000
6.40
40,960
Totals
$76,400
$97,480
December 31, 2021
A...