oct28 - Michael McCormick ACG 3103 a(1) Loss due to market...

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Michael McCormick ACG 3103 a(1) Loss due to market decline of inventory 65500     Allowance to reduce inventory to market 65500 Inventory cost Market Allowance to reduce inventory to market Aluminum siding 70000 56000 14000 Cedar shake siding 86000 79400 6600 Louvered glass doors 112000 149800 0 Thermal window 140000 124600 15400 Allowance 36000 a(2) Begging loss 29500 Adjusted loss 36000 Total loss 65500 b LCM will not over value inventory P9-4 Beginning inventory (at cost) 80000 Purchases (at cost) 280000 Purchases returns (at cost) -28000     Goods available (at cost) 332000 Sale (at selling price) 415000 Sales returns  -21000 Less: gross profit (34%) -141100     Sales (at cost) -252900         Approximate inventory (at cost) 79100 Inventory at cost 79100 salvage value of inventory    undamaged  -30000    sellable  -7150 cost of goods damaged 41950 E9-17 Beginning inventory 600000 Purchases  1500000
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oct28 - Michael McCormick ACG 3103 a(1) Loss due to market...

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