ch09_sol - Name: Solution Date: Instructor: Course:...

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c611c772084dcaae397db9d7b724bacc5536541c.xlsx, Exercise 9-1 Solution, Page 1 of 8, 03/29/2012, 01:32:14 Name: Solution Date: Instructor: Course: Part No. Quantity Cost Per Unit Cost to Replace per Unit 110 600 $95 $100.00 111 1,000 60 $52.00 112 500 80 $76.00 113 200 170 $180.00 120 400 205 $208.00 121 1,600 16 $14.00 122 300 240 $235.00 Part No. 121 is obsolete and has a realizable value of each as scrap: $0.50 Part No. Quantity Market Total Cost 110 600 $95 $100.00 $57,000 $60,000 $57,000 111 1,000 60 52.00 60,000 52,000 52,000 112 500 80 76.00 40,000 38,000 38,000 113 200 170 180.00 34,000 36,000 34,000 120 400 205 208.00 82,000 83,200 82,000 121 1,600 16 14.00 25,600 800 800 122 300 240 $235.00 72,000 70,500 70,500 Totals $370,600 $340,500 $334,300 Instructions: $334,300 $340,500 Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2013, consists of the following items. Per Unit Cost Total Market Lower of Cost or Market Complete the table above by inserting the correct values or formulas into the yellow highlighted cells. From this data, answer the following two questions: (a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item. The valuation of inventory as of December 31, 2013, by the lower of cost or market method, as applied directly to each item is: (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory. The valuation of inventory as of December 31, 2013, by the lower of cost or market method, as applied to total inventory is:
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c611c772084dcaae397db9d7b724bacc5536541c.xlsx, Exercise 9-1, Page 2 of 8, 03/29/2012, 01:32:14 Name: Date: Instructor: Course: Part No. Quantity Cost Per Unit Cost to Replace per Unit 110 600 $95 $100.00 111 1,000 60 $52.00 112 500 80 $76.00 113 200 170 $180.00 120 400 205 $208.00 121 1,600 16 $14.00 122 300 240 $235.00 Part No. 121 is obsolete and has a realizable value of each as scrap: $0.50 Part No. Quantity Market Total Cost 110 600 $95 $100.00 Formula Formula Formula 111 1,000 60 52.00 Formula Formula Formula 112 500 80 76.00 Formula Formula Formula 113 200 170 180.00 Formula Formula Formula 120 400 205 208.00 Formula Formula Formula 121 1,600 16 14.00 Formula Formula Formula 122 300 240 $235.00 Formula Formula Formula Totals Formula Formula Formula Instructions: Value Value Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2013, consists of the following items. Per Unit Cost Total Market Lower of Cost or Market Complete the table above by inserting the correct values or formulas into the yellow highlighted cells. From this data, answer the following two questions: (a) Determine the inventory as of December 31, 2013, by the lower-of-cost-or-market method, applying this method directly to each item. The valuation of inventory as of December 31, 2013, by the lower of cost or market method, as applied directly to each item is: (b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
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This note was uploaded on 03/28/2012 for the course ACC 401 taught by Professor O during the Spring '12 term at Regis University.

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ch09_sol - Name: Solution Date: Instructor: Course:...

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