I ideally need this in Excel/spreadsheet form. Please and thanks! Problem 1: Per

Question

I ideally need this in Excel/spreadsheet form. Please and thanks!

Problem 1: Perez Animal Feeds has developed the following data for lower-of-cost-or-market valuation for its inventory products Cost Market Large Animals: Cattle Horse $400,000 875,000 $380,000 920,000 Small Animals Cat Dog Ferret 550,000 90,000 280,000 700,000 165,000 245,000 Required: Determine the amount of inventory to appear in the balance sheet assuming LCM applied to 2 3 Individual item approach Group by group approach Total inventory approach

Explanation / Answer

Part (1) Individual item approach Product Cost NRV Lower of Cost and NRV Large Animals: Cattle        400,000      380,000                          380,000 Horse        875,000      920,000                          875,000 Small Animals: Cat        550,000      700,000                          550,000 Dog          90,000      165,000                            90,000 Ferret        280,000      245,000                          245,000 Amount of Inventory                       2,140,000 Part (2) Group by Group approach Product Cost NRV Lower of Cost and NRV Large Animals: Cattle        400,000      380,000 Horse        875,000      920,000     1,275,000 1,300,000                       1,275,000 Small Animals: Cat        550,000      700,000 Dog          90,000      165,000 Ferret        280,000      245,000        920,000 1,110,000                          920,000 Amount of Inventory                       2,195,000 Part (3) Total Individual approach Product Cost NRV Lower of Cost and NRV Large Animals: Cattle        400,000      380,000 Horse        875,000      920,000 Small Animals: Cat        550,000      700,000 Dog          90,000      165,000 Ferret        280,000      245,000     2,195,000 2,410,000 Amount of Inventory                       2,195,000

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---