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[solution] » At the end of the year, Randy's Parts Co. had the following

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At the end of the year, Randy's Parts Co. had the following
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At the end of the year, Randy?s Parts Co. had the following items in inventory:


 

 Item Quantity Unit Cost Unit Market
Value
D1   62   $ 25   $ 31  
D2   29     46     44  
D3   41     36     45  
D4   40     59     46  
Required
a.

Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item.

b.

Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy?s Parts Co. uses the perpetual inventory system.

c.

Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate.




t the end of the year, Randy?s Parts Co. had the following items in inventory: Item Quantity Unit Cost Unit Market

 

Value D1

 

62

 

25

 

31

 

D2

 

29

 

46

 

44

 

D3

 

41

 

36

 

45

 

D4

 

40

 

59

 

46

 

Required

 

a.

 

Determine the...

 







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