# AC 302 CHAPTER 9 QUESTION 1 Name Date Instructor Course Intermediate Accounting 14th Edition by...

AC 302 CHAPTER 9 QUESTION 1 Name Date Instructor Course Intermediate Accounting 14th 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. 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$52.00 112 500 80$76.00 113 200 170 $180.00 120 400 205$208.00 121 1,600 16 $14.00 122 300 240$235.00 Part No. 121 is obsolete and has a realizable value of each as scrap: $0.50 Part No. Quantity "Per Unit Cost" Market Total Cost "Total Market" "Lower of Cost or Market" 110 600$95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: 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: Value "(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: Value ## Plagiarism Checker

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