Accounting 2 Problems

Item                      Cost         Replacement Cost    Net Realized Value   NVR less Normal Profit

                                                                                  (NVR)                            Margin

Jokers               2,000                 2,050                     2,100                         1,600

Penguins           5,000                5,100                     4,950                         4,100

Riddlers             4,400                4,550                     4,625                         3,700

Scarecrows        3,200               2,990                      3,830                        3,070

Determine the final lower-of-market inventory value for each item

Jokers

Penguins

Riddlers

Scarecrows

Bell, Inc. buys 1,000 computer game CDs from a distributor who is discounting those games. The purchase price for the lot is 8,000. Bell will group the CDs into three price categories for resale, as indicated below

Group    No. of CDs  Price per CD

1                100               5.00

2                800               10.00

3               100                15.00

Determine the cost per CD for each group, using the relative sales value method

Group  Cost per CD

1

2

3

 

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