Final Exam ving LCM, what floor or lower limit must TiCo use? a. $31 b. $35 c. $

Question

Final Exam ving LCM, what floor or lower limit must TiCo use? a. $31 b. $35 c. $32 d. $29 e that the ceiling for each unit is $33 and the floor is $27. What per 3. nit amount will TYCo use for ending inventory on its balance sheet? Assume that the ceiling unit amoun a. $32 b. $29 c. $33 d. $27 Use the follouing information for problems #44-46. JaCo has the following inventory at year end: Cases on hand Cost per case Market per case Plastic Cars and trucks Action figures 12 $80 $75 28 18 Rubber Pool toys Sports novelties Zoo animals 20 80 110 $56 32 17 $62 29 15 Cardboard Board games Jigsaw puzzles What is JaCo's ending inventory applying LCM by item? 30 50 $34 21 $24 23 44. c. $8,358 d. $8,436 b. $8,484 a. $8,156 45. What is JaCo's ending inventory applying LCM by group? c. $8,358 d. $8,436 b. $8,484 a. $8,156

Explanation / Answer

Q41. Answer is Option (d) $38

       Upper limit = Selling price - cost of disposal

                       = $42 -$4 = $38

Q42. Answer is Option (c) $32

    Lower limit = Upper limit - (Selling price - Replacement cost ) + Normal markup

                     = $38 - (42 - 29 ) + 7

                     = $32

Q44. Answer is Option (a) $8156

Plastics

Cars and trucks     12*75

Action Figures       18*22

Rubber

Pool toys               20*56

Sports novelties      80*29

Zoo animals           110*15

Cardboard

Board Games    30*24    

Jigsaw Puzzles     50*21

Grand Total           $8156

Q 45. Answer is Option (d) $8436

Plastic 1356 ( Units * Cost per unit )

Rubber 5210 ( Units * Market price )

Cardboard 1870 ( units * Market Price )

Grand total $8436

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