11) If the replacement cost of inventory is less than its historical cost, the company will write down the inventory. What is the journal entry required? 12) When is an item considered to be material? 13) Meranda Company reports the following inventory information: Inventory Number Inventory Quantity Unit Cost Unit Market Value APD 3838 325 $56.78 $55.32 CPZ 1212 506 $92.31 $92.78 IXL 4039 817 $77.89 $79.31 EOD 3902 382 $19.38 $19.02 DKS 4823 626 $33.46 $30.74 What is the total value of the merchandise under LCNRV (lower of cost or net realizable value)? Show all calculations. 14) Nicola Company reports the following inventory information: Inventory Number Inventory Quantity Unit Cost Unit Market Value APD 4837 440 $51.29 $51.48 CPZ 2837 290 $76.59 $77.02 IXL 9291 310 $42.34 $42.47 EOD 1717 200 $22.19 $21.75 DKS 3088 180 $31.22 $31.17 What is the total value of the merchandise under LNRV M (lower of cost or net realizable value)? Show all your calculations.

11) If the replacement cost of inventory is less than its historical cost, the company will write down the inventory. What is the journal entry required? 12) When is an item considered to be...

11) If the replacement cost of inventory is less than its historical cost, the company will write down the

inventory. What is the journal entry required?

12) When is an item considered to be material?

13) Meranda Company reports the following inventory information:

What is the total value of the merchandise under LCNRV (lower of cost or net realizable value)? Show all calculations.

14) Nicola Company reports the following inventory information:

What is the total value of the merchandise under LNRV M (lower of cost or net realizable value)? Show all your calculations.

May 15, 2022