Total replacement realizable

Reference no: EM13285250

Cooperstown Sports, Inc. has four products in its inventory. Information about the December 31, 2013, inventory is as follows:
Total Total Net
Total Replacement Realizable
Product Cost Cost Value
Gloves $360,000 $330,000 $300,000
Bats 260,000 240,000 320,000
Balls 150,000 110,000 125,000
Uniforms 600,000 560,000 950,000

The normal gross profit percentage is 20 percent of cost.

Required:
1. Determine the balance sheet inventory carrying value at December 31, 2013, assuming the LCM rule is applied to individual products.
2. Assuming that Cooperstown recognizes an inventory write-down as a separate income statement item, determine the amount of the loss.

Reference no: EM13285250

Questions Cloud

What is the value of a put option written on the stock : What is the value of a put option written on the stock with the same strike price and expiration date as the call option?

What is the nal of the lease : The machine has an estimated residual value of $250,000 at the end of the 4th year.

Development in egg of the fruit fly drosophila melanogaster : In the early stages of development in the egg of the fruit fly Drosophila melanogaster, it takes a cell about 5 minutes to replicate the entire genome, which is approximately 1.6 x 10^8 bp long. If DNA in these cells is synthesized at a rate of 30 bp..

Explain the reaction rate k at the temperature : Some wastewater has a BOD5 of 150 mg/L at 20 degrees Centigrade. The reaction rate k at that temperature has been determined to be 0.23/day.

Total replacement realizable : Determine the balance sheet inventory carrying value at December 31, 2013, assuming the LCM rule is applied to individual products.

Which type of risk declines : Beginning with an investment in one company's securities, as we add securities of other companies to our portfolio, which type of risk declines?

Double-stranded dna as their genetic material : Mid-chlorians have double-stranded DNA as their genetic material. DNA replication in these organisms is semi-conservative but differs from the process in terrestrial organisms in that there are no Okazaki fragments

Explain what is the isotopic difference iquid and solid : What is the isotopic difference (in per mil) at 25degrees between gas, liquid, and solid phase for the elements carbon and sulfur. Show calculations

At what speed did his pool ball hit the ground : Pool players often pride themselves on their ability to impart a large speed on a pool ball. At what speed did his pool ball hit the ground

User Account

All Pages