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E9-2 (Lower-of-Cost-or-Market) Riegel Company uses the lower-of-cost-or-market

Resolved Question:

E9-2 (Lower-of-Cost-or-Market) Riegel Company uses the lower-of-cost-or-market method, on an
individual-item basis, in pricing its inventory items. The inventory at December 31, 2011, consists of products
D, E, F, G, H, and I. Relevant per-unit data for these products appear below.
Item Item Item Item Item Item
Estimated selling price $120 $110 $95 $90 $110 $90
Cost 75 80 80 80 50 36
Replacement cost 120 72 70 30 70 30
Estimated selling expense 30 30 35 35 30 30
Normal profit 20 20 20 20 20 20
Using the lower-of-cost-or-market rule, determine the proper unit value for balance sheet reporting purposes
at December 31, 2011, for each of the inventory items above.

E9-9 (Purchase Commitments) Prater Company has been having difficulty obtaining key raw materials
for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment
with its largest supplier of this raw material on November 30, 2011, at an agreed price of $400,000.
At December 31, 2011, the raw material had declined in price to $375,000.
What entry would you make on December 31, 2011, to recognize these facts?

E9-14 (Gross Profit Method) Castlevania Company lost most of its inventory in a fire in December
just before the year-end physical inventory was taken. The corporation’s books disclosed the following.
Beginning inventory $170,000 Sales $650,000
Purchases for the year 450,000 Sales returns 24,000
Purchase returns 30,000 Rate of gross margin on net sales 30%
Merchandise with a selling price of $21,000 remained undamaged after the fire. Damaged merchandise
with an original selling price of $15,000 had a net realizable value of $5,300.
Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance
Submitted: 4 years ago.
Category: Multiple Problems
Expert:  Mr. Gregory White replied 4 years ago.
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Mr. Gregory White, Master's Degree
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Experience: M.A., M.S. Education / Educational Administration
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