home stop sells two product categories, furniture and accessories. Information p

Question

home stop sells two product categories, furniture and accessories. Information pertaining to his 2018 you’re an inventory is as follows: product categories, furniture and accessories Information pertaining to its 2018 year-end inventory is as follows Per Unit by Product Category Furniture: s se Desks Tables 70 92 103 Accessories: Rugs 79 43 67 37 20 Required 1 Deter products, (b) product categories, and (c) total inventory 2 Assuming that the company reports an inventory wite-down as a line tem in the income statement for each of the LCM Assuming that the company applications determine the amount of the loss

Explanation / Answer

a) Individual Furniture Quantity Per unit cost Market LCM Chair 40 44 50 1760 Desk 70 92 77 5390 Table 80 103 111 8240 Total furniture Accessories Rugs 40 79 67 2680 Lamps 20 41 37 740 Total accesories Total 18810 b) Categories Furniture Quantity Per unit cost Total cost Market Total market LCM Chair 40 44 1760 50 2000 Desk 70 92 6440 77 5390 Table 80 103 8240 111 8880 Total furniture 16440 16270 16270 Accessories Rugs 40 79 3160 67 2680 Lamps 20 41 820 37 740 Total accesories 3980 3420 3420 c) Total 20420 19690 19690 2 Amount of loss = 20420 - 19690 730

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