Acc422 Intermediate Accounting: E9-1 The inventory of Oheto Company on December 31

Note: This is the original exercise question in the textbook. Before buying, please always check and compare if the question outlined below is the same as your requirement. Acc422 Intermediate Accounting E9-1 The inventory of Oheto Company on December 31, 2011, consists of the following items. Part No. Quantity Cost Per Unit Cost to Replace per Unit 110 600 $95 $100 111 1,000 60 52 112 500 80 76 113 200 170 180 120 400 205 208 121 1,600 16 14 122 300 240 235 Part No. 121 is obsolete and has a realizable value of each as scrap: $0.50 Instructions: Complete the table above by inserting the correct values or formulas into the yellow highlighted cells. From this data, answer the following two questions: a. Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying this method directly to each item. b. Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
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