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Prepare the entry at 12/31/12 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet.Complete the last three columns of the 12/31/13 schedule above based upon the lower-of-cost-or-market ru

05 / 03 / 2018 Assignment

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At 12/31/12, the end of Jenner Company’s first year of business, inventory was $4,100 and $2,800 at cost and market, respectively. Following is data relative to the 12/31/13 inventory of Jenner:
Original Net Net Realizable Appropriate
Cost Replacement Realizable Value Less Inventory
Item Per Unit Cost . Value . Normal Profit Value .
A $.65 $.45 __________________________________
B .45 .40 ___________________________________
C .70 .75 ___________________________________
D .75 .65 ____________________________________
E .90 .85 ____________________________________
Selling price is $1.00/unit for all items. Disposal costs amount to 10% of selling price and a “normal” profit is 30% of selling price. There are 1,000 units of each item in the 12/31/13 inventory.
Instructions
(a) Prepare the entry at 12/31/12 necessary to implement the lower-of-cost-or-market procedure assuming Jenner uses a contra account for its balance sheet.
(b) Complete the last three columns of the 12/31/13 schedule above based upon the lower-of-cost-or-market rules.
(c ) Prepare the entry(ies) necessary at 12/31/13 based on the data above.
(d) How are inventory losses disclosed on the income statement.


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