Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1.Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory.
Invertory by Product Category Furniture: Chairs Desks Tables Accessories: Rugs Lamps Quantity 50 10 20 40 30 Per Unit Cost $25 73 84 60 22 Market $31 58 92 48 18 Invertory Per Unit by Product Category Quantity Cost Market Furniture: Chairs 50 $ 25 $ 31 Desks 10 73 58 Tables 20 84 92 Accessories: 60 Rugs 40 22 48 Lamps 30 18 \begin \\ For example, when the minimum bet at a blackjack table is 5 then one unit equals 5. A unit is always equal to one minimum bet at the blackjack table. Information pertaining to its 2021 year-end inventory is as follows: We decided to make a few tables and charts of the most common blackjack probability odds for various scenarios and situations found while playing blackjack. Home Stop sells two product categories, furniture and accessories.
