Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 6.00

Good Luck Brands

42.   Lower-of-cost-or-market valuation for inventory; U.S. GAAP versus IFRS. Good Luck Brands reported a carrying value of its total inventory as of December 31, 2013, of

$2,047.6 million; the corresponding figure for December 31, 2012, was $1,937.8. Good Luck Brands applies U.S. GAAP and reports its results in millions of  U.S. dollars    ($).

a.   Suppose that on January 1, 2013, the market value of Good Luck Brands’s inventory increased to $2,300.0 million. What journal entry, if any, should Good Luck Brands record on January 1?

b.   Suppose that on January 1, 2014, the market value of Good Luck Brands’s inventory decreased to $1,880.6 million. What journal entry, if any, should Good Luck Brands record on January 1, 2014?

c.    Continuing the scenario in part b, suppose that the market value of the inventory previ- ously written down increased to $1,962.3 million on February 16, 2014. What journal entry, if any, should Good Luck Brands record on this date?

d.   Would your answers to parts a, b, and c differ if Good Luck Brands applies IFRS?

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 10:08 PM My Price 6.00

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