Homework Answers
|
Item no. |
Estimated selling price |
cost of completion and disposal |
Normal profit |
Net realizable value (NRV) [ Estimated selling price - Cost of completion and disposal ] (a) |
NRV less normal profit (b) |
Cost to replace (c) |
Market value [ Middle of a, b & c ] (d) |
Cost per unit (e) |
Lower of Cost or market [ Lower of d & e ] (f) |
Quantity (g) |
Total inventory value [ f * g ] |
| 1320 | $ 5.63 | $ 0.44 | $ 1.56 | $ 5.19 | $ 3.63 | $ 3.75 | $ 3.75 | $ 4.00 | $ 3.75 | 1,700 | $ 6,375 |
| 1333 | $ 4.38 | $ 0.63 | $ 0.63 | $ 3.75 | $ 3.12 | $ 2.88 | $ 3.12 | $ 3.38 | $ 3.12 | 1,400 | $ 4,368 |
| 1426 | $ 6.25 | $ 0.50 | $ 1.25 | $ 5.75 | $ 4.50 | $ 4.63 | $ 4.63 | $ 5.63 | $ 4.63 | 1,300 | $ 6,019 |
| 1437 | $ 4.00 | $ 0.31 | $ 1.13 | $ 3.69 | $ 2.56 | $ 3.88 | $ 3.69 | $ 4.50 | $ 3.69 | 1,500 | $ 5,535 |
| 1510 | $ 4.06 | $ 1.00 | $ 0.75 | $ 3.06 | $ 2.31 | $ 2.50 | $ 2.50 | $ 2.81 | $ 2.50 | 1,200 | $ 3,000 |
| 1522 | $ 4.75 | $ 0.50 | $ 0.63 | $ 4.25 | $ 3.62 | $ 3.38 | $ 3.62 | $ 3.75 | $ 3.62 | 1,000 | $ 3,620 |
| 1573 | $ 3.13 | $ 0.94 | $ 0.63 | $ 2.19 | $ 1.56 | $ 2.00 | $ 2.00 | $ 2.25 | $ 2.00 | 3,500 | $ 7,000 |
| 1626 | $ 7.50 | $ 0.63 | $ 1.25 | $ 6.87 | $ 5.62 | $ 6.50 | $ 6.50 | $ 5.88 | $ 5.88 | 1,500 | $ 8,820 |
| The amount of Novak Company's Inventory | $ 44,737 | ||||||||||
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Exercise 9-07 Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Estimated Selling Cost to Cost of Completion Normal Quantity Item No. Unit Replace Price and Disposal Profit $4.00 1,700 $3.75 $5.63 $0.44 $1.56 1320 0.63 1333 1,400 3.38 2.88 4.38 0.63 1,300 1426 5.63 4.63 6.25 0.50 1.25 1437 1,500 4.50 3.88 4.00 0.31 1.13 1510 1,200 2.81 2.50 4.06 1.00 0.75 1522 1,000 3.75 3.38 4.75 0.50 0.63 0.63 1573 3,500...
Exercise 9-7 Nash Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7 Nash Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-Item basis. Item No. Cost per Unit $4.00 1320 1333 3.38 Quantity 1,700 1,400 1,300 1,500 1,200 1,000 3,500 1,500 1426 1437 1510 1522 1573 1626 Estimated Selling Price $5.63 4.38 6.25 4.00 4.06 4.75 3.13 Cost to Replace $3.75 2.88 4.63 3.88 2.50 3.38 2.00 6.50 4.50 Cost of Completion and Disposal $0.44 0.63 0.50 0.31 1.00 0.50 0.94 0.63 Normal Profit $1.56...
Novak Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item...
Novak Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell 1320 1,300 $4.00 $5.63 $2.00 1333 1,000 3.38 4.25 1.25 1426 900 5.63 6.25 1.75 1437 1,100 4.50 4.00 1.69 1510 800 2.81 4.06 1.75 1522 600 3.75 4.88 1.00 1573 3,100 2.25 3.13 1.50 1626 1,100 5.88 7.50 1.88 From the information above, determine the amount of Novak Company inventory....
Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost...
Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.33 $4.68 $1.66 1333 1,300 2.81 3.54 1.04 1426 1,200 4.68 5.20 1.46 1437 1,400 3.74 3.33 1.40 1510 1,100 2.34 3.38 1.46 1522 900 3.12 4.06 0.83 1573 3,400 1.87 2.60 1.25 1626 1,400 4.89 6.24 1.56 From the information above, determine the amount of Marigold Company inventory....
Exercise 9-07 Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-07 Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Price Cost of Completion and Disposal Cost Item Cost to Normal per Replace Profit No. Quantity Unit $4.95 1320 1,700 $3.52 $3.30 $0.39 $1.38 2.53 3.85 1333 1,400 2.97 0.55 0.55 0.44 1426 1,300 4.95 4.07 5.50 1.10 1,500 3.41 0.28 1437 3.96 3.52 0.99 1,200 0.88 0.66 1510 2.48 2.20 3.58 0.55 1522 1,000 3.30 2.97 4.18 0.44 1573...
Question 1 View Policies Current Attempt in Progress Marigold Company follows the practice of pricing its inventory at...
Question 1 View Policies Current Attempt in Progress Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.33 $4.68 $1.66 1333 1,300 2.81 3.54 1.04 1426 1,200 4.68 5.20 1.46 1437 1,400 3.74 3.33 1.40 1510 1,100 2.34 3.38 1.46 1522 900 3.12 4.06 0.83 1573 3,400 1.87 2.60 1.25 1626 1,400 4.89 6.24 1.56 From the information...
Exercise 9-7 Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7
Crane Company follows the practice of pricing its inventory at
the lower-of-cost-or-market, on an individual-item basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,600
$3.46
$3.24
$4.86
$0.38
$1.35
1333
1,300
2.92
2.48
3.78
0.54
0.54
1426
1,200
4.86
4.00
5.40
0.43
1.08
1437
1,400
3.89
3.35
3.46
0.27
0.97
1510
1,100
2.43
2.16
3.51
0.86
0.65
1522
900
3.24
2.92
4.10
0.43
0.54
1573...
Exercise 9-7 Sage Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7 Sage Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Estimated Cost per Cost of Completion and Disposal Item Cost to Selling Normal No. Quantity Unit Replace 13202,000 1333 1,700 1426 1,600 1437 1,800 1510 1,500 1522 1,300 1573 3,800 1626 1,800 Profit $1.45 0.58 1.16 1.04 0.70 0.58 0.58 1.16 Price $3.48 2.67 4.29 3.60 2.32 3.13 1.86 6.03 $5.22 4.06 5.80 3.71 3.77 4.41 2.90 6.96 $0.41 0.58 0.46 0.29...
Concord Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item bas...
Concord Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Cost to Replace Normal Profit 1320 1,500 $3.36 $3.15 $4.73 $0.37 $1.31 1333 1.200 2.84 2.42 3.68 0.53 0.53 1426 1,100 4.73 3.89 5.25 0.42 1.05 1437 1,300 3.26 3.36 0.26 0.95 3.78 2.36 1,000 2.10 3.41 0.84 0.63 1510 1522 1573 800 3.15 2.84 3.99 0.42 0.53 3,300 1.89...
Bramble Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. From...
Bramble Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. From the information below, determine the amount of Bramble Company inventory. _______ Item No. Quantity Cost per Unit Estimated Selling Price Cost to Complete and Sell 1320 1,800 $3.65 $5.13 $1.82 1333 1,500 3.08 3.88 1.14 1426 1,400 5.13 5.70 1.60 1437 1,600 4.10 3.65 1.54 1510 1,300 2.57 3.71 1.60 1522 1,100 3.42 4.45 0.91 1573 3,600 2.05 2.85 1.37 1626 1,600 5.36 6.84...
Novak Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Estimated Selling Cost to Cost of Completion Normal Quantity Item No. Unit Replace Price and Disposal Profit $4.00 1,700 $3.75 $5.63 $0.44 $1.56 1320 0.63 1333 1,400 3.38 2.88 4.38 0.63 1,300 1426 5.63 4.63 6.25 0.50 1.25 1437 1,500 4.50 3.88 4.00 0.31 1.13 1510 1,200 2.81 2.50 4.06 1.00 0.75 1522 1,000 3.75 3.38 4.75 0.50 0.63 0.63 1573 3,500...
Exercise 9-7 Nash Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-Item basis. Item No. Cost per Unit $4.00 1320 1333 3.38 Quantity 1,700 1,400 1,300 1,500 1,200 1,000 3,500 1,500 1426 1437 1510 1522 1573 1626 Estimated Selling Price $5.63 4.38 6.25 4.00 4.06 4.75 3.13 Cost to Replace $3.75 2.88 4.63 3.88 2.50 3.38 2.00 6.50 4.50 Cost of Completion and Disposal $0.44 0.63 0.50 0.31 1.00 0.50 0.94 0.63 Normal Profit $1.56...
Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.33 $4.68 $1.66 1333 1,300 2.81 3.54 1.04 1426 1,200 4.68 5.20 1.46 1437 1,400 3.74 3.33 1.40 1510 1,100 2.34 3.38 1.46 1522 900 3.12 4.06 0.83 1573 3,400 1.87 2.60 1.25 1626 1,400 4.89 6.24 1.56 From the information above, determine the amount of Marigold Company inventory....
Exercise 9-07 Metlock Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Price Cost of Completion and Disposal Cost Item Cost to Normal per Replace Profit No. Quantity Unit $4.95 1320 1,700 $3.52 $3.30 $0.39 $1.38 2.53 3.85 1333 1,400 2.97 0.55 0.55 0.44 1426 1,300 4.95 4.07 5.50 1.10 1,500 3.41 0.28 1437 3.96 3.52 0.99 1,200 0.88 0.66 1510 2.48 2.20 3.58 0.55 1522 1,000 3.30 2.97 4.18 0.44 1573...
Question 1 View Policies Current Attempt in Progress Marigold Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Cost per Unit Estimated Selling Price Cost to Complete and Sell Item No. Quantity 1320 1,600 $3.33 $4.68 $1.66 1333 1,300 2.81 3.54 1.04 1426 1,200 4.68 5.20 1.46 1437 1,400 3.74 3.33 1.40 1510 1,100 2.34 3.38 1.46 1522 900 3.12 4.06 0.83 1573 3,400 1.87 2.60 1.25 1626 1,400 4.89 6.24 1.56 From the information...
Exercise 9-7
Crane Company follows the practice of pricing its inventory at
the lower-of-cost-or-market, on an individual-item basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,600
$3.46
$3.24
$4.86
$0.38
$1.35
1333
1,300
2.92
2.48
3.78
0.54
0.54
1426
1,200
4.86
4.00
5.40
0.43
1.08
1437
1,400
3.89
3.35
3.46
0.27
0.97
1510
1,100
2.43
2.16
3.51
0.86
0.65
1522
900
3.24
2.92
4.10
0.43
0.54
1573...
Exercise 9-7 Sage Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis Estimated Cost per Cost of Completion and Disposal Item Cost to Selling Normal No. Quantity Unit Replace 13202,000 1333 1,700 1426 1,600 1437 1,800 1510 1,500 1522 1,300 1573 3,800 1626 1,800 Profit $1.45 0.58 1.16 1.04 0.70 0.58 0.58 1.16 Price $3.48 2.67 4.29 3.60 2.32 3.13 1.86 6.03 $5.22 4.06 5.80 3.71 3.77 4.41 2.90 6.96 $0.41 0.58 0.46 0.29...
Concord Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Cost to Replace Normal Profit 1320 1,500 $3.36 $3.15 $4.73 $0.37 $1.31 1333 1.200 2.84 2.42 3.68 0.53 0.53 1426 1,100 4.73 3.89 5.25 0.42 1.05 1437 1,300 3.26 3.36 0.26 0.95 3.78 2.36 1,000 2.10 3.41 0.84 0.63 1510 1522 1573 800 3.15 2.84 3.99 0.42 0.53 3,300 1.89...
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