Homework Answers
| Item No. | Quantity | Cost per Unit | Cost to Replace | Estimated Selling Price | Cost of Completion and Disposal | Normal Profit | NRV | NRV less normal profit | Market | Lower of cost or market | Inventory value |
| 1320 | 1,500 | $3.87 | $3.63 | $5.45 | $0.42 | $1.51 | $5.03 | $3.52 | $3.63 | $3.63 | $5,445 |
| 1333 | 1,200 | 3.27 | 2.78 | 4.24 | 0.61 | 0.61 | $3.63 | $3.02 | $3.02 | $3.02 | $3,624 |
| 1426 | 1100 | 5.45 | 4.48 | 6.05 | 0.48 | 1.21 | $5.57 | $4.36 | $4.48 | $4.48 | $4,928 |
| 1437 | 1,300 | 4.36 | 3.75 | 3.87 | 0.30 | 1.09 | $3.57 | $2.48 | $3.57 | $3.57 | $4,641 |
| 1510 | 1000 | 2.72 | 2.42 | 3.93 | 0.97 | 0.73 | $2.96 | $2.23 | $2.42 | $2.42 | $2,420 |
| 1522 | 800 | 3.63 | 3.27 | 4.60 | 0.48 | 0.61 | $4.12 | $3.51 | $3.51 | $3.51 | $2,808 |
| 1573 | 3,300 | 2.18 | 1.94 | 3.03 | 0.91 | 0.61 | $2.12 | $1.51 | $1.94 | $1.94 | $6,402 |
| 1626 | 1,300 | 5.69 | 6.29 | 7.26 | 0.61 | 1.21 | $6.65 | $5.44 | $6.29 | $5.69 | $7,397 |
| Total | $37,665 | ||||||||||
| The amount of Kingbird Company’s inventory = $37665 | |||||||||||
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Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
X] Your answer is incorrect. Try again. Cheyenne Company follows the practice of pricing its inventory...
X] Your answer is incorrect. Try again. Cheyenne Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis Item No. Quantity Cost per Unit Estimated Selling Price $5.45 Cost to Complete and Sell 1320 1,700 $3.87 $1.94 1333 3.27 4.11 1.21 1426 5.45 6.05 1.69 1437 4.36 3.87 1.63 1510 1,400 1,300 1,500 1,200 1,000 3,500 1,500 2.72 3.93 1.69 1522 3.63 4.72 0.97 1573 2.18 3.03 1.45 1626 5.69 7.26 1.82 From the information above,...
Exercise 9-7 Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7 Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Item No. 1320 1333 Estimated Selling Price $5.36 4.17 5.95 1426 Quantity 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost to Replace $3.57 2.74 4.40 3.69 2.38 3.21 1.90 6.19 Unit $3.81 3.21 5.36 4.28 2.68 3.57 2.14 5.59 Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.95 0.48 0.89 0.60 Normal Profit $1.49 0.60 1.19 1.07 1437...
Splish Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Splish 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
1,500
$3.90
$3.66
$5.49
$0.43
$1.53
1333
1,200
3.29
2.81
4.27
0.61
0.61
1426
1,100
5.49
4.51
6.10
0.49
1.22
1437
1,300
4.39
3.78
3.90
0.31
1.10
1510
1,000
2.75
2.44
3.97
0.98
0.73
1522
800
3.66
3.29
4.64
0.49
0.61
1573
3,300
2.20...
Stellar Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Stellar 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 1,400 $3.81 $3.57 $5.36 $0.42 $1.49 1333 1,100 3.21 2.74 4.17 0.60 0.60 1426 1,000 5.36 4.40 5.95 0.48 1.19 1437 1,200 4.28 3.69 3.81 0.30 1.07 1510 900 2.68 2.38 3.87 0.95 0.71 1522 700 3.57 3.21 4.52 0.48 0.60 1573 3,200 2.14...
Coronado Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Coronado 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 1,300 $3.23 $3.03 $4.55 $0.35 $1.26 1333 1,000 2.73 2.32 3.54 0.51 0.51 1426 900 4.55 3.74 5.05 0.40 1.01 1437 1,100 3.64 3.13 3.23 0.25 0.91 1510 800 2.27 2.02 3.28 0.81 0.61 1522 600 3.03 2.73 3.84 0.40 0.51 1573 3,100 1.82...
Sheffield Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Sheffield 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 Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Quantity 1,300 1320 $3.74 $3.51 $5.27 $0.41 $1.46 1333 1,000 3.16 2.69 4.10 0.59 0.59 1426 900 5.27 4.33 5.85 0.47 1.17 1437 1,100 4.21 3.63 3.74 0.29 1.05 1510 800 2.63 2.34 3.80 0.94 0.70 1522 600 3.51 3.16 4.45 0.47 0.59 1573 3,100 2.11...
Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item...
Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost to Replace Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Normal Profit 1320 1,700 $3.49 $3.27 $4.91 $0.38 $1.36 1,400 1333 1426 0.55 1.09 1,300 1,500 1,200 1510 1522 1573 1,000 3,500 1626 1,500 5.12 5,67 From the information above, determine the amount of Bonita Company inventory The amount of Bonita Company's inventory $
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Item No. Quantity 1320 1,500 $3.39 $3.18 $4.77 $0.37 $1.33 1333 2.86 2.44 3.71 0.53 0.53 1,200 1,100 1426 4.77 3.92 5.30 0.42 1.06 1437 1,300 3.82 3.29 3.39 0.27 0.95 1510 2.39 2.12 3.45 0.85 0.64 1,000 800 1522 3.18 2.86 4.03 0.42 0.53 1573 3,300 1.91...
Teal Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Teal Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Unit Estimated Selling Price Cost of Completion and Disposal Normal Profit Cost to Replace $3.06 2.35 $1.28 0.51 3.77 Item No. Quantity 1320 1,300 1333 1,000 1426 900 1437 1,100 1510 800 1522 600 15733,100 1626 1,100 $3.26 2.75 4.59 3.67 2.30 3.06 1.84 4.79 $4.59 3.57 5.10 3.26 3.32 $0.36 0.51 0.41 0.26 0.82 2.04 0.61 3.88 0.41 2.75 1.63 5.30...
Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis....
Windsor 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
3,400
1.94...
X] Your answer is incorrect. Try again. Cheyenne Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis Item No. Quantity Cost per Unit Estimated Selling Price $5.45 Cost to Complete and Sell 1320 1,700 $3.87 $1.94 1333 3.27 4.11 1.21 1426 5.45 6.05 1.69 1437 4.36 3.87 1.63 1510 1,400 1,300 1,500 1,200 1,000 3,500 1,500 2.72 3.93 1.69 1522 3.63 4.72 0.97 1573 2.18 3.03 1.45 1626 5.69 7.26 1.82 From the information above,...
Exercise 9-7 Kingbird Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Item No. 1320 1333 Estimated Selling Price $5.36 4.17 5.95 1426 Quantity 1,400 1,100 1,000 1,200 900 700 3,200 1,200 Cost to Replace $3.57 2.74 4.40 3.69 2.38 3.21 1.90 6.19 Unit $3.81 3.21 5.36 4.28 2.68 3.57 2.14 5.59 Cost of Completion and Disposal $0.42 0.60 0.48 0.30 0.95 0.48 0.89 0.60 Normal Profit $1.49 0.60 1.19 1.07 1437...
Splish 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
1,500
$3.90
$3.66
$5.49
$0.43
$1.53
1333
1,200
3.29
2.81
4.27
0.61
0.61
1426
1,100
5.49
4.51
6.10
0.49
1.22
1437
1,300
4.39
3.78
3.90
0.31
1.10
1510
1,000
2.75
2.44
3.97
0.98
0.73
1522
800
3.66
3.29
4.64
0.49
0.61
1573
3,300
2.20...
Sheffield 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 Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Quantity 1,300 1320 $3.74 $3.51 $5.27 $0.41 $1.46 1333 1,000 3.16 2.69 4.10 0.59 0.59 1426 900 5.27 4.33 5.85 0.47 1.17 1437 1,100 4.21 3.63 3.74 0.29 1.05 1510 800 2.63 2.34 3.80 0.94 0.70 1522 600 3.51 3.16 4.45 0.47 0.59 1573 3,100 2.11...
Bonita Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost to Replace Estimated Selling Price Cost of Completion and Disposal Item No. Quantity Cost per Unit Normal Profit 1320 1,700 $3.49 $3.27 $4.91 $0.38 $1.36 1,400 1333 1426 0.55 1.09 1,300 1,500 1,200 1510 1522 1573 1,000 3,500 1626 1,500 5.12 5,67 From the information above, determine the amount of Bonita Company inventory The amount of Bonita Company's inventory $
Skysong Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Unit Cost to Replace Estimated Selling Price Cost of Completion and Disposal Normal Profit Item No. Quantity 1320 1,500 $3.39 $3.18 $4.77 $0.37 $1.33 1333 2.86 2.44 3.71 0.53 0.53 1,200 1,100 1426 4.77 3.92 5.30 0.42 1.06 1437 1,300 3.82 3.29 3.39 0.27 0.95 1510 2.39 2.12 3.45 0.85 0.64 1,000 800 1522 3.18 2.86 4.03 0.42 0.53 1573 3,300 1.91...
Teal Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Cost per Unit Estimated Selling Price Cost of Completion and Disposal Normal Profit Cost to Replace $3.06 2.35 $1.28 0.51 3.77 Item No. Quantity 1320 1,300 1333 1,000 1426 900 1437 1,100 1510 800 1522 600 15733,100 1626 1,100 $3.26 2.75 4.59 3.67 2.30 3.06 1.84 4.79 $4.59 3.57 5.10 3.26 3.32 $0.36 0.51 0.41 0.26 0.82 2.04 0.61 3.88 0.41 2.75 1.63 5.30...
Windsor 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
3,400
1.94...
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